Don’t keep him waiting, child! Why, his time is worth a thousand pounds a minute!”
Yet time is one commodity we all share equally: everybody on the planet has 60 minutes in every hour, 24 hours in every day. The difference between people who get things done and those who don’t isn’t in the amount of time they have, but how they use it. And how you use your time depends to some extent on how you value it.
Is your time worth a thousand pounds a minute? Probably not: Lewis Carroll was having a bit of a go at Victorian materialism when he picked that figure, and even today, Britain’s richest man, the Duke of Westminster, only makes £1020 a minute! My standard fee is £30 an hour, so my time is worth just 50p a minute!
Even if the value of your time is measured in pence rather than pounds, it’s a good idea to try and understand how much your time is worth and how it compares with that of other people. You may find that you’re wasting time and missing business opportunities by doing routine jobs yourself instead of paying someone else to do them. The concept isn’t easy to get your head round, so here’s a couple of examples:
A plumber charges £75 an hour and is in constant demand, yet he’ll give up three or four hours of his time every month to do the books. In four hours he’s losing £300 in potential earnings and it could cost him £120 to get this job done!
So what is your time worth? Are you making the best use of your time or wasting it doing jobs that someone else could do for less?
The above is a shortened version of a Blog written by Ruth Billheimer from My Paper Work, a Bradford based Virtual Assistant. To read the full article please click on the link below.
How much is your time worth? | My Paper Work.