How much is your time actually worth?

Posted on April 24, 2012. Filed under: Business, Business Coach, Business development, Business Growth, Business Success, Coaching, Time Managment, Uncategorized | Tags: time management; delegation; business; business growth; business success; business coaching |

How much is your time actually worth?

These days there just seem to be soooooo many tasks that we need to do.

With the increase of social media as a marketing tool there seem to be even more tasks that we need to add to our list – putting out status updates on LinkedIn or interesting posts on our Facebook Pages. That is before we even add in some of the stuff we know we really SHOULD be doing – things like:

Following up more with our clients.
Creating a monthly newsletter for our clients.
Re-vamping or updating our website.
Keeping our database up to date, or
Looking at or creating new products or programmes.

We all know that we SHOULD be working IN our businesses, not ON our businesses, but why do so few of us achieve that?

Simply from lack of TIME. Innovation requires TIME. Creative thought requires TIME. Designing and putting in new programmes, systems & changing the way our business operates takes TIME.

I am going to challenge you today to work out how much your time is actually worth with this simple 3 step process.

Take a look at your average monthly income for the last 12 months.
Divide that by 21 days (the average number of working days in a month).
Break that down into an hourly rate by dividing that figure by 8 hours.

That is what your time is currently worth! So – why am I encouraging you to do this exercise?

Well – you are going to get one of two surprises:

You may be amazed at how little money you are actually earning per hour, or
It will give you a basis for making decisions.

What do I mean by this? Well you can take a look at how you spend your time each day and ask yourself “Is this the best use of my valuable time?”

You are the “expert” in your business – you are the one that brings the money in every month. You are the one that finds the new clients – should you be doing some of the things you currently are?

Take a look at some of the tasks you are doing in your business – the tasks that are on your To-Do list today. Are they worth paying your hourly rate for – if not – then why are you doing them? Something will need to change!

Work out what your own hourly rate it and stick it somewhere you can see it on a daily basis – in your diary – on your computer or even write it out as your goal 5 times each day. Continuously ask yourself “Is this task worth my hourly rate?” If not then “Who could I get or pay to do this for me?”

You could hire a temp to do data input.
You could share a secretary with another business.
You could outsource all your social media campaigns to an expert.
You could just pay someone else to do your newsletter every month.

This list is endless – but the decision is yours. If you would like more time to be able to work ON your business and focus on getting more clients – then get creative & free up your time!

Read Full Post | Make a Comment ( None so far )