Put a Dollar Value on Your Time

The Wall Street Journal is getting more like Entrepreneur every day, but since their circulation dwarfs all the other business rags, it’s good to see them doing articles that help small business entrepreneurs.

The thrust of this article is to farm out to outside vendors tasks that you could do yourself, thereby freeing yourself up to bill more hours.

For example, if you take your monthly income, say $10.000 and divide it by the number of hours worked, which we’ll assume is 100, then your income is $100.00 per hour.

So, if you can hire an invoicing clerk for $25 an hour, she/he should do all your invoicing. Same thing with QuickBooks…..you can farm out your accounting.

You might use a laundry service, rather than doing the pickup and delivery at your local shop. Unless you know the owner and you can talk over any business challenges that he has (our situation).  You might hire a housecleaner and a poolcleaner, too, for similar reasons.

As you might expect, there’s a website to help you work through all this: clearerthinking.org. They need a mobile app, although their courses can be downloaded to a mobile phone. Titles They probably need an 800 line for immediate handholding.

So, that’s it. Put the calculations to work and use your time more wisely.

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