With the end of 2022 fast approaching, many business leaders are taking time to reflect on this past year and plan for what’s ahead. Conducting a business year in review is the perfect way to set you and your team members up for success in the upcoming year.
A big part of building your long-term strategy and future goals includes reviewing your rates over the last 12 months and figuring out which clients you’ll want to spend more time and energy with. Luckily, Harvest's reporting features can help with your company year end review.
Use the Time report to inform new rates and goal setting
The Time report is a powerhouse of insights—it breaks down total tracked time, billable time, and billable amounts across clients, projects, tasks, and teammates. You can dig even deeper with the tabs and hyperlinks.
Whether you’re reviewing your rates or looking to focus on your most profitable clients in 2023, use the Time report to make those decisions confidently. The Client tab helps you quickly see which clients received most of your time in the previous year and the cash flow you generated as a result. Think of it as a performance review for how profitable each client was in 2022.
Each client’s name doubles as an easy-to-click hyperlink that takes you to a more detailed report with hours and billable amounts broken out by project or task. This allows you to drill down into which types of projects and tasks were the most profitable and which ones are high effort with a poor return.
Raising rates or breaking up with a client can be uncomfortable at the best of times. However, by conducting an annual business review with Harvest's tools, you can make these calls with confidence and know that you have the data from the prior year to back up your choices.
Understand your overall performance with the Invoice report
Another tool you should add to your annual review is the Invoice report, which shows how much you’ve invoiced for a given timeframe and allows you to dig into how much you’ve invoiced each client.
It's not uncommon to invoice customers a different amount than what you could have charged them. The billable amounts in the Time report reflect what you could have billed based on your rates and time tracked—but your invoiced amounts in your Invoice report include things like expenses, discounts, and markups. Comparing what you see in the Time report with what you see in the Invoiced report completes the picture and gets you a more accurate idea of your profits (and most profitable clients).
You can also export the report as a CSV or Excel file for additional insights. When you know who your most valuable clients are, you know where you want to focus your energy. But keeping those relationships strong isn’t just about finding more opportunities for collaboration. The export has a dedicated column for reporting on discounts, so you can see who you have (and who you haven’t) treated to a special deal. Surprise and delight a worthy client with a discount (and/or maybe a holiday gift basket).
So grab yourself a cup of hot chocolate, oat nog, or apple cider, and enjoy reflecting on this last year while planning the future success of your company.