Let’s talk about your time, money & profit.
Do you know what an hour of your time is worth?
As entrepreneurs and business owners there are enough distractions on our time and it can be hard to know what action to take next.
One of the best ways of knowing where you should put your valuable time, energy and attention is knowing the monetary value of your time.
Do you know what your time is worth? Have you put a value on it?
When you do this you will think twice about wasting away minutes and hours on facebook, mindlessly surfing the net, watching what other people are doing, responding to every ping and notification and invitation!
If you know that an hour of your time is worth £50, £100, £1000 then you are likely to think twice about watching the next viral cat video that appears on your screen (and if you’re anything like me you will filter out as many distractions as possible).
I’m not saying you can’t have time to chill and do all of the above, but do it CONSCIOUSLY. KNOW what the pay off is. You’re in business to make money right?
Although I advocate charging based on value – you should still get an idea about what a day or an hour of your time is.
If you don’t know where to start, start with your annual income goal.
From there you can do some sums.
How many days a week are you going to work?
How many hours a day are you going to work?
How much ‘down time’ will you experience?
Work with your figures and get a clear picture. Then think about the next actions you are about to take and the actions and activities you usually spend your time on.
Where can you make improvements?
What do you need to change?
What do you need to start doing?
What do you need to stop doing?
I remember talking with an old friend (who is employed) about my financial goals and my time, she joked…
‘You’ll be expecting to be paid for doing your hair and make-up!’.
Well, actually that’s true!
If a business engagement means me having to get ready, dressed, do my hair, make-up, travel etc – that’s ALL time that needs to be accounted for financially.
So instead of engaging in the next distraction that comes upon your eye-line – take 10 minutes to do this exercise and then base your actions in your business around this figure.
Time is your MOST valuable asset.
If you want my help working on the finances in your business, growing your profits and getting to a place where you know your figures, and financial goals inside out, then PM me today to apply for a 1:1 VIP Day.
The price will increase in 12 days time, so those that act fast make the biggest savings.