Who needs help this year?
Like many business owners I woke up this morning at 4am with my mind racing and worrying about the long to do list for the week that I just can’t seem to get through. My goal for 2021 is to get more help so I can spend more time doing what I love and less time on the little items that seem to take so much time. Most of these little tasks I dread, so I have no problem handing them over!
The first step I took was to purchase a new software that helps keep tasks for my clients organized. I was spending a lot of time sending reminder emails about items needed from my clients, and now the software will do it for me. It takes care of a lot of other items that were on my dreaded to do list, and although I haven’t been using it long, it has taken a huge weight off of me. I have been searching for something like this to help me for a long time, but the price tag has always stopped me. I sat down and really looked at how much time I was spending doing some of the tasks it can do for me. I then realized how much time I was spending on these tasks instead of spending time actually helping my clients, and after running some numbers I saw how much I would actually save by purchasing this software.
All business owners have tasks that they dread or that they aren’t doing a great job on because they don’t have the time. However, most people don’t realize how much that is actually costing them. Your time as a business owner is worth money, so how much money is it actually costing you to do the jobs you hate or jobs you could have someone else do? For example, right now many businesses have had to revamp their websites, or create new ones to help people shop online. If a business owner had to spend 10 hours on their website, that is 10 hours less time making goods to sell on the website, or 10 hours less time being open for appointment shopping, or 10 hours less time spent on advertising to get people to your website. So if the business owner is able to hire the job out, it is probably worth it even if the price seems high.
So how do you know what your time is worth to know if it’s worth the price? Well, there is not an easy answer to that, and a lot of it depends on the type of business you have. If you are in the service industry and charge an hourly rate, than it’s easy to know what your time is worth, it is what you charge your customers or clients. But in the retail and restaurant world it’s not so easy to figure out. Some things to consider when putting a price on your time. How much money could you make by spending an hour making goods for your customers? How much money could you make by spending an hour finding new products for your customer to buy? How much money could you make by being open longer hours, or offering extra hours for appointment shopping?
Start thinking about what you could be doing with your time that would directly make your business money. Then look at what items you do that are taking away from your tasks and think about if those items could be delegated to employees or hired out. Start getting your to do list smaller so you can spend your time doing what you love and making more money for your business!