What is your time worth?

What Is Your Time Worth? There are many different definitions of time.  Time can be broken down many ways.  The value of time varies considerably from person to person and depends upon the purpose of the journey, but can generally be divided into two sets of valuations: working time and non-working time. This division is necessary because the value of working time (i.e. time spent on activities in the course of work) is calculated differently from the value of non-working time (i.e. time spent on activities outside work).   This article will be discussing working time since 90% of us go to work  and have a job! By focusing on the reasons why the business was started in the first place and the goals that a person sets forth for  the business, the time question can be easily answered.  One question that every small business owner or start up business asks themselves everyday is "Why should I hire someone to do a project when I am able and capable to do it myself?"  A person or business owner must be able evaluate themselves and come to a conclusion on what the strongest qualities are that they possess. After these qualities are established, can the person answer this question.."Are they spending more time outside of these strong qualities that they possess rather than focusing on what they are good at?  Focusing on a person's business includes deciding how much their time is worth. But, how does a person put a value on their time? How much is each hour of each day worth, especially when that person is doing projects that are not generating revenue or increasing to their customer base?  Here is a great way to value what a person's time is worth:   1. You charge $75 per hour for your services/time. You spend a total of 5 hours trying to catch up on your correspondence…entering information into a database, typing and re-typing your letters and preparing them to be mailed. 2. $75/hr X 5 hours = $375.00 of your valuable time and profit If it would cost you less to outsource, why not do it? Why not allow a professional to handle some of your tasks leaving you with more time to generate revenue? For an example: 3. $25/hr (sample cost to outsource administrative tasks) X 5 hours = $125.00 4. $375 - $125 = $250 + the $ of the contract you signed while a professional took care of the non-revenue generating tasks. Although you are spending some valuable earned money, you are freeing up much more time to be able to concentrate on the processes that will generate more revenue for your business!   Outsourcing to gain time is happening in the new age of business.  People and businesses are getting more and more specialized each and everyday.  By outsourcing, a person can free up time to concentrate on the things that they are great at.  In return, that person gets a better product or service in return by sending their duties/services out to a person that specializes in that area.  This is a win win situation for everyone and it is the basis of how businesses can help each other grow at a significantly quicker rate.  So my question to you is.... "What's your time worth!"

"It has been my observation that most people get ahead during the time that others waste time." Henry Ford

"Perhaps the very best question that you can memorize and repeat, over and over, is, “what is the most valuable use of my time right now?” Brian Tracy

Prospecting in the Right Places

Prospecting in the Right Places

For too many people in business, prospecting for clients is like fishing with only a string and a pole. They know if they throw something out there, they'll draw attention. What they don't understand is that you must first be at the right fishing hole. And, second, that you have to use bait that the fish you're trying to catch like.

Let's address the right fishing hole first. Answer this question: Who is your ideal client? You should be able to list at least five criteria of your ideal client without even blinking an eye.

The answers might be something like this:

1. Married

2. Living within five miles of my retail location
3. Has school-aged children
4. Drives at least 30 miles per week
5. Between the ages of 20-40

Then, start picturing your clients. Are they grandmas? Businesspeople? Teenagers? Start thinking about them as categories of clients. You just might have a service that teens enjoy, but who invests the money in it? Grandma, mom and dad. So you'll need more than one marketing strategy to make sales, won't you?If you can't list at least five characteristics of the people who you need to reach, your business isn't going very far very fast. To get your answer quickly, consider your top three existing clients. What do they have in common? The answer to that question will get you started.

Next, you need to know how to reach these people.

If you sell to soccer moms, where will you find them besides soccer fields? Your list might look like this: grocery stores, gas stations, quick-stop stores, car washes, sporting goods stores. You can advertise on the bulletin board at the local car wash or grocery store--preferably ones that are close to soccer or baseball fields. Even better, sponsor a local kids' team. The parents feel obligated to use the services of those who help pay for uniforms, equipment, programs and the various fees involved in children's sports.

If you sell to those who earn very high incomes, where will they be found? Country clubs? The marina? Nice restaurants? Where should you advertise? Where they'll be found, of course. Okay, it might not be feasible to advertise atthe country club, but you can certainly advertise in publications that'll be found there. Advertise where the other companies of your caliber advertise. Check to see if you can invest in the mailing list of everyone who docks a boat at the local marina. Mailing lists are often available if you ask at the right place.

No matter who your future product purchasers are, you can get the names of new ones from existing clients. All you need to do is ask. Don't ask if they know anyone, ask: "What other parents of the soccer players might have a need for new tires?" "Who do you most enjoy playing golf with at the country club, Mr. Natzel?"

Or, even better, offer existing clients special discounts or bonuses for sending in new clients. I'm sure you've heard or seen advertising where existing clients are offered a 10% discount or free car wash for sending in three new clients. They're given coupons with codes on them to hand out to others. You don't have to go crazy with this costing you money. You might offer a free $5 Starbucks gift card or a coupon worth a discount on the service of a neighboring business. Chances are that the neighboring business will reciprocate on your behalf. The key to bonuses is offering something good enough that the client will think is worth their while to find others to send your way, even if it's just in a passing conversation.

Once you wrap your mind around the information covered here, you'll know where to find the best fishing holes and what bait to use!