Every minute you are not able to spend on your business or with your family or on yourself costs you. If you’re hourly rate in business is £10 or £100 or £1000, this is also your personal hourly rate! So whether it involves your business or personal time, you need to evaluate the cost benefits in the same way.
Imagine what you could do if you ran your life along the lines of a value being placed on everything you do. Would you procrastinate as much or would you value your time more?
What are some of the benefits?
· Personal or profession growth and experience
· Introduction to a new circle of potential friends/networks
· Physical/health benefits
· PR or marketing opportunity
· Speculative opportunity
· Definitive opportunity
To value the benefits, you will need to consider whether a particular benefit is unique, scarce, or is discounted. The value could be simply what you pay for the benefit or the level of benefit you gain from it.
I might value tickets to a corporate football game less because I do not follow football but if I knew that some important client was going to attend, I might value the ticket higher. If I was using the event as an opportunity to network with potential clients, I would value the tickets much lower than if I was certain a particular prospect was in attendance.
Another example might be an opportunity to become a governor of a local school. Having an insight into the selection process may help my children to get selected. It may also help me if I was considering becoming a local councillor sometime in the future, with community contacts and the possibility of obtaining references outside of my professional environment. I may just want to give something back to the community and would otherwise be squandering my time in front of the TV. Whatever the reason, the benefits will have a diminishing value after a while, as I am not likely to meet many more people after a period of time and it requires a continued commitment.
I value my down (chill) time highly because this time is scarce; if I sit and watch TV it is a planned treat, an escape like an afternoon reading a book. I value my health highly without it I cannot function, so I routinely go to the gym, it is like brushing my teeth. The rest of my activities including my work have to work around it, although I love and value my work highly I value my health and wellbeing much more. These are the values and priorities I set in my life, what are yours?
Apply this model to your own life and commitments. Are you ‘squandering’ or discounting your time, more than you are ‘profiting’ from it?
If you like this blog you may also like this :https://theproblem-solver.com/assets/know-value/
Janice B Gordon: The Problem Solver Business Growth Consultant, Mentor, Speaker and Author. Business Evolution – Creating Growth in a Rapidly Changing World will give you the guidance you need to evolve you and your business and exceed your customers wants and needs.