What is my time really worth?
Am I being dollar productive?
There are certain activities that we must do each day if we want to be successfull within our businesses. As a small business owner or entrepreneur, you tend to wear many hats and have many responsibilities, which then leads to becoming very overwhelmed. As a result of this, you either give up or work non-stop.
People forget that time is a resource (one that we can never get back). We need to be able to quantify our time and attach a value to it. Some businesses do this by implementing a 'charge out' rate for their services.
What do you do if you're selling a product? What do they align their costs per hour to? You need to aim for something to make a value. Once you are able to attach a value to a task, you are able to differentiate between what tasks you can work on (e.g growing the businesses or generating more leads) and what lower value tasks that you can delegate to someone else (e.g. administration).
Each business goes through phases and your tasks will fluctuate based on what stage you're in. If you're just starting out, money and resources can be tight, therefore delegating or outsourcing some of your tasks may not be the way to go straight away. However, don't fall into the trap of doing everything yourself because it's 'cheaper.'
Remember what your time is worth and by doing everything yourself means that you're not spending the time driving business or getting new sales.
So are you being dollar productive? Download the template below to begin mapping out all your tasks, then take a step back and think about what lower value tasks you can delegate so you can focuss on growing your business.