How much is your time worth?
When building a business when you are either running a family, working full or part time amongst other things it is very difficult to juggle time for it all. There is always the question how to best ulitilise time?
Have you figured it out? If not, you should. To figure the minimum, figure out how much money you’re making per year and divide it by 2,000. To figure the maximum, consider how much you make for your most productive time – closing a deal, a speaking engagement, billable client time, etc. Somewhere in between there is the real value of your time.
There’s a saying by Harvey Mackay(America’s most popular and entertaining business speakers)
“Time is free, but it’s priceless. You can’t own it, but you can use it. You can’t keep it, but you can spend it. Once you’ve lost it, you can never get it back.”
Don’t pay someone $25 an hour to do $7 an hour work.
Plug your own numbers in there. Maybe it needs to be, “Don’t pay someone $50 an hour to do $20 an hour work.” You’re the first number. Whatever your time is worth, think about each and every activity that you’re spending time on a regular basis. Could you outsource it to a bookkeeper, a web designer, a copywriter, a part-time employee, your spouse or even one of your kids? It’s very difficult for most of them to relinquish that control, but it’s one of the best ways that you can ultimately increase your income while delegating the number of hours you work.
A computer is an essential tool for many time management tips. So, if you’re not already an owner of a computer and comfortable with its use, sort that out now.
Remember – most resources are potentially unlimited. There’s no limit to how much money you can make (someone can pass up Bill Gates, right?). There’s no limit (other than self-imposed) as to how many customers you can have, or employees, or locations, or products or anything else.
But there are only 24 hours a day, 7 days a week, 52 weeks a year and you have to spend some of that time sleeping, eating, playing, relaxing and growing with yourself, your friends and your family. Time is an entrepreneur’s most precious resource, because it is the only one that is truly scarce. Be stingy with it.
Always keep a balance in building your business etc and most importantly always keep quality time for your family and or social time as this also is important for the successful growth in your business. This will always keep you motivated and energised which will come through into every aspect of your life. These are what many successful business owners use on how to best utilise time.