Value Your Time

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How much is an hour of your time worth? Just for one week keep a time log (note: an HONEST time log) showing what you did each day (in half hour blocks). At the end of the week review the time log and then apply an approximate value of what it would cost to pay someone else to do all of the stuff that you don’t like doing or that is not the best use of your time (for information the current minimum wage rate is £3.57 – £5.80).  Business owners time should in reality be invested in only four activities:

  1. Learning and figuring out how to grow and develop the business
  2. Developing and growing your team
  3. Selling your products and services to buyers
  4. Delivering services to your customers

The point is the sooner you invest in getting other people to do the non-growth work in your business the quicker it will develop.  What tasks are you going to ditch or delegate this month so you get more time to do what is really important?