What is Your Time worth?
Many times as the business owner you are also the marketing department, the bookkeeper, the sales department, and even the janitor! While most of us start out that way, as we grow so should our team.
When I meet with business owners, I ask them what they are worth an hour. Most will guess a number: $75, $100, $300 and so on. 95% of the time the owner is underestimating what they are worth.
How is this? Because as the owner you can perform tasks that no one else in the company can. You have relationships with clients and vendors that no one else in the company has.
When you undervalue your time you also perform tasks below your pay grade.
Would you pay someone $275 an hour to enter bills?
No! So, as the owners stop entering bills.
Would you pay someone $275 to clean the office?
No! So, as the owners stop emptying the trash cans.
Would you pay someone $275 to answer customer service emails?
No! So, as the owners stop answering those emails.
Once you understand what you are worth you can look at the tasks that need to be done and evaluate if those are tasks you should be doing or if you would be better serviced by having someone else do it.
Before you say, “But I can’t afford help!” Let me just stay, you can’t afford NOT to get help.
When you do a $275 task that you could pay someone $25 an hour to do, you have just lost $250. How? Because you could have been making a sales call, putting together a proposal, signing a contract, billing a client; all of which are tasks worth your $275 hour rate.