How Much is Your Time Worth?

How much is your time worth?  Have you ever applied that statement to yourself in your business?  Vacation brain has really gotten me, and I’m finding myself on social media a lot more during the workday than I like.  Back in November I posted something about this (see here) Last week I started reading an article in the latest issue of Strategic Finance on Time-Based Management.  Now mind you, I’m not finished reading the article yet, but it did have me evaluate my time in the office.

A few months ago I looked hard at my schedule.  I realized I was only in the office or at a client’s office about 50% of the time.  That means 50% (or more!) of the work week I was frittering away doing who knows what.  I made the commitment to myself to be in the office for a set schedule every week.  And it wasn’t that hard to do!  I just had to eliminate the time-wasters, and look at my job as my employer, and stick to my work schedule.

Then a few weeks ago, I furthered that exercise and determined how many hours I needed to bill per day or per week in order to make my gross income goals.  That further helped me clarify what my tasks were each day and make sure I billed that, or more.

Last week, based on this article, I expanded on that exercise to determine what each hour or minute of my time is worth.   As any employer would, I started with just gross pay for myself, but as the weeks progress, I’ll be adding in my benefits and actual business costs as well.  Hopefully by the end of the month I’ll know what each unproductive minute at the office truly costs my business, and therefore me.  Obviously, ,some downtime is to be expected, but being aware of those costs and factoring for them is a great benefit to understanding my business.

What about your business?  What time wasters are you engaged in that you would like to stop?  Do you know what those time wasters are costing your business?  What could you be doing with that money you saved (or generated)?  It’s something to think about, like I did.