Do You Put a Value on Your Time?

As a small business owner, does the following paragraph sound familiar to you??

"Other than doing the technical 'fix-its' with my computer?I do it all! I have found that this keeps me very limited in growing my business and taking on new clients. I wish I had someone to help but how can I justify hiring someone when I can do the work myself?when I have the time?"

This is a very common issue for many small business owners. All the work, whether revenue generating or not, needs to be done to keep the business running smoothly.

We need to reconnect with our goals for our business and our vision for its future. We need to focus on why we started this business in the first place. Focusing includes deciding how much our time is worth.

But, how do you put a value on your time? How much is each hour of each day worth, especially when you are doing projects that are not generating revenue or increasing your customer base?

Is your time worth $25, $50, $100 per hour?.or more? When you get busy doing those tasks that don't directly generate revenue, consider how much it is costing you.

For example:

You charge $75 per hour for your services/time. You spend a total of 5 hours trying to catch up on your correspondence?entering information into a database, typing and re-typing your letters and preparing them to be mailed.

$75/hr X 5 hours = $375.00 of your valuable time and profit

If it would cost you less to outsource, why not do it? Why not allow a professional to handle some of your tasks leaving you with more time to generate revenue?

$25/hr (sample cost to outsource) X 5 hours = $125.00

$375 - $125 = $250 + the $ of the contract you signed while a professional took care of the non-revenue generating tasks.

Although you are spending some of your hard earned money, you are gaining so much more. Outsourcing gives you professional assistance, which in turn saves you both time and money...the two things that most small business owners need more of.

About The Author

Janice Byer is a certified Master Virtual Assistant and owner of Docu-Type Administrative & Web Design Services (http://www.docutype.net). See this and other articles on her website; [email protected]

In The News:

Watch  Quartz
SEO Specialist  Charlotte Agenda
The Power of Journaling  Psychology Today
Summer 2020 Will Shape the Future of Internships  Twin Cities Business Magazine

Time Management for Sales Pros

According to a Miller Heiman 2003 Sales Effectiveness Study, over... Read More

Just Remind Yourself

This is one more article on "Organizing and Enjoying Your... Read More

How Much Is Poor Time Management Costing You?

* If you were paying you to prioritise emails over... Read More

Procrastination. Id love to but...

When a good friend asked me to contribute a little... Read More

Delegate or Drown

Why waste your precious time working on tasks, which are... Read More

Busy, Busy, Busy

?busy, busy, busy, busy, busy?busy, busy, bus? OK, slap me... Read More

Are You Watching Too Much TV?

Many folks tell me that they just don't have time... Read More

The Power of Limited Time

The most powerful resource that we have is time. Everything... Read More

Time Management - How To Get More Done In A Day?

Everyday, in life, we are bombarded with 101 tasks that... Read More

The Myth of What We Manage

Perhaps it is merely semantics, but an underlying problem I... Read More

Time Management: How to Make Your Meetings More Productive

In most organizations, meetings are often the biggest time-wasters. With... Read More

9 Business Time Management Skills You Need To Succeed

Do you have plenty to do, but don't have enough... Read More

How Do You Start Your Day

"Sunshine is delicious, rain is refreshing, wind braces up, snow... Read More

Tips to Manage Your Time

Time and money are both very important in business. Yet,... Read More

Discover Your Procrastination Personality

Determine Your Procrastination PersonalityBrook Noel is the author of The... Read More

Self Care

What does it mean to practice self care? It's creating... Read More

Having Time on Your Side

Clarity brings accomplishmentOne of the most important things you can... Read More

Webmaster or Web Slave? Time Saving Tips for Cyberpreneurs

Time is money in your online business, just as in... Read More

Put Yourself First

Are you too busy to put yourself first? If a... Read More

Ending Procrastination: A New Look at the Old Demon

Do you believe that the best way to deal with... Read More

Hows YOUR Productivity?

Microsoft wanted to know how individuals around the world were... Read More

9 Proven Principles for Increasing Productivity, Profit and Peace of Mind

Do you feel guilty about all the publications you purchase... Read More

Career Redesign Tools For Work-Life Balance

Partnering with the University of Pennsylvania Law School and the... Read More

Being Busy Does Not Equal Being Productive

How many people do you know who are so busy... Read More

Setting Time Aside For Studying And Homework

When trying to achieve a quality education, everybody knows that... Read More