Why did you get into business for yourself? Was it to be your own boss? Choose your own hours? Have more time with the family? Spend more time doing what you love? Chances are, you answered yes to all these questions.
These days, you probably wonder where the time went. Why you spent 12 hours at work and barely make a dent in your to-do list. We already know that time is a key resource for you and your business, but it’s also a key resource in your life. Harnessing and leveraging time is the only way to enjoy life, and have a profitable business at the same time.
Most business owners carefully manage their financial and personnel resources, and pay due attention to their performance. Marketing plans and budgets are created, people are recruited and let go. What most business owners don’t realise is that time – and the time of all employees – requires the same attention and diligent management.
Time will never manage itself. The decision to make a pro-active effort to manage your time must come from you. Once you have committed to taking ownership for your own time management, there are a host of tools available to you. But first, you must understand how much your time is actually worth, and where you are currently spending it.
What is Your Time Worth?
Ever wonder what your time is actually worth? Here’s a quick way to figure it out:
|Target annual income
|Working days in a year
|Working hours in a day
|Working hours in a year
|A / D = YOUR HOURLY WORTH (before tax + expenses)
Let’s look at it another way:
|Days in a year
|Days spent on earthtodate (A x B)
|Average life expectancy
|Total projected days on earth (D x B)
|Estimated days left (E – C)
This is a very simple calculation intended to put your time in perspective. In reality, no one is productive for each of the 1,645 hours. Various studies have put actual productivity at anywhere between 25 minutes and four hours per day. Either way, there’s a lot of room for improvement.
This exercise isn’t intended to scare you, but bring your attention to the importance of choosing how you spend each hour you have available. It is a choice! By developing the skills required to manage your time, you will not only have a profitable business, but a rewarding and balanced life