time management, productivity, marketing

How much do you value your time and how much do you charge for it?

I mention this, because although we claim to place huge value on our time, many people act in a way that suggests the opposite. The thing is, it’s impossible to build a successful business unless you use your time wisely and charge for your time accordingly!

How to lose time and waste your money

The lawyer who wastes 2 hours trying to repair his IT problem, doesn’t understand the value of his time. He can hire an IT professional for a third less than his hourly fee and get the job done correctly, in half the time.

Instead of using those 2 hours to delight his clients, he’s losing both time and money doing the job himself.

Of course, managing your time is more than just delegating tasks wisely. It’s also about protecting yourself from interruptions, which steal your time and divert your attention.

Losing time and surrendering attention

The business owner who allows themselves to be distracted all day with social network updates and emails, is handing their time (and attention) over to whoever demands it. However, by checking for email or updates at designated times, which suit their work flow, they can get far more done and save a massive amount of time.

How I gain an hour, for pennies!

When I put fuel in my car, I pay a little more for it than I need to. Why? Because the place opposite that charges less for fuel, always has an enormous queue. I can save myself 15 or 20 minutes every week, by going to the slightly more expensive place.

Here’s the thing: The hour or so a month this saves me, costs me pennies (literally). It’s great value, yet the majority of people can’t see it. Instead, they choose to trade their time, the most valuable asset any of us has, for pennies.

Can you spot the mistake here?

Pick any 2 lawyers, designers, dentists, accountants, etc, in your town and their fees will usually be within 10-20% of each other.

Whilst these people claim their time is of huge value, they sell it for average fees. They then end up working too many hours for average clients. That’s the OPPOSITE of how to grow a successful business.

How the most successful service providers do it

The most successful service providers work fewer hours, yet they earn far more than the average service provider.

Why?

Because they choose to offer an exceptional service, doing amazing work for high value clients. These high value clients pay them accordingly. So, they don’t need to work crazy hours, the way ‘average’ service providers do. These service providers place value their time in the truest sense, which means they use their time to do the best work possible – not average work, for average clients and average fees.

In short: It’s not enough for us to say we value our time. We need to demonstrate the value of our time in the decisions we make.

Tip: This will help. How to get more done in less time and improve your thinking.

About Jim Connolly: I help small business owners attract more high quality clients, make more sales and boost their profits. To see how I can help you and your business, read this.