What Is Your Time Worth?

Even I can't believe this year's practically gone!

Poof! Bye-Bye 2009.
We're headed into November and before you know it, it'll be January. So what's next year going to look like for your business? Now's the time to decide. I say go ahead and dare to kick it up a notch and finally create the success you've always craved. Why? Because it's SO very possible for you.
One of the things to consider on this path to prosperity is time! All the clients that I work with - if they need to make a real, lasting change in their business or really kick it up a notch - need to find some extra time!
We all know that we SHOULD be working ON our businesses, not IN our businesses, but why do so few of us achieve that? Simply from lack of TIME. Innovation requires TIME. Creative thought requires TIME. Designing and putting in new programmes, systems & changing the way our business operates takes TIME.
I am going to challenge you today to work out how much your time is actually worth with this simple 3 step process.

1. Work out how much you want to earn next year. Remember, we are looking to kick it up a notch - so up the anti and up the amount you want to earn. Let's use R500,000 as an example.

2. The second thing you need to do is work out how much time you are prepared to work for this amount of money. Don't short change yourself - you are going to need some down time & holidays etc. So what is the number for you? I am going to use 10 months or 44 weeks for my example. Therefore I need to ear
R11,364 per week to meet my target.

3. Now let's bring that figure down to an hourly rate. Once again you need to decide how many hours a week you want to work. I am going to assume that you will put in a normal 40-hour week. If that doesn't fit in with your plans - change the number to the one that works for you. So in my example I need to ear
R285 an hour to meet my business goal next year.
So - why am I encouraging you to do this exercise?
Simply because it gives you a basis for making decisions. You can take a look at how you spend your time each day and ask yourself "Is the task I am doing worth paying R285 an hour?"
For example - I have a client that does a lot of Trade Show's & at each one she collects hundreds of names & email addresses from people who visit her stand. OK, list building is an important part of marketing, BUT should she be the one to sit and type them all in when she could hire a temp to do the data capture for R30 an hour?
Take a look at some of the tasks you are doing in your business - some of the tasks that are on your To-Do list today. Are they worth paying R285 an hour for - if not - then why are you doing them?
Now, don't fret - you won't be able do change this all at once & you may still have to do some of the more menial tasks in your business, but if you are determined that next year is going to be better than this one THEN "something has to change".
Work out what your own hourly rate it and stick it somewhere you can see it on a daily basis - in your diary - on your computer or even write it out as your goal 5 times each day. Continuously ask yourself "Is this task worth my hourly rate?" If not then "Who could I get, or pay, to do this for me?"
Free up your time to work ON your business and watch your income SOAR!