Have you calculated the value of your time?
As a small business owner you will do a variety of different tasks within your business. Some because you have to and some because you want to.
As the entrepreneur you are, the “want to” jobs are the most fun ones: service delivery, sales, customer relations, new product development etc. The “have to’s” (book-keeping, paying invoices, bank statement reconcilliation etc.) you do when you can no longer put them off. The question is:
Which jobs should you be doing?
The way to answer that question is resolved looking at two simple numbers:
- What rate are you charged out at?
- What is the cost of others doing these jobs?
If No.2 is lower than No.1 and you are struggling with time for all your jobs, the answer is simple: concentrate on what brings in the money.