Calculated fuel burned divided by actual fuel burned. This number will be somewhat less than 1. Multiply your K factor (29000 in your example) by this number. The result will be the new K factor to put in the Skyview.
Everyone should calibrate this way before you fly, because it will be accurate the first time and you waste no fuel (assuming you have one flow measurement device and you are an injected engine with the device mounted after the metering of fuel (ie. just before it goes to the "spider":
1. Go to your aviation fuel pump and put exactly five gallons in a gas container that is transparent enough that you can put a line on the outside at the 5 gallon mark with a Sharpie.
2. Back to the hangar. Empty that fuel in another container.
3. Disconnect the output of the flow measurement device.
4. Install a long enough line to the output to reach the marked empty container and place it where you can watch it fill from the cockpit.
5. Get in the cockpit, turn on the EFIS, zero out any indication of fuel used, set the mixture to full rich and use the electric boost pump to fill the external container to exactly the 5 gal mark.
6. Write down exactly what the EFIS measured for fuel consumed. If not exactly 5 gal, change the k-factor accordingly and dump that fuel into the tank. Goto step 7.
7. If they were different values, repeat 5 and 6 until the EFIS says exactly 5 when the can has 5 at this high flow rate. If they were the same already, go to 8.
8. Now check at a cruise flow setting to see if the measurement is linear. This time, with the catch container empty, zero out any indication of fuel used, set the mixture off and the boost pump turned on. Then push in the mixture control to your typical cruise fuel flow.
9. If things are wonderful, the catch container will again have 5 gal exactly when the EFIS says five gal. If that happens, you are done calibrating. If not you will have to guess at a k-factor that will approximate fuel flow for the overall condition, knowing that it will not be exact for full power and cruise at the same time. It makes sense then to lean towards the k-factor that best measures cruise flow. Just keep in mind that the full power flow is wrong by a little depending on what you actually measured.
10. Put the 5 gal in the A/C, reconnect to the spider and go fly.