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Service Industry Bookings Standard Practice

 

"What is standard practice for Service industry - Definition of Booking?"

This question was asked at a recent webinar, now available on-demand:

"Why Companies Need a Bookings Policy, and How to Create One"

Please add your thoughts about it below. Thanks!

Answers

Mike Murphy
Title: Chief Business Officer
Company: goTransverse
(Chief Business Officer, goTransverse) |

Not sure if there is a true “standard” but what i have done in practice is to manage a backlog metric in which bookings would additive to backlog and worked performed against the contract would reduce backlog. Given our services organization, we aimed to keep between 4 and 6 months of backlog on hand to ensure we had enough resources to complete the work.

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