“I like sub commanders. They have no time for bullshit, and neither do I.”

Jon Voight as FDR in “Pearl Harbor”

 

As a business owner, you know your time is valuable. But do you know just how valuable it really is? 

Understanding the value of your time and knowing what tasks you should focus on—and which ones you should delegate—can make all the difference in running a successful business. 

Here are some steps to help you calculate the value of your time and figure out how to best use it. 

Estimate Your Hourly Rate 

Start by adding up all of your costs (salary and overhead) for running your business, then divide by how many hours per month you work. This will give you an estimate of what each hour spent working for your business “costs” in terms of money. 

Decide Which Tasks Are Important 

Once you figure out how much each hour of work costs your business, you can decide which tasks are worth your time. 

For example, creating a customer experience that puts you head and shoulders above your competitors might be one of the most critical tasks you do. This includes creating and staffing the process and ensuring that philosophy and service standards reflect how you would do it yourself. 

Spending time to get this right and keeping on top of it would be worth it.

On the other hand, personally doing the bookkeeping is probably not critical to the success of your business. Most likely, it would be a much better use of your time to outsource or delegate it (although always stay on top of the numbers and know what is going in and out. Don’t delegate blindly). 

Prioritise Tasks Based On Value 

Once you've figured out which tasks are important and which ones can be delegated or outsourced, it's time to prioritise them based on their value to the success of your business. 

This means looking at both their potential return on investment (ROI) and their likelihood of success in terms of achieving their intended goal(s). 

For example, if developing new products has potential for a high ROI but there’s no guarantee that they will be successful without significant investment (in terms of both money and time), then it might not be worth pursuing until other more immediate tasks have been taken care off. 

Use Resources Wisely 

Once you've prioritised tasks based on how important they are to your business's success, it's time to allocate resources efficiently and effectively so those important tasks get done. 

Take into account not only who can do each task best, but also who has the most available resources and / or free time to do each task well. 

Make sure you allocate enough time to each task, so you don't neglect or overlook anything. 

Delegate When Necessary 

And finally, like we talked about before, delegate some tasks as needed so they don't take away from more important things. 

This frees up time and energy for more pressing matters in your businesses. 

Be Ruthless With The Math

I had a client who insisted on carrying out the bookkeeping himself in an Excel Monster with history that went back to when the Pilgrims landed in Plymouth Rock. He was easily spending 4 hours a week on this albatross to save bookkeeping fees.

So we did the math.

I asked him how many customers he could get in four hours, and how much they would bring in monthly revenue.

I then asked him to compare the answer to the hourly rate for outsourced bookkeeping.

I had to say no more. 

He hired a bookkeeper the next week.

So how much is your time worth and how much would it be worth for you to have more free time? 

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My Book Roadblocks You Can't Ignore: 10 Roadblocks Holding You Back From The Freedom You Deserve From Your Business  is now available in paperback and Kindle on Amazon.com and other Amazon stores (not UAE yet). A free copy can be requested through my website by clicking Book .

  

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