- Have you ever calculated what an hour of time is worth to you?
- As a small business owner can you put a value on every task that you perform on any given day?
It’s surprising to learn that many entrepreneurs and successful business people do not understand what their time is worth. In business, time is the most valuable asset of all. It is fleeting, comes in an instant and goes and you can never get it back. Yet each passing moment, is an opportunity to be productive. An opportunity to help you along the road to ultimate success may be squandered.
Time stands still for no one. We all have the same amount of it in any one day. Yet those who are going to be the most successful fully understand how they must manage their time efficiently. You cannot expect to get the biggest share of your market if you are not working productively. If you are wasting time you will not achieve these goals.
Whether you are a solopreneur or a small business that employs up to a hundred people, your time is very valuable. You cannot afford to be wasting it on administrative tasks or mundane initiatives that do not contribute to your bottom line.
It Is Not Just Your Salary You Need To Consider
Remember that your time is not simply worth what you pay yourself. It is more than your salary or whatever you take out of your business. The value of your time must also include the cost of your overheads and other business costs. You need to recognise the fact that a lot of your time is essentially non-productive. In other words, when you bill your time to a client, are you being realistic?
You may well be in business because of your expertise in a particular subject area or niche. You make your money by selling your knowledge or your ability to other people or organisations. So, you need to be able to maximise your billable time if you are to be totally successful. If you are able to bill clients £100 per hour, then it makes sense to maximise the number of hours that you can charge this rate.
If you find that you are bogged down with:
- administrative tasks,
- online marketing or
you are certainly not earning £100 per hour for each of those hours. Taking all of those hours into consideration the amount you are earning for your time spent is a whole lot less.
When you look at it like that you can understand the advantages of outsourcing to a virtual assistant, such as Bravapro. Your Virtual Assistant can do all those administrative tasks, freeing up time for you to focus on revenue opportunities.
You only need to spend a few moments calculating how much a virtual assistant versus how much you could earn each hour, to understand how sensible and cost-effective this approach can be.