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Monthly Archives: November 2010

How Much is Your Time Really Worth?

You have a vision for business growth, and a plan to get there, but are you spending your time wisely to keep on track toward achieving your business goals? As a business professional you already know that time is a precious and valuable commodity. There are only so many hours in a day, and a portion of those available hours are worth money. 

What is the value of your time?  $50/hour?  $75/hour?  $100/hour?  More?  How many hours a day are you billing your hourly rate for time spent doing client work?  How many hours a day are you working on the business-related tasks that need to get done, but are not billable? How many hours a day are left for leisure and family time?  Do the math.   Does the number you get align with your business goals? 

Let’s consider this scenario.  Let’s say your hourly rate is $100/hour.  If you spend 2 hours a day at $100/hour on billable client work, and spend 2 hours a day on the necessary, but non-billable administrative tasks, then you’ve worked 4 hours for $200 which reduces your hourly rate to $50/hour.  Here’s another scenario.  If you delegate those 2 hours of non-billable administrative time to a Virtual Assistant at $30/hour, and devote those extra 2 hours you now have available on additional billable client work, then you’ve now worked 4 hours for $400, which keeps your hourly rate the same at $100/hour.  Even after deducting the $60 expense paid to your Virtual Assistant (which is tax deductible by the way), you still come out ahead and earned $340 for the day.  In the first scenario, you only earned $200 for the day, which means you lost $140 that you could have earned if you didn’t spend your time on the administrative work.  And let’s face it, do you really want to be spending your time doing administrative work? 

There’s a lot you of other things you could do with an extra 2 hours a day.  You could catch up on your reading.  You could take some time to relax and recharge.  You could work on a new project or business idea.  You could attend more networking events to nurture relationships with prospects and find new clients.   All of these things may not be billable, but they are critical to your business success.  Having the time to do them will help you increase your income over time, and help you find the work-life balance you need to keep yourself from burning out.  

The moral of the story is…..spending your own time working on the non-billable, routine but necessary administrative tasks that need to be done to keep your business running smoothly leaves you with less time to spend on the tasks that will generate income or help you grow your business to the next level.  Sure, you want to save money by doing everything yourself, but let’s face it….that’s not always the best use of your time and actually it can be counter-productive in the long run!   And are you really saving money by doing everything yourself?  When you work from your core strengths, and delegate the tasks you don’t have expertise in to someone else, and you focus on doing the tasks that you enjoy, or only you can do in your business, you strategically place yourself in a much better position to reach your goals. 

Wouldn’t it be great if you could buy more time in your day and leverage those available hours to increase your income? Well, you can when you team up with a Virtual Assistant!  By outsourcing you will not only make more money, but you will have more opportunity to reach your goals faster than you would if you continue to try to do everything yourself.

Savvy business owners know you have to “spend money to make money”.  Leveraging your time by hiring experts to do the work that is keeping you from focusing on doing what you do best — making more money and growing your business — is not just good business sense, but it’s a smart investment in the continued success of your business.

How do you spend your time each day?   Leave me a comment and share what a typical day looks like for you.  I’d love to hear from you.

  Author bio: Lisa Salem is a professional Virtual Executive Assistant,  Virtual Sales and Marketing Assistant, and Virtual Transcriptionist.  Lisa is the Founder and Managing Member of Monarch Virtual Assistance LLC,  and brings over 30 years of administrative and business management experience to her business and the clients she partners with. Lisa works to promote the Virtual Assistance industry and to make it stand out as a true profession of excellence. Lisa loves helping her clients build successful businesses by taking the administrative tasks off their “to do” list so they can have more time to focus on the core business priorities that will generate income and accelerate business growth. Her style is easy going, yet focused, with emphasis placed on going the extra mile to exceed clients expectations by providing quality service, excellent value, and total satisfaction to ensure long-term dedication, loyalty, and results.

©2010.  Would you like to republish this article? You are free to do so as long as you include a link back to the full post, attributing the author, Lisa Salem of Monarch Virtual Assistance LLC.

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Posted by on November 1, 2010 in Uncategorized