Understand the value of your time
There’s a commodity more important than money in your business – That’s TIME. You can always make more money – but you can never get back your time
One of the first things I do with my Business Owners is make them understand the value of their time. What are they worth per hour to their business. Now Every business is different, so for you it might be $40/hour, or it might be $250/hour. But as best you can, put a $ value on your hourly rate.
Then take the time to identify the tasks you’re currently doing which you know can be done by someone else. Then of course, you need to take action!
Step 1: Determine your hourly $ value to the business
Step 2: Look at some of the tasks you’re currently doing which you know can be done by someone else
Step 3: Take action to outsource or delegate those tasks
We all fall into the trap of doing relatively menial tasks in our business – thinking that it’s saving the business money. In most cases it’s not. I looked up the definition of the term – false economy, and it’s an apparent financial saving that in fact leads to greater expenditure – and that’s exactly what this is.
Typically some of the tasks owners do, thinking that they’re saving money are:
- Calling debtors – chasing outstanding money
- Production work
- Simple administration duties – postage, printing invoices, processing online orders, packing
So let’s say you value your time to the business at $80/hour, and you’re e-mailing your own invoices, you’re in most cases costing your business around $40-50/hour.
THIS IS JUST AN EXAMPLE —Every business is different
But with this in mind, I’m sure there are things that you’re doing which you know are costing the business money.
Now I’m not suggesting that every business owner starts employing staff and contractors to do everything.
Or that you should drop everything, and kick back with your feet on the desk –thinking of strategies all day long…. You really need to take a 1 at a time approach…
But Once you understand the value of your time, and what can be delegated to others and possibly outsourced, it’s then that you will start to spend more time on what actually generates your business income. And if you start to do this- watch your business grow.
I can’t recall who said it, but it was something along the lines of “Place a $ value on your time, or you’ll forever be busy – taking out your own garbage!
Have a great business- you deserve it!