What’s your time worth? Part 2

jdconsult
December 28, 2020

We've already talked about what your time is worth, and how to calculate what your task rate should be. But what about the things that seem like a waste of time, but end up being really important?

What you do during your workday typically  falls into three categories:

  1. Things that are a good use of your time;
  2. Things that aren’t;
  3. And things that you know aren’t a good use of your time, but you do them anyway (and maybe that’s okay)

But how do you determine what’s a good use of your time, and what activities that seem trivial, but might pay off in the long run?

Turns out, there’s one simple question to ask yourself that should give you the answer - and here it is:

What’s the potential outcome of this?

In order to be a good use of your time, or valuable in some sense, it should fall into one of four categories:

  • Faster
  • Cost you less, or, make you more money
  • Create a better client experience
  • Be better for your business in the long run

If your task isn’t hitting at least one of those points, your answer should be clear: delegate it, forget it, or change it.

Here’s an example:

You’ve got three things on your plate this morning: renewing your driver’s license so you can drive your clients to showings, learning WordPress so you can update your website, and practicing a client listing presentation. What’s the best way to spend your time?

Let’s break it down. 

  • Renewing your driver’s license
    • Is it fast? Nope. Renewing this in person can definitely be a time suck. Is there a faster way to do it, like online, or mailing it in?
    • Does it cost you? If you don’t do it, it could cost you in not being able to transport your clients, or make it to showings.
    • Is it better for clients? Definitely better than having clients have to find their own way to an afternoon of showings.
    • Is it better for your business? It’s better in the long run, yes, but perhaps not better than other things you could be doing.
  • Learning WordPress
    • Is it fast? Not really. Learning to update your website can depend on your skill level, so there’s a big range here.
    • Does it cost you? A good website will make you more money, but this probably falls into the category of hiring a professional who can complete the task better, and more quickly than you.
    • Is it better for clients? Depending on your current website, it could create a better client experience.
    • Is it better for your business? Overall? Yes.
  • Practicing your presentation
    • Is it fast? Depends on how long you spend on it, but it likely won’t take you more than an hour or two.
    • Does it cost you? It doesn’t cost you money to practice, but it could definitely increase your income if it earns you more clients.
    • Is it better for clients? A polished presentation creates a much better client experience that leaves them feeling confident in your abilities.
    • Is it better for your business? Yes. Practicing your presentation has long-term benefits that increase every time you do it.

Looking at the results, while the driver’s license renewal may be more urgent, overall, practicing your client presentation is the best use of your time. For more info on determining how best to spend your time, let’s book a call and navigate together.

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