{"id":1870,"date":"2010-10-21T09:24:12","date_gmt":"2010-10-21T13:24:12","guid":{"rendered":"https:\/\/www.thegrowthcoach.com\/cincinnati\/business-owner-whats-your-time-worth-per-hour"},"modified":"2022-07-11T11:33:11","modified_gmt":"2022-07-11T15:33:11","slug":"business-owner-whats-your-time-worth-per-hour","status":"publish","type":"post","link":"https:\/\/www.thegrowthcoach.com\/cincinnati\/business-owner-whats-your-time-worth-per-hour","title":{"rendered":"Business Owner, What\u2019s Your Time Worth per\u00a0Hour?"},"content":{"rendered":"

As a business owner, do you still have a hard time letting go of all the clutter (low-value, low-priority tasks) that surrounds your work day?<\/strong> A hard time letting go of the “trivial many” tasks?\u00a0 Are you still trying to be competent at every role and task in the company?\u00a0 Still wearing too many hats and juggling too many balls? Well, here is\u00a0a simple Growth Coach<\/a> exercise\u00a0that will help you\u00a0learn to let go of the many technical and administrative\u00a0tasks you should NOT be touching on a daily basis.\u00a0\u00a0What is your time worth per hour?<\/strong> That’s right.\u00a0 Picture a specific number in your head.\u00a0 What is it?<\/p>\n

Did you think $35 per hour?\u00a0 $50? $100?\u00a0 $150?\u00a0 $250?\u00a0 $500 per hour? \u00a0What did you honestly think your time was worth per hour?<\/p>\n

Whatever number popped in your head\u00a0is quite revealing about you, your role, your work, and your self worth.<\/strong> The dollar-per-hour figure also reflects on if you are working “on” your business or “in” your business.\u00a0 Whether you are working on strategic matters or tactical matters.\u00a0 Whether you are prone to tackle low-value, low-priority tasks or not.<\/p>\n

Whether or not you had a pre-existing number in your head is also revealing.\u00a0 Most owners never assign an hourly rate to their time.\u00a0 As a consequence, they\u00a0don’t value, respect or protect\u00a0their own time … they spend it foolishly.<\/strong> While they work hard, they typically do the wrong type of work.\u00a0 They seldom differentiate\u00a0between the real value of daily tasks and end up costing the company\u00a0money … and themselves some sanity.<\/p>\n

It\u2019s also revealing during our business coaching<\/a> sessions to understand an owner’s thought process to determine that number.\u00a0 Was it logical or emotional?\u00a0 Off the gut or well thought out?\u00a0 Honest or fabricated?\u00a0 Did they base it on what they charge customers or clients per hour?\u00a0 Or was it simply a number in their head, even if from years ago?\u00a0 Or, did they take their salary (usually below market rates) and simply divide by 2,000 hours.\u00a0 That last approach just tells you what you are paid per hour, not what you are truly worth per hour.<\/p>\n

No matter\u00a0what number\u00a0you came up with or the process you used,\u00a0odds are that your number was too low.<\/strong> Since The Growth Coach serves thousands of clients <\/a>each and every year, we know that most owners write down a number that is too low\u00a0when they begin\u00a0our business coaching process<\/a>.\u00a0 However, through our on-going coaching and accountability process and over time, that hourly rate soars<\/strong> and the client learns to discriminate between high-value and low-value tasks.\u00a0 As they focus more time and energy on leadership and strategic business-development matters, their profits soar as well.\u00a0 By doing the right type of work, they learn to work smarter, not harder<\/strong>.<\/p>\n

As\u00a0a business coach, I have concluded\u00a0that most business owners, doing this exercise for the first time,\u00a0could safely double whatever number they wrote down and that would be closer to a true worth per hour number<\/strong>.\u00a0 Because most owners are handling so many menial tasks on a daily basis, they undervalue themselves. So if you thought your time was worth $100 per hour, in reality, it’s probably closer to $200 per hour.\u00a0 The worth of an effective owner to the success of a business is nearly priceless.\u00a0 If an owner is working “on” the business and “on” strategic matters, that number should be well over $250 per hour.<\/strong><\/p>\n

No matter what number you came up with, examine it thoroughly.\u00a0 Challenge it.\u00a0 Revise it if necessary.\u00a0 Now I want you to pledge, whatever the number, that you will not touch tasks unworthy of this rate<\/strong>.\u00a0 That you will delegate, outsource or eliminate tasks not worthy of your hourly rate.\u00a0 Did I hear you say a loud “YES\u201d?<\/p>\n

For example, let’s say you still do the bookkeeping and payroll\u00a0for your company and that your hourly rate from above is $100 per hour.\u00a0 Let’s say you can hire or outsource bookkeeping and payroll at $20 per hour.\u00a0 Therefore, you are stealing $80 per hour ($100-$20) from your company every time you spend an hour doing bookkeeping and payroll.\u00a0 As a strategic business owner, that task is not worthy of your time and odds are, others can do it better and quicker than you can.\u00a0 The same goes when you do\u00a0IT, paperwork, collections, administration, shipping, customer service, surfing the web, answering the phones,\u00a0accounting,\u00a0basic marketing and selling,\u00a0scheduling,\u00a0training, handling most fire drills, etc.<\/p>\n

Whatever your hourly rate, start holding that number up to the value of the tasks you are doing on a daily basis and ask if that task you are about to start is truly worth\u00a0your time.<\/strong> If not, delegate, outsource or eliminate that task.\u00a0 Learn to value, respect and guard your time.<\/p>\n

\n

your work day?\u00a0 A hard time letting go of the “trivial many” tasks?\u00a0 Are you still trying to be competent at every role and task in the company?\u00a0 Still wearing too many hats and juggling too many balls? Well, here is\u00a0a simple Growth Coach exercise\u00a0that will help you\u00a0learn to let go of the many technical and administrative\u00a0tasks you should NOT be touching on a daily basis.\u00a0\u00a0What is your time worth per hour?<\/span><\/strong> That’s right.\u00a0 Picture a specific number in your head.\u00a0 What is it?<\/p>\n

Did you think $35 per hour?\u00a0 $50? $100?\u00a0 $150?\u00a0 $250?\u00a0 $500 per hour? \u00a0What did you honestly think your time was worth per hour?<\/p>\n

Whatever number popped in your head\u00a0is quite revealing about you, your role, your work, and your self worth.\u00a0 The dollar-per-hour figure also reflects on if you are working “on” your business or “in” your business.\u00a0 Whether you are working on strategic matters or tactical matters.<\/span><\/strong> Whether you are prone to tackle low-value, low-priority tasks or not.<\/p>\n

Whether or not you had a pre-existing number in your head is also revealing.\u00a0 Most owners never assign an hourly rate to their time.\u00a0 As a consequence, they\u00a0don’t value, respect or protect\u00a0their own time…they spend it foolishly.\u00a0 While they work hard, they typically do the wrong type of work.\u00a0 They seldom differentiate\u00a0between the real value of daily tasks and end up costing the company\u00a0money…and themselves some sanity.<\/span><\/strong><\/p>\n

It\u2019s also revealing during our business coaching sessions to understand an owner’s thought process to determine that number.\u00a0 Was it logical or emotional?\u00a0 Off the gut or well thought out?\u00a0 Honest or fabricated?\u00a0 Did they base it on what they charge customers or clients per hour?\u00a0 Or was it simply a number in their head, even if from years ago?\u00a0 Or, did they take their salary (usually below market rates) and simply divide by 2,000 hours.\u00a0 That last approach just tells you what you are paid per hour, not what you are truly worth per hour.<\/p>\n

No matter\u00a0what number\u00a0you came up with or the process you used,\u00a0odds are that your number was too low.\u00a0 Since The Growth Coach serves thousands of clients each and every year, we know that most owners write down a number that is too low\u00a0when they begin\u00a0our coaching process.\u00a0 However, through our on-going coaching and accountability process and over time, that hourly rate soars and the client learns to discriminate between high-value and low-value tasks.\u00a0 As they focus more time and energy on leadership and strategic business-development matters, their profits soar as well.\u00a0 By doing the right type of work, they learn to work smarter, not harder.<\/p>\n

As\u00a0a business coach, I have concluded\u00a0that most owners, doing this exercise for the first time,\u00a0could safely double whatever number they wrote down and that would be closer to a true worth per hour number.\u00a0 Because most owners are handling so many menial tasks on a daily basis, they undervalue themselves.<\/span><\/strong> So if you thought your time was worth $100 per hour, in reality, it’s probably closer to $200 per hour.\u00a0 The worth of an effective owner to the success of a business is nearly priceless.\u00a0 If an owner is working “on” the business and “on” strategic matters, that number should be well over $250 per hour.<\/p>\n

No matter what number you came up with, examine it thoroughly.\u00a0 Challenge it.\u00a0 Revise it if necessary.\u00a0 Now I want you to pledge, whatever the number, that you will not touch tasks unworthy of this rate.\u00a0 That you will delegate, outsource or eliminate tasks not worthy of your hourly rate.\u00a0 Did I hear you say a loud “YES\u201d?<\/span><\/strong><\/p>\n

For example, let’s say you still do the bookkeeping and payroll\u00a0for your company and that your hourly rate from above is $100 per hour.\u00a0 Let’s say you can hire or outsource bookkeeping and payroll at $20 per hour.\u00a0 Therefore, you are stealing $80 per hour ($100-$20) from your company every time you spend an hour doing bookkeeping and payroll.<\/span><\/strong> As a strategic business owner, that task is not worthy of your time and odds are, others can do it better and quicker than you can.\u00a0 The same goes when you do\u00a0IT, paperwork, collections, administration, shipping, customer service, surfing the web, answering the phones,\u00a0accounting,\u00a0basic marketing and selling,\u00a0scheduling,\u00a0training, handling most fire drills, etc.<\/p>\n

Whatever your hourly rate, start holding that number up to the value of the tasks you are doing on a daily basis and ask if that task you are about to start is truly worth\u00a0your time.\u00a0 If not, delegate, outsource or eliminate that task.<\/strong> Learn to value, respect and guard your time.<\/strong><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

As a business owner, do you still have a hard time letting go of all the clutter (low-value, low-priority tasks) that surrounds your work day? A hard time letting go of the “trivial many” tasks?\u00a0 Are you still trying to be competent at every role and task in the company?\u00a0 Still wearing too many hats […]<\/p>\n","protected":false},"author":4,"featured_media":1871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nBusiness Owner, What\u2019s Your Time Worth per\u00a0Hour? - Growth Coach of Cincinnati<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thegrowthcoach.com\/cincinnati\/business-owner-whats-your-time-worth-per-hour\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Owner, What\u2019s Your Time Worth per\u00a0Hour? - Growth Coach of Cincinnati\" \/>\n<meta property=\"og:description\" content=\"As a business owner, do you still have a hard time letting go of all the clutter (low-value, low-priority tasks) that surrounds your work day? 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