“I will just do it myself – I can’t afford to pay someone to do it.”
“I know that task needs to be done but I don’t have time to do it.”
“I wasted my WHOLE Day!”
“Hiring? Outsourcing? ONE DAY!”
Crazy enough when I ask business owners what their time is worth, most respond that their time is in fact valuable! When I push to have them put a dollar value on their time – most can not.
(I merely ask for a dollar value because in today's world it is something we understand – the value of the dollar, or I hope we do).
There is simple math I run them through, and it is NOT without its faults and limitations, but as an exercise it works to get us thinking!
It goes like this:
- How much do you want to make in the next 12 months? (Gross figure)
- How many days a week are you wanting to work?
- How many hours per day are you wanting to work?
- How many weeks out of the 52 are you wanting to work?
- Take the days x the hours and get the weekly number of hours you are willing to put into your business.
- Take the total hours and multiple it by the weeks you are willing to work in the next 12 months.
- This will give you the total hours for the next 12 months you want to work.
- Take the total hours and divide it into how much you want to make and that should give you a rough idea of what your hour is worth as a business owner.
Example:
If I wanted to make $50,000
Work 5 days a week
Work 6 hours a day
Work 50 weeks
I will work 30 hours a week times 50 weeks = 1,500 hours.
1,500 hours divided into $50,000 makes my hour worth $33.33
Now I want you to think about this…
Would you pay me $35.00 an hour to scroll Facebook?
Would you pay me $35.00 an hour to watch YouTube videos?
Would you pay me $35.00 an hour to sweep your kitchen floor?
Would you pay me $35.00 an hour to sit and have coffee chatting?
The value of our time is huge in prioritizing our tasks!
You may in fact save money outsourcing – and have someone to hold accountable for results!
The value of our time – may make you more cautious on the time you are ‘wasting’.
The value of our time – let it make you more intentional in what you are in fact doing in the name of business growth and development.
Your time has value and is valuable!
Cheryl Clark is a published author, a speaker, a facilitator and an entrepreneur and co-founder of Embrace and Become networking group in Innisfil. Her weekly columns give guidance, advice and tips to small business owners and entrepreneurs.
