Time is money. In business, your time is a commodity, but it is not always treated as such. Studies prove that entrepreneurs who are more successful manage their time wiser than those who are less successful. Here are four tips to help you determine what your time-value is:
1. Keep a task journal.
-Write down everything you do throughout the day and write the hourly market rate for each task next to it.
Email cleanup $12/hr
Order filling $12/hour
Handling customer questions $15/hour
Writing a new marketing message $20/hour
-Then add those up and find your average hourly rate
-Multiply that by 2,000 hours and compare it to your gross revenue
2. If your gross revenue is higher, you are not earning enough. If your annualized day was worth MORE than your gross revenue, congratulations! Give yourself a raise!
3. If you want a raise, start delegating your lower-level hourly tasks to prevent getting burned out.
We all have the same amount of time each day. If we can free up our time to focus on more powerful action items that move our business forward instead of the chores that clog our progress, then our success will accelerate.