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How much is your time really worth?

Have you considered how much time completing a task is really worth to your business when it comes to hiring someone versus just doing it yourself? Let's break down the real cost. What is your own hourly rate? If you are not sure, take your annual revenue and divide it by how many hours you work in a year.

Ensure you take into account any time off for vacations and possible sick days. So, for example, if you typically work 30 hours a week and take four weeks of vacation a year and maybe give yourself 10 sick days, you would divide your revenue by 1,380. So, if you made say $100,000 a year, your hourly rate is about $72.50 an hour.

Think about it. Track it for a week even. What tasks are on your plate that you could pay someone much less than $72.50 an hour for? For example, bookkeeping, emails, setting up automations or systems, data entry, even sales calls and social media management.

Can someone else do the job faster, better equipped, or with more experience? Is it their zone of genius? Can delegating these tasks relieve your own frustrations in your business? What higher value, higher impact tasks could you be doing instead, if these tasks were taken off your plate?

You don't need to hire someone full-time or even ongoing. Consider hiring a contractor or a freelancer for a one-off project, or start with just five hours a week, which you can increase down the track as you see the results and increased income or results.

If you are a business owner with ideas for a new launch or offering but don't have enough time to execute it on your own or want help delegating tasks off your plate. Email me for more info on my current "Sprint Project Management Package" and in the meantime, have a productive day!

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