I am excited to now be a regular contributor to Kochie’s Business Builders! My first series of posts is around time management costs – shared here:
Is this the best use of my time? As a small business owner, if you can’t answer ‘Yes’ to that question for any given task you perform, then whatever you have chosen to spend your time on will be costing you.
The costs of poor time management are fourfold:
– Financial Cost
– Opportunity Cost
– Emotional Cost
– Physical Cost
Today, let’s talk Financial Cost. Thinking of your time in dollar terms is a very effective way to stress test whether you truly value your time.
Financial cost is just that – it’s the cost to you in dollar terms of each task you perform.
You need to know what your time is worth per hour. If you charge your time out on an hourly basis, then use this value.
If not, a quick way to calculate a reasonably accurate hourly rate is to take your annual salary and divide it by the number of hours you work a year (if you work 50 hours a week, that’s 2600 hours a year).
For the rest of the post Click Here.