Quick Survey: More Time or More Money?
1. So, more money or more time?
2. And how much more money (£) or time (hours) would you like each month?
3. And specifically what would you do with the extra money or time?
Simply email your answers to firstname.lastname@example.org
I’ll share any insightful, clever or amusing answers at next month’s ‘More Money or More Time’ Seminar (5:50pm pm Monday 12th September)
Time Tip #3: Allocate a £ Value to Your Time.
I guess the first and obvious thing to say is that we can’t get any more time.
Whether we’re Richard Branson or Mark Dyble, we all get allocated 24-hours each day.
How many days we have, none of us know.
So I guess the question is always, “What will we do during our 24 hours?”
And another question might be, “To what degree does money, or the lack of it, influence what we do?”
Firstly, let’s recognise that what we do next is our choice. (Now, you might say that to keep food on the table we must keep working with the client we don’t like who’s always complaining and who’s a late payer. However, we can action a plan to change that over the next few months by finding a better client and referring the first client onto someone who would suit them better.)
Secondly, we should become aware of what we do during our day. Simply logging what we do and for how long we do it can be very revealing. Paper and pen is sufficient. It’s a very simple exercise. But very few of us can be bothered. I suspect there’s a psychological hurdle. We suspect we won’t like what it reveals. If you do an activity-log, go through your day’s activities with a green and red highlighter. Green for stuff you consider to be ‘good’ and red for stuff that isn’t so good. This awarenesswill help you see where the issues might be. Over the days, you’ll gradually start to see more green than red.
Thirdly, we can estimate how we’re valuing our time by allocating a £ cost to each activity. We do this by estimating the amount we’d pay to out-source the activity. So, speaking to a prospective client might cost £250 per hour (2 prospects x 10 hours = 1 client x life time profit value of £5,000). Doing our book-keeping might be £25 per hour. Training a sales person might be £100 per hour. Introducing a quality-improving process might be worth £500 per hour. Washing the mugs and tidying the office kitchen because no one else can be bothered might be £10 per hour. You get the idea. In a commercial setting, this information gives us insights and the impetus to make more informed choices. Some choices we may be able to make straight away. Others may take longer and require planning, new processes, training or recruitment.
If you want to make better choices then join us at the ‘More Money or More Time’ Time-Management Seminar on 12th Sept.
A couple of thoughts in closing:
• Money does give us choices and should be a liberating resource.
• A business should be a system that generates money without involving our time (it should be able to stand on its own 2 feet). I’ll let you know when I get there!
• If we’re trading time-for-money, by reducing our consumption and modifying our life-style we can live on less money. We therefore don’t need to ‘sell’ as much of our 24-hours and can choose to do more interesting and enjoyable things in our ‘free’ time.
• Certain things are priceless. They usually involve other people – partners, children, friends. There will always be dishes to wash and shirts to iron! …for about £10 per hour.
If you’d like to come along to a ‘More Money or More Time’ Seminar where we’ll focus on Prioritising High-Value Tasks, then here’s your chance:
WHEN: 5:50pm – 7:20pm on Monday 12th September
WHERE: Altrincham Town Hall, Market Street, Altrincham WA14 1PG
COST: £9.29 Donation to Charity (The Oasis Centre in Gorton)