Business Advice

60-second tip: how much is your time really worth?

- July 31, 2017 < 1 MIN READ

Our Business Builders time management expert Kate Christie says there are four costly things involved in any thing that you do: financial cost, opportunity cost, emotional and physical cost. This helpful 60-second video tip will guide you to improve your time management skills which have a significant impact on both you and your small business.

Kate’s top 3 tips:
1. Financial cost: Work out what your time is worth for the hour. This could either be what you charge clients per hour or roughly what you earn on average per hour (as a rough guide simply divide your annual profits per person, per week to work out your annual income). Then think about how long each task takes you do. Are you wasting your time or can you outsource it and save money?
2. Opportunity cost: This is something that you’ve to forgo because you’ve chosen to do something else. What is this for you?
3. Emotional & physical cost: It’s all about whether you feel good or bad about how you have spent your time. Think about which cost resonates strongly with you and that’s the lens you should look through when you ask yourself: Is this the best use of my time?

Press play! Hear Kate’s helpful time management tip

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