If you run a project-based business, you know many things can get between you and project success: scope changes, budget limitations, team dynamics, to name but a few.
The most damaging of them all? Not knowing when your project was actually successful. In comes our latest, and possibly biggest-to-date feature launch: Profit on Projects. We hope you’re ready.
Profit on Projects: simple, yet crucial
Today, Teamleader’s Project feature already helps you manage projects more efficiently:
- Breaking down projects into milestones and tasks
- Assigning responsibilities and deadlines
- Tracking time on tasks and meetings
- Creating (and sending) invoices based on tracked time or budget
What it lacked, though, was a clear and easy way to track whether projects were profitable. How much did you spend on resources, people, tasks? What will you earn? What lessons can you draw from all this?
We’re happy to introduce the new Profit on Projects. This new widget, found in the overview of each Project, grants a rundown of costs, revenue and profit. Through ‘View details’, you now get a granular breakdown of the costs and benefits of your work, as illustrated in the screenshot below.
A detailed profitability breakdown gives you insights way beyond the net revenue.
For a more extensive overview of how it works, check out How To: Profit on Projects.
Why Profit on Projects?
CTO Tom Schouteden: “not having a clear grasp on profitability and cost is a common pain point for business owners. In fact, this was one of the most requested updates among our user base. We strive to actively listen to our customers, and leverage their ideas to improve Teamleader. Profit on Projects is a great example. We’re really happy with the result, and hope our users will be just as excited.”
“Not having a clear grasp on profitability and cost is a commin pain point for business owners.” - CTO Tom Schouteden
To summarise, the Profits on Projects feature offers 3 main advantages:
- Gain insight in revenue and profitability
- Get a clear grasp on budget and spending
- Learn from historical data to optimise future projects
This launch is just the first step in providing you with extensive key project financials. Our end goal? Tom: “Giving businesses every tool needed to estimate, budget and forecast projects accurately, granting them a substantial edge over their competitors.” Or as famous project profitability guru G.I. Joe puts it: knowing is half the battle.
“Thanks to Profit on Projects, we have a clear overview of actual costs and what to charge customers. It also helps us set the right price for future projects.” - Kim Deman, Muylle-Gadeyne
Ready to see the profit of your projects?
Thanks to Profit on Projects, you’ll now be able to leave guesswork behind. You’ll be able to act decisively to improve estimates and… well, profitability. For the future, you’ll know which type of project to move more resources to, and which projects to jettison.
You’ll make informed, strategic decisions. You’ll run your business like you’ve always wanted to.
While we’re very proud of Profit on Projects, it’s not all we announced this month. Check out this recap blog for a full overview!