Business Owner, What is Your Time Worth? – Coaching Question of the Week

Yesterday we launched a new Strategic Business Owner group in Sugar Land (Houston), Texas. This is a brief video clip from our retreat. Every quarter this group of business owners will gather together for a 1-day retreat to work on their business and on their life. It is exciting to see the results that this quarterly process is having in their businesses. I admire the dedication and growth in these men and women!

The question we were discussing here is "What is your time worth as the business owner?"

Most business owners I see undervalue their time. As a result, they spend their time doing tasks and jobs that are not worthy of their hourly value. I suggest that every owner's time is worth AT LEAST $150-$200 an hour. That's right! You carry the risk, you carry the responsibility, you create the jobs, your own the organization. Maybe your time is worth $300 or $400 an hour (or more!)

Once small business owners begin to realize this everything changes!

One business owner talked about spending time answering the phone. Another talked about spending their time vacuuming the office. Another talked about spending their time doing bookkeeping. Yet another talked about spending their time running errands, buying toilet paper, office supplies, etc. This is not uncommon, but are these REALLY the duties of the business owner? Is this you? The problem is that business owners end up spending so much of their time doing $8-$10 an hour tasks that they can't do the REAL work of LEADERSHIP and STRATEGIC PLANNING! High level leadership, strategic planning, systems design, and training IS worth $200+ an hour. Studying market trends, creating new or more profitable revenue streams, and building a sellable asset IS worth $200+ an hour. Those are the things business owners need to do to grow their businesses! These are some of the real duties of a business owner. If you want to grow your business and take it to the next level, you as the owner MUST elevate your mindset! You must spend your time doing those things that ONLY YOU can do! Do those things that are truly worth $200+ an hour. It all begins with your MINDSET! So, what is your time worth?

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One Response to “Business Owner, What is Your Time Worth? – Coaching Question of the Week”

  1. […] Before you decide to do it yourself, consider the actual cost of your time, including the opportunity cost when you spend your time on things like reception and bookkeeping. Some estimates place the cost of owner time at $124/hour, while others go as high as $400-500/ hour. […]