What is your time worth to your small business?
There are plenty of ways that an employees can calculate what their time is worth based on mathematical formulas. But as a business owner, the formula becomes a little more complicated. Once you have determined the value of your time, you can make choices about the things you are doing in your business, and if certain tasks are worth doing yourself or having someone else do them. Using the Realized Income Methods to calculate the value of your time, you need two numbers: 1. The amount of time you spend to earn money. 2. The amount of money you earn during that time. Once you have calculated the value of your time, you can then be better informed on making decisions like: Should you take the non-stop flight and save two or three hours, or do you take the flight with a stopover (wasting an hour between flights) and save […]