If time were money, how would you manage yours? – Part 1

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Time is far more precious than money. There are a finite number of days that you will spend on this earth, while money is something you can usually get more of.

If you are 35 years old with a life expectancy of 75… you have already spent 12,775 days on Earth and have 480 months left to fulfill your life destiny. If you plan to retire at the age of 50 you have 180 months to make enough money to retire (a million pounds doesn’t put a dent in retirement nowadays…) and in those months 1,440 days are weekends… so you have 3600 workdays to make it all happen. What are you waiting for… time to stop confusing being busy with being successful!

The fact is that many business owners – like yourself – actually manage their money as though it is more precious than their time. They started the business to choose their own hours, spend more time with their family, and be their own boss. But, somewhere along the way the only goals that mattered became the financial ones. Or, the only item worth measuring and managing was money.

Your time will never be managed for you – you have to make a decision to choose to spend your time wisely. To take ownership of your own schedule, and use the power you have to change what isn’t working. I’ll show you several tools to get you started, but first let’s take a look at what your time is worth first, to attach time to money.

If everytime you do something (that is really a distraction), you might want to think of how much it’s costing your business!

Here’s a really simple exercise to determine what your time is worth based on your annual income and the number of working hours in a year.

Target annual income A. £
Working days in a year B. 235
Working hours in a day C. 7.5
Working hours in a year D. 1,645
A / D = YOUR HOURLY WORTH E.

It’s also unrealistic to assume that each of the 1,645 hours in a year is a productive one. Various studies have put actual productivity at anywhere between 25 minutes and four hours per day. That’s a lot of room for improvement!

Now, this calculation doesn’t factor in overtime hours, taxes, or expenses. If you work as a consultant for an hourly rate, it doesn’t factor in the cost for you to provide your services. The point is, this is your hourly worth in the best-case scenario.

When you start thinking about time management, the goal is to get more done in less time, and thus increase your hourly worth (among other benefits, of course!). It’s also a way for you to start proritising your actions when you consider the hourly rate it is costing the business.

Going on FB for an hour might not seem so attractive if you think of the monetary value as well as what is not getting done!

Part 2 – some tools for self management