Consider it being a good time for me and you to revisit how much our time is
worth. This simple formula can help us get a starting point on what we
should be doing and what we should instead delegate in our businesses.
Enjoy the article below...
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Is Your Time Worth What You Think It Is?
by Ali Brown
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Is Your Time Worth What You Think It Is?
by Ali Brown
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So
it's a good time for me (and you) to revisit how much our time is
worth. This simple formula can help us get a starting point on what we
should be doing and what we should instead delegate in our businesses.
Enjoy the article below!
Time
is the most important asset you have—and unlike money, once you’ve
spent it, you can’t
earn any more. That’s why it’s so important to make the most of
your 24 hours, especially as a business owner.
So,
how can you become more productive and profitable, without working
insane hours and sacrificing your personal life? Read on for a few
steps on how to start managing your time like a successful entrepreneur…
STEP
1: Discover how much your time is worth
The
first step to maximizing your time is to understand what yours is
really worth. This is an exercise I do with any client who has a time
crunch. It’s great to help you gauge what your time is generally worth. (NOTE: This is NOT a formula for determining
your rates, but it can be used as a start.):
Income
÷ Hours worked = Hourly Rate
For
example, let’s say your income last month was $16,000 and you worked
eight hours a day for 20 days. That’s a total of 160 hours. So, your
hourly rate would be calculated like this:
$16,000
÷ 160 = $100 Per Hour
Based
on this example, your hours are WORTH $100. Now, let’s find out if
you’re spending every hour of every day on $100 activities.
STEP
2: Take an honest assessment of the TYPE of work you do
Now,
think about the tasks you do for your business. Are they core business tasks, or business-related tasks? (Core
business tasks are
those directly related to growing the business and driving it forward,
like networking for new clients, creating a new product line, etc. Business-related
tasks are
those that support your core activities, like invoicing, organizing,
etc.)
You
want to work ON your business by focusing on core business tasks—not IN
it (by overwhelming yourself with business-related tasks).
Think
about it: If your business doesn’t run unless you’re managing it all,
all you’ve done is swapped a job with an employer by employing yourself as a file clerk,
administrative assistant, bookkeeper, etc. And the truth is, it will be
very hard to run a successful business this way. Quite a wake-up call
isn’t it?
I
have clients track their time for an entire week, and then share with
me what they discover. They hate it, but it’s VERY enlightening!
STEP
3: Delegate your tasks
You
are the boss—so let someone else do the administrative tasks (those
business-related tasks), so you can concentrate on developing the
strategies that will make you more money and take your business in the
direction you want to go. The more you learn to let go and delegate to
other people, the more you can focus on your REAL job: those core
business activities.
Here
are some of the duties and responsibilities you can easily hand off to
someone else:
*
Accounting and bookkeeping
* Administrative tasks
* Customer Support
* Office/Home Cleaning
* Technical Support
* Public Relations
* Booking Travel
* Website Development
* Administrative tasks
* Customer Support
* Office/Home Cleaning
* Technical Support
* Public Relations
* Booking Travel
* Website Development
And
that’s just a start.
Although
you’ll have to spend a little money up front, outsourcing will help you
get ahead in the long run. Let’s go back to that hourly worth example
we calculated earlier…
If
your hourly worth is $100 per hour and you pay someone $25 per hour,
and use that hour instead to generate revenues for
your business, you’ve just made a leap in your business—and much faster
than if you had tried to handle everything by yourself.
So,
what kind of skilled professionals can you hire to help? For starters,
consider a Virtual Assistant (VA). They can handle a slew of tasks,
from scheduling appointments, paying bills, and even managing your
projects and supplier/vendor relationships. Try AssistU.com or
Google for other resources.
There
are also thousands of talented professionals looking for contract work
on sites like Elance.com. In many cases, you can browse the
portfolios of providers and invite them to bid for the work you want
done. And best of all, ask business owners and friends you know if they
can recommend someone to you.
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I share even more juicy tips on time and productivity in my FREE report, “Turning Time into Money: Productivity Secrets for Successful Entrepreneurs”. If you’d like to learn some of my best strategies for managing your time for maximum profit and more fun, then don’t miss out on this information! Download your free copy of this report here now.
© 2013 Ali International, LLC
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I share even more juicy tips on time and productivity in my FREE report, “Turning Time into Money: Productivity Secrets for Successful Entrepreneurs”. If you’d like to learn some of my best strategies for managing your time for maximum profit and more fun, then don’t miss out on this information! Download your free copy of this report here now.
© 2013 Ali International, LLC
“Entrepreneur mentor Ali Brown teaches women around the world how to start and grow a profitable business that make a positive impact. Get her FREE CD “Top 10 Secrets for Entrepreneurial Women” at AliBrown.co
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To your success
To your success
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