WHAT’S MY TIME WORTH?
“THE AVERAGE BILLABLE HOUR”
If we don’t know the value of something, how much value does it really have?
Sellers tell me they have time management problems. They say they don’t have enough time to get done what needs to get done. But this may not be the problem at all. These same folks, given more time each day, would in all likelihood, still run out of time. Or, continue to do the same things that got them into the predicament – always repeating the same actions.
In any given work day, how do we decide what to do? Usually, today is an extension of yesterday, only a day later. We need to look hard at how we use our time and understand its true value. Only then can we understand the extent to which our activities make sense and lead to maximizing revenue. What if we knew exactly what an hour of our time was worth? How might that help in prioritizing what we do with our time? What impact would that have on our results?
Lawyers and accountants are acutely aware of the value of their time – it’s how they bill. Perhaps Sellers should look to these professionals as a way to become more efficient in how we work. It’s only when we know what our time is worth that we can make wise decisions on how to utilize that asset.
Here’s a way to determine the value of our time.
Establish how much money you want to make in this year.
Take that number and divide it by 12 – number of months.
Then by 4 – number of weeks in a month.
Then by 5 – number of days in a work week.
Then by 6 – number of “quality” work hours per day.
The result is the “Average Billable Hour” for you this working year.
Knowing what our time is worth will help focus our efforts on those things that make the most sense for us. Be mindful that every hour you don’t generate that number, you have to “double up” the next hour. Sometimes we will need to delegate an activity or ask a colleague to help. Or, maybe we should pay someone to do what makes no sense for us to do. The goal is to leverage every working hour to benefit our bottom line.
What do you think?
Good Selling to you!
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