A short business-advice video (single speaker) urging professionals to track budgeted hours versus actual hours on every job, from 20-minute tasks to multi-day projects. The speaker argues this is the only reliable way to know if jobs are profitable, to improve estimating accuracy, and to decide when to raise prices.
Do not know you are making money. Let me save you the time. You are not making money. It's as simple as that. Every single job I'm going to have budget hours versus actual hours. In other words, how long do I think the job is going to take? And then how long does the job actually take? You must track this. I don't care if this is a 20 minute job. I don't care if this is a 20 day job and hundreds of thousands of dollars. I am tracking budget hours versus actual hours. It's the only way to know if you should raise prices. As the only way to know if you're really making money on a job is is to track budget hours versus Actual and to be able to refine your estimating process and your pricing system, you need to know are we actually accurate on the budgeted hours.
