Darrin Wagner, the CEO of Test Communications, a growing wireless services company with headquarters in Slidell, Louisiana, had limited visibility into where his company spent money on a day-to-day basis. To support ongoing growth, Wagner realized he needed accurate and timely updates on all project costs. After an extended search, Wagner deployed Fieldclix to get daily updates on project costs. As part of that journey, he identified five essential steps to accurately track job costs to help measure and improve project margins.
1. Use software to track project performance accurately.
Find a software platform that can capture operational and financial data in real time to help make informed decisions. "With Fieldclix, our office and field teams have instant access to the data, reports, and documents they need to perform their job," Wagner said.
2. Establish project budgets, and track costs daily.
Wagner's project managers had limited visibility into the amount of money they were spending on a daily basis. With Fieldclix, his project managers establish an operating budget at the beginning of the project, which receives a review and approval before they spend the first dollar.
3. Redefine roles, and establish measurable goals.
"Fieldclix changed our perspective on the project manager's role and how they are measured," Wagner said. "Now that we can measure with accuracy, everyone knows what is expected and can see how they're performing against their targets and peers".
4. Track locally for global improvement.
While rolling out the new software platform and setting up his measurement program, Wagner realized there were no standards for project performance he could rely on. "The reality is the time required to complete a project differs by customer, by region, by site type, and by project team," Wagner said. Wagner now creates targets based on historical performance and sets expectations for improvement at the local level.
5. Keep raising the bar.
With his new operational and financial reporting system in place, Wagner now has the confidence to step out and grow into other markets. Wagner is meeting budgets on 70 to 80 percent of his projects and expects to continue to find opportunities to increase his profit margins by10 percent and beyond.