Benjamin Franklin coined the phrase \u201cTime is Money\u201d more than 260 years ago, but in a world where we\u2019re constantly tied to our cell phones and seem to be connected to work almost 24\/7, that phrase is more relevant than ever. If you\u2019re a small business owner, you know the value of quality time. You didn\u2019t open your business because you wanted to work 80 hours a week. You opened your business because you saw an opportunity to provide a better product or service AND have the flexibility to live a better life.<\/p>\n

So take a minute to sit down and consider this\u2026 If you were getting paid a regular salary for your job, what would your salary be? When you think about the number of hours you work, are you satisfied with your hourly pay? What is your hourly rate? If that number is lower than you\u2019d like, you need to cut the trivial tasks out of your day and focus on growing your business<\/strong>.<\/p>\n

Have you ever taken the time to consider what your time is worth? Most owners never assign an hourly rate to their time.\u00a0 As a consequence, they\u00a0don\u2019t value, respect or protect\u00a0their own time \u2026 they spend it foolishly. <\/strong>While they work hard, they typically do the wrong type of work.\u00a0 They seldom differentiate\u00a0between the real value of daily tasks and end up costing the company\u00a0money \u2013 and themselves some sanity.<\/p>\n

Our coaches <\/a>often run this exercise with their clients \u2013 asking them to assign a value to their hours. We know from experience that most business owners could safely double whatever number they wrote down and that would be closer to a true worth per hour number.\u00a0 Because most owners are handling so many menial tasks on a daily basis, they undervalue themselves.<\/p>\n

Whatever number you came up with at the beginning of this post, examine it, challenge it and revise it. Now that you have a solid number in your head, you need to learn to delegate tasks that are below the value you came up with. For example, if you\u2019re working on payroll, ask yourself, would I pay someone else the amount I should be making to do this task? If the answer is NO, then you shouldn\u2019t be doing that task.<\/p>\n

As a strategic business owner<\/a>, that task is not worthy of your time and odds are, others can do it better and quicker than you can.\u00a0 The same goes when you do\u00a0IT, paperwork, collections, administration, shipping, customer service, surfing the web, answering the phones,\u00a0accounting,\u00a0basic marketing and selling,\u00a0scheduling,\u00a0training, handling most fire drills, etc.<\/p>\n

Whatever your hourly rate, start holding that number up to the value of the tasks you are doing on a daily basis and ask if that task you are about to start is truly worth\u00a0your time.<\/strong>\u00a0If not, delegate, outsource or eliminate that task.\u00a0 Learn to value, respect and guard your time.<\/p>\n

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Filed under: Business Coaching<\/a> Tagged: benefits of business coaching<\/a>, business<\/a>, business blog<\/a>, business coach<\/a>, business coaching<\/a>, business coaching tips<\/a>, business development<\/a>, business owner leverage<\/a>, business owner mindset<\/a>, business owner roles<\/a>, business systems<\/a>, business valuation<\/a>, delegation<\/a>, entrepreneur<\/a>, Growth Coach<\/a>, leadership<\/a>, small business<\/a>, small business leader<\/a>, small business management<\/a>, strategic business owner<\/a>, strategic mindset<\/a>, work life balance<\/a> \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Benjamin Franklin coined the phrase \u201cTime is Money\u201d more than 260 years ago, but in a world where we\u2019re constantly tied to our cell phones and seem to be connected to work almost 24\/7, that phrase is more relevant than ever. If you\u2019re a small business owner, you know the value of quality time. You […]<\/p>\n","protected":false},"author":1,"featured_media":150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\n