Tuesday, June 29, 2010

It Will Only Cost You Your Time

How many times have we heard this expression “It will only cost you your time”? Many of us make great decisions with our money, but poor decisions with our time. As entrepreneurs we are often the sales, marketing, production, shipping, receiving and accounting departments for our company. We may also be the switchboard operator, the delivery person, and the janitor. In order to survive, thrive, and grow, it is crucial that our best energies be used for the right activities. Have you placed a value on your time?

The value of our time is a personal and economic decision. For some of us that number may be $8/hour (or less) for others it may be $200/ hour (or more). If you put a price on every hour, your priorities will suddenly become clear.

If your time is worth $25/ hr, treat every 4 hour project as if it would cost you $100. If you had to pay $100 to do every 4 hour project – you would only choose projects that would generate revenue greater than $100 or those that are the most meaningful to you and your family.

Take a look at your calendar with this same mentality. Consider professional, volunteer, and personal activities. What activities would you eliminate because they are too expensive? What activities should you outsource? I suggest you take an hour or 2 to walk through this exercise. It will be well worth the 50 bucks.


Amanda Wodzenski is a regular blogger for the WSBA, and the owner of CRMastermind, a consulting company that specializes in CRM and e-mail marketing for Small Business. Visit her blog Your Small Biz Technocoach.

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