You Need to Know the Value Of Your Time

When you’re at work - regardless of whether you own the business or you are an employee - it’s easy to get swept up in work that isn’t a good use of your time. This is because we tend to do what’s in front of us and not what will bring in the most value but it’s also a case of not having the right staff to suit each task. 

Understanding the value of your time is the most essential skill you can gain. When you know that something is quite literally not worth your time, it gives you the power you need to delegate and do the things that will bring in more profit for your business. Whether this means outsourcing IT with a company like or it means hiring a PA to take care of the bitty things that get in the way of your day, here’s what you need to know.  Image Credit: Pexels
Everyone Has an Average Hourly Rate
Your hourly rate is an important tool for working out how best to spend your time. If you are an employee, your hourly rate will probably be quite transparent but entrepreneurs and business owners can also work out an hourly rate, excluding bonuses too. But the real key isn’t how much you make in an hour but how much you make for the company in an hour. 

How much you make for the company is really important because you should be focusing on the tasks that bring in the most profit. For an entrepreneur, this might mean that going for lunch with a prospective client is more beneficial than going into the office. For an employee, and particularly a manager, spending some time appraising employees could boost the profitability of a whole team.

Every Task Has an Average Hourly Rate

Balancing your hourly rate against profitability also means that you should have an instinctive idea of what the most beneficial tasks are - not just for the company but for you specifically. For example, while a clean, tidy office might boost productivity and reduce stress, it makes far more sense for a cleaner to do that job on a lower hourly wage than a middle manager. 

Prioritizing low cost, high benefit tasks and delegating other tasks to more junior members of staff, you can maximize your output and increase your value to the company. Of course, balancing your day out to make sure that you maintain your focus and give yourself a chance to rest is just as essential. 

Do What You Do Best

The real lesson in understanding the value of your time is that you should always try to focus on what you do best. While learning new skills can add value in the long term, for short term, day-to-day planning, you need to think carefully about where you can add value right now. For entrepreneurs, understanding this is crucial for your business to develop but for employees, this is the best way to show your boss that you have what it takes and persuade them into giving you a pay rise and promotion sooner rather than later.

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