Time IS Money

My father-in-law is a stickler for excellent service and not object to paying for it. When we go to a restaurant he places a large sum of money on the table. He then tells the server deductions will only be made when he feels their service distracting to him. Whether it was an insult or incentive to a server I don't know. What caught my attention was the method of deduction. Look at the dollar amount right in front of you then decide if you will earn it or loose it.

Apply the same principals with your own income. Say that you aim to earn $20,000 a month (dare to dream). That means that if you work four 30 hour weeks you're worth $166.66 per hour. If you drive to meet a client 1 hour away and dedicate an hour of unpaid time you experience a loss of $500 from your overall income. Quite honestly, it better be a potential gain of greater to accept this meeting during your business hours.

When you look at it this way are you driven to avoid time wasters? When you recognize them you can to shift your focus to activities that will generate income. This also helps to consider your worth when setting your rates or fees. If that same meeting was a speaking engagement at a luncheon you would need to consider the expense of time related to that presentation to set those fees. Three prep hours (new or custom presentations usually take up to 10 hours or more) plus travel time and the actual event equals roughly $1,000. If you accept this opportunity to speak for free it costs you $1,000.

So how much did this blog entry cost me? About $55.33. Is it worth it? When it promotes client retention and new business, yes. When I fail to get the word out about my services and ask for your business, no.

I am dedicated to energizing women to discover their personal best and become leaders in their lives by empowering the personal and professional CEO within. All women deserve to happily live life to the fullest. I want the opportunity to do just that for you.