This simple exercise I learned from one of my business coaches, Joy Chudacoff, that changed my life and business. Ask yourself, how much is my time worth? This opened my eyes to what I was really spending time on and I hope it does the same to you!
When I did this exercise I was shocked by how much my time was really worth and how much time in my day I was spending doing things that were $10-$20 per hour. We spend so much of our time doing things that we could delegate so we can work on projects that are ultimately going to make more of an impact in the world. Focus on the right tasks and not only will you make more money but you will be able to help more people with your mission and purpose.
1. What is your desired annual salary?
Dream big ladies! The sky is the limit!
2. Divide that number by your work hours per year.
To calculate your work hours per year take the total number of weeks in a year you work and multiply by the number of days in a week you work. Then, multiply by the number of hours in a day you work.
For example: 46 work weeks in a year multiplied by 5 work days in a week, multiplied by 7 working hours in a day = 1,610 work hours in a year.
3. Find your time productive vs. unproductive multiple:
Most people are much less productive than they actually think. It would still be generous to say most people are productive 1/3 of their time and non- productive 2/3. For the sake of simplicity, you might choose to use a multiple of 3 in your calculations above. In other words, take your base hourly number and multiple it times 3 to find out what your time REALLY is worth an hour.
Now, here is a sample calculation of real hourly worth:
Desired total yearly income: $100,000
Divide by work hours per year: 1,610
=Base hourly number: $62.11
Time productive vs. non-productive multiple (3): $186.33
What does that mean?
You might need to start delegating your time so you can focus on those things that are going to make you more money and make bigger impacts at your company or in your business. Consider delegating a project that you normally do to a virtual assistant or start batching your time on social media. Maybe you need to limit checking your email and start saying no to opportunities.
Most importantly, it probably means that you need to ask for more help. No one can help you if you don’t ask.
- 5 Steps to Get Into the Right Mindset For Success - July 6, 2020
- Your Weekly Review Session: How to Have the Best Week Ever - June 29, 2020
- How to Commit To Your Goals - June 22, 2020