Time is your biggest asset, even more than money. If you lose some money, you always have the opportunity to make it back. Not so with time. Once it’s gone, it’s gone. So how much is your time worth?
The common trait amongst many business owners who are hesitant to hire additional assistance for those smaller, less valuable, tasks is that they do not truly understand the value of their time.
So, it’s time to figure that out. If you were to hire someone to do what you’re doing now, how much are you willing to pay them?
Be honest with yourself.
When you hire someone in business you generally hope to generate 5x their salary.
Multiply your ‘hourly rate’ from the previous question by 5, and now you have your true value.
That doesn’t mean to say that you need to pay someone the value you generated in the second question, it simply shows you just how valuable your time really is.
You free up your time by outsourcing, delegating or automating.
You will quite easily find qualified, capable people who can take on your outsourceable, delegable tasks for far less than what you are essentially paying in time to do them yourself.