By Caterina Rando, MA, MCC
Attention! If you are a woman entrepreneur and you are like the thousands of women entrepreneurs I have coached over the years, there is one thing I know for sure. You are doing too much of what needs to be done yourself. Time to cut it out because it is costing you too much. Let’s look at how much.
Everything you do in your business is either revenue producing or non-revenue producing. It is important to ask yourself, “what non-revenue producing and revenue producing activities can I get someone else on my team to do?” This is especially important to ask when non-revenue producing activities are taking away from revenue producing activities.
The Time=Dollars Equation
Determine your current time equals dollars equation. This tells you the dollar cost to attribute to your time. Figure out what a day and an hour are worth in your business. For example, if your goal is to generate $10,000 a month in gross revenue and the average month has 20 business days in it, each day would be worth $500.00, and each hour of an eight hour day is worth $62.50. If you are engaged in business activities that are worth less then $62.50 an hour, like data processing, bookkeeping, proofreading, filing, then you are losing money–especially when these activities are taking away from revenue producing activities. Know your time dollar equation to be better set up to make decisions in your business.
What is Your Time=Dollar Equation?
As you know, time is money. But how much money is your time worth? Let’s figure it out right now. Answer these questions:
What is your monthly revenue goal? __________
Divide that number by 20= _________ This is what a day is worth.
Divide that number by 8= _________ This is what an hour is worth.
Sometimes we can be so busy we get in the way of our own success. How can that happen? Any time we perform an activity that is not the highest and best use of our professional time, we hold back our business. Become more aware of how you spend your time, spend more of it on revenue producing activities and watch your business thrive.
Caterina Rando, MA, MCC, shows women entrepreneurs how to be loud and proud about the value they bring in order to massively monetize their mastery. Get her free audio, Top 10 Biz breakthrough Secrets at https://caterinarando.com/register to discover how to catapult your revenue and take your business to the next level. Visit www.caterinarando.com for more about Caterina and her programs. Caterina can also be reached at firstname.lastname@example.org and by phone at 415.668.4535.