Do you know what your time is worth? A lot of people would answer this question by saying, “Yep, I make $x’s per hour”.
That’s one answer. However, for a lot of people, the answer is “no”, “I don’t know”, or I have not thought about it.
If you don’t know how much your time is worth you should because chances are that you are not managing it effectively. I mean, if you don’t know its value, then how can you use it effectively?
I”ll bet that when you go to Target to buy a pillow that you will look at the price, before you get it to the cash register and check your wallet to make sure you can cover the cost. But when it comes to time, a lot of us never consider it, we just spend it as though it is endless.
This is a problem in businesses of all sizes but particularly toxic if you run a small business or start-up. In a small business or start-up, time is one of your most valuable assets. Its the one element that you can utilize more efficiently that your larger competitors, always.
While consulting with small business owners, I often observe inefficient operation practices that are frankly costing the business owner money. Its not always clear to them because they are so close to the day-to-day operations but as an observer, its very clear to me.
Having written operational procedure for a large business for many years, I often cannot resist the opportunity to approach them with my observation in an attempt to provide some constructive feedback to improve the situation. Continue reading “Do you know what your time is worth? Why Start-ups and small businesses should”