What Value Do You Attach To Your Time?
You've probably heard the saying "time is money." It's a popular line for a reason — it's true. Everyone has an implicit value for their time, though they may not think in those terms. Even a billionaire will volunteer to do an extra hour of work if they are offered enough money in return. Likewise, a desperately poor person will refuse an extra hour of work if the compensation is too small.
The value of time can also change dramatically depending on how much of it you have available. You will value your free time much more highly if you're very busy than if your diary is completely clear.
It's extremely useful to know how you value your own time. If you can figure out how much money each extra hour is worth to you, it'll help you make smarter decisions about where your time is better spent. For instance, if you charge €80 for a lesson and by outsourcing another task you free up 4 extra hours per week for this purpose you have the potential to earn €1280 extra a month. If you’re paying a third party €400 per month to take over the task you dropped you are making €880 with the time you saved. Logical, right!
But how do you view a saving in terms of time value? For instance, when you book a flight are you more likely to book a cheap flight that has 3 layovers and takes 6 hours longer to get to your destination rather than paying extra, going direct, and getting there 6 hours' sooner? In that scenario some people will attach the value to the money saved by taking the cheaper flight, while others will attach the value to the time they saved - understanding that what they can achieve during that extra time on the ground can actually have a higher pay-off than what they saved financially on the cost of the flight.
So how would you spend the time saved and how much value would you attach to it? Could you allocate the extra time to doing a couple of additional lessons, making a few phone calls to prospective clients or going to see that young horse that caught your eye at a show recently? However you decide to spend your time you must be compensated in some way – whether that’s financially or in terms of your overall well-being and happiness. Assigning a value to it allows you determine whether it’s worth paying a third party for completing certain tasks that are simply eating into what little time you have that could be better spent on other things.
Social Media marketing is a good example of where people try to do everything themselves without assigning a value to the time it takes them. Anyone can update Facebook right? The answer is Yes of course. Doing it, and doing it properly and effectively, is a different matter but irrespective of the value you place on that, what value do you place on your time when trying to fit the task into your day. Is your time better spent on higher pay-off work? Could you spend that hour interacting with customers, making a call that could lead to a sale or simply taking some time out for yourself and your family.
As eluded to in another of my Blogs 'Social Media - Is it Really That Important To My Business' - having an active, consistent approach to your online activity is an essential part of running a successful business these days, but finding the time in your day to feed your followers insatiable desire for news and information about you can be a time consuming activity. Worse is the guilt of knowing it’s something you really should be doing but not having the time to carve out each day to do it properly, with a purpose and with measurable outcomes.
Dark Horse was established with precisely this scenario in mind – for businesses whose time is better spent concentrating on other things, for businesses who understand the importance of maintaining a strong online presence but who don’t have the knowledge, interest, motivation, and most importantly, the time to give it the attention it needs in order for it to pay dividends.
For more information on how Dark Horse can help you free up your valuable time take a look at the services I offer >>
As Benjamin Franklin said "Time lost is never found again"
And remember you can't catch one horse when you're chasing after three. Spend your time wisely...