In my last blog, I looked at productivity and getting things done, but it’s important to put these things in context and put an actual value on your time. Without the maths, we just end up with lots of ideas, a bit of waffle and nothing that’s going to change your mind about how you spend your time.
See, even the terms we use to describe time, reflect its value; we talk about spending it, saving it and wasting it, how we never have enough and how we always want more. Sound familiar? It’s just the same way we all talk about money and perhaps why we so often hear, time is money.
It really starts to make a difference to people when we determine the value of an average hour of their working time. When you consider that every hour spent on a task is a direct investment of that amount of money, how many tasks you undertake in the day are actually worth that investment?
It is only when you have determined the value of a working hour that you can make judgements about how you should spend each hour to achieve the maximum productivity and profit. You have to look carefully at all the things you do in a typical working day and decide which are worth less than the time you invest to accomplish them.
With this information in hand, you will be able to decide whether that activity should be eliminated, simplified or delegated. If you work for yourself, on your own the same applies, but for delegate, read outsource; the effect is the same and just about any activity can be outsourced these days.
This process will also identify the activities that merit you spending your valuable time. Just to help you visualise the starting point for the process, grab the calculator app on your phone and enter the salary you would like to earn this year. Be as ambitious as you like but then divide this number by 1800 (roughly the number of working hours you have in a year) and see how much an hour of your time is really worth – not what you charge and hour, but what it would cost the business to pay you that salary you want.
Now if you wanted £100K salary this year, each of your hours would be worth £55.56. So as there are people out there that will run your salary calculations and undertake the RTI submissions to HMRC for around £15 per month, you will have to do it in around 15 minutes, including all the deductions and logging into your account etc., to make it a valuable use of your time!
Okay, I know you couldn’t resist and have just worked out that Jose Mourinho is worth around £6,700 an hour, but don’t let it divert you from the job in hand – spending your time wisely.
These are the decisions you have to make when it comes to productivity. You have to put a value on your time and work to it. If you put a price on all the tasks you undertake in a day, from making your coffee to washing the van and typing your own letters to making sales calls, then you will understand what you have to eliminate completely, simplify or delegate.
In the next blog, we will assume you understand the worth of your time, but will look at the unproductive attitudes that are likely to remain and hinder your progress in mastering the organisation of your time. I guarantee you will find time to read it.
In my last blog, I looked at productivity and getting things done, but it’s important to put these things in context and put an actual value on your time. Without the maths, we just end up with lots of ideas, a bit of waffle and nothing that’s going to change your mind about how you spend your time.
See, even the terms we use to describe time, reflect its value; we talk about spending it, saving it and wasting it, how we never have enough and how we always want more. Sound familiar? It’s just the same way we all talk about money and perhaps why we so often hear, time is money.
It really starts to make a difference to people when we determine the value of an average hour of their working time. When you consider that every hour spent on a task is a direct investment of that amount of money, how many tasks you undertake in the day are actually worth that investment?
It is only when you have determined the value of a working hour that you can make judgements about how you should spend each hour to achieve the maximum productivity and profit. You have to look carefully at all the things you do in a typical working day and decide which are worth less than the time you invest to accomplish them.
With this information in hand, you will be able to decide whether that activity should be eliminated, simplified or delegated. If you work for yourself, on your own the same applies, but for delegate, read outsource; the effect is the same and just about any activity can be outsourced these days.
This process will also identify the activities that merit you spending your valuable time. Just to help you visualise the starting point for the process, grab the calculator app on your phone and enter the salary you would like to earn this year. Be as ambitious as you like but then divide this number by 1800 (roughly the number of working hours you have in a year) and see how much an hour of your time is really worth – not what you charge and hour, but what it would cost the business to pay you that salary you want.
Now if you wanted £100K salary this year, each of your hours would be worth £55.56. So as there are people out there that will run your salary calculations and undertake the RTI submissions to HMRC for around £15 per month, you will have to do it in around 15 minutes, including all the deductions and logging into your account etc., to make it a valuable use of your time!
Okay, I know you couldn’t resist and have just worked out that Jose Mourinho is worth around £6,700 an hour, but don’t let it divert you from the job in hand – spending your time wisely.
These are the decisions you have to make when it comes to productivity. You have to put a value on your time and work to it. If you put a price on all the tasks you undertake in a day, from making your coffee to washing the van and typing your own letters to making sales calls, then you will understand what you have to eliminate completely, simplify or delegate.
In the next blog, we will assume you understand the worth of your time, but will look at the unproductive attitudes that are likely to remain and hinder your progress in mastering the organisation of your time. I guarantee you will find time to read it.