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How much is your time worth?

By Allan
Monday, October 30, 2017

How much is your time worth?

clock

We were out having lunch in a local pub recently, which I have to confess is an experience I really enjoy! We hadn’t booked as I have never believed in booking for a pub, we just go with the flow. Fortunately on this occasion we managed to get the last table, or should I say the last clean table. Whilst there were another 4 vacant tables, they were all full of the last diners plates and associated mess. I always avoid sitting at one of these tables as I find staring at someone else’s leftovers does absolutely nothing for my appetite! I was not alone, as over the next 15 minutes a lot of people (customers!!) came in searching for a table and not one person sat at any of these tables, choosing instead to leave and presumably dine elsewhere. The bar staff, when they had a moment, eventually cleared the tables. So, what may have been a way of saving money by not employing someone to take care of this, actually turned out to have lost this establishment a considerable sum of money by lost custom. If this happens on a regular basis, they may not be in business much longer. I realise pubs are closing down every week and costs are obviously being cut, but at what cost to their business?

money jar

This brings me nicely back on to the topic of ‘How much is your time worth’? I have come across a wide variety of business owners over the last 5 years and there are many who try to do too much themselves within their business. Why? There are 2 main reasons given;

1) money is tight and I can’t afford to pay someone

2) don’t have much work at present so I have time to do it

profits dial

 

Whilst it all sounds reasonable and logical, it may not be the best approach. Our time is precious, we can’t buy more of it, so we need to maximise the use of what we have to provide true value add to our business. To grow your business you really need to spend time on marketing your business rather than constantly ‘working’ in your business. Marketing is fundamentally about gaining new customers and both satisfying and keeping existing ones. A lot of businesses spend too little time on marketing and as a result they will struggle to grow their business. The key question to ask yourself is what can be done better and more cost effectively by someone else? As an example, whilst I could do my own bookkeeping, I decided to employ the services of an accountant. Not only does that save me a considerable amount of time and hassle, the end result will be professional, correct, and save me money through their expertise and knowledge which can highlight things I would not even be aware of. Another example, this time from many years ago, concerns window cleaning. I used to clean our windows until my wife pointed out that a window cleaner would do a better job and it would be done far quicker, thereby saving me a lot of time. In fact this is where the expression ’how much is your time worth’ came from! Look at what you are currently spending time on and ask yourself if you are really adding value to your business and could you do it differently? There are obviously other areas to consider for ’delegation’ such as virtual assistant, telephone answering service and not forgetting web designer of course!

 

Why not exam the activities you are spending time and effort on, within your business, and determine if you are really adding value.  Could these activities be done better by someone who specialises in this area and therefore this would allow you to focus on marketing your business. Remember, marketing is key to growing your business!

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