Calculating What Your Time Is Really Worth

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Have you ever really evaluated what your time is worth in dollars and cents?  You may be quite surprised if you do.  It is a fact that many business owners do daily routine tasks that their employees would happily do and do them well, but they just cannot give them up for some reason or another.  These simple tasks could be costing more in time than what it is worth.  Taking the time to evaluate what you do, how much time it takes, and whether you can have an employee do the task for less is important for business owners to do. Having checks and balances in place to oversee certain tasks that you delegate to your staff is important, but carrying them out can be done by someone other than you.  When you figure out how much your time is really worth, you start to see things a bit differently and your time becomes more valuable.  Take for instance, you have a large yard that needs mowing each week and this tasks takes 2-3 hours total time to finish, and you have calculated your time to be worth $50 an hour, wouldn’t be wiser to hire someone to do this job for you?  It is actually costing you $400-600 a month in time.  Another interesting thing that happens when you figure out how much your time is worth per hour is that you begin to structure what you do and how you do it in a more efficient way.  Take e-mail versus a phone call, you can shoot out a quick e-mail in seconds and if you picked up the phone to talk to someone it could turn into minutes.  Or when you get in your car to head out you will start to think about everything you need to do while you are out, the best route to take, how much time you will spend doing it.  No one really wants to waste time and how we look at it will determine a lot about what we do with it.  There is one factor about time that is important to keep in mind and that is not one of us knows how much we have been given, so make the best of it no matter how you do it.  It really is valuable.

How To Price Your Time

2/2013

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