BUSINESS BREAKTHROUGH #9
I often ask owners and executives what an hour of their time is worth. This exercise quickly clarifies priorities and helps them evaluate the time spent on work someone else can do. It also highlights the issue most people are grappling with in the workplace these days: distractions.
Think about it. If you are making $50,000 a year, then an hour of your time is worth approximately $24. If you are making $100,000 a year, then that same hour is worth $48. At $150,000 a year, an hour of your time is worth about $96. Are you spending your time doing work that has that much value? Or are you busy and distracted by activities that are not worth your valuable time?
How much time do you spend each day on social media—whether that is Facebook, Instagram, Twitter, or Pinterest? If you are spending an hour a day, then that is costing you your hourly rate: $24, $48, $96, or whatever the case may be. Multiply that number by five business days per week and 52 weeks a year. At one hour per day, five days per week, it is costing you $6,240, $12,480, or $18,720 respectively. Now consider that the average person actually spends 2.5 hour per day on social media.
If you had to subscribe to these social media sites by paying for the hours you spend on them, would you? Because if you use social media (or YouTube or spend endless hours reading the news online), that is essentially what you are doing. If time is money, then you are spending a lot of money with little return on your investment.
Pay attention to your time like you do your money. Start tracking it to see how much time you are actually spending on nonproductive activities. You cannot make more time. Once it is used, it is gone. What is that hour of time worth?
Do you treat time as money? If you do, your bottom line will benefit. Give us a call. We can help you determine your priorities and get your time back so you can be more productive and gain a greater return on your investment: 503-312-3145.