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Is my time too valuable for that?

On Behalf of | Jun 15, 2020 | Uncategorized

Running a business always comes with undesirable tasks. You may accept them as part of owning a business, but in some cases, it is more cost-efficient to hire a specialist.

Whether you have recently opened your business or have been building your company for years, there are specific tasks that do not come naturally for you. While there is merit in learning a new skill set, there are times when it is better to focus on what you are good at and what you enjoy.

As you evaluate your daily tasks, here’s what you should consider about the value of your time.

Your time is not free

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Many business owners make the mistake of thinking about their time as free because there is no one at the end of the week asking for a paycheck. You may not have a line item in the budget for your bill rate, but that does not mean you should consider your labor free.

To help put your time into perspective, take a moment to calculate the value of your time. Once you know the monetary value, determine whether there are tasks that a specialist could accomplish cheaper and faster.

Play to your strengths

You started a business because you have the knowledge and a specific skill set in your industry. You may be capable of learning other tasks, but your time and talent are better spent on the tasks that will bring in the most profit.

Think about your daily tasks and consider whether there are tasks that do not need to be your focus. Make a point to find someone who specializes in that skill and utilize their talent to get the job done more efficiently.