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THE DANGER IN FAILING TO UNDERSTAND THE VALUE OF YOUR OWN TIME
The deadliest consequence in any business is owner’s failure to understand value of his or her own time. Even a thriving business can die under weight of an owner who does not place proper value on his or her own time.
Some owners work long hours for little return because they do not understand their own value. Some of these owners will eventually quit their business for a job that could provide a higher living wage. Others, while thriving, may keep themselves doing tasks that can be and should be done by others. Sometimes, business owner wants to believe that he or she alone can do task, or they want to do things they most enjoy.
In end, these folks fail because important tasks that should have been done for purpose of growing business or meeting demands of business have gone undone. The business collapses because they did not take care of most important facets of their business.
PLANNING, GOAL SETTING AND MEASURING COULD CHANGE YOUR FUTURE
PLANNING will permit you to see where you want to go and how you hope to get there.
GOAL SETTING permits you to make certain specific determinations about your business. One such goal that should be set early and regularly is level of income that you want to derive from your business.
MEASURING lets you see true state of your business at any one point in time. Measuring at regular intervals lets you see a moving slide show that will deliver an honest picture of continuing state of your business.
Additional measuring will permit you to see how much your time could be worth and how much you are really paying yourself. Your measurements should also permit you to put a cost on specific tasks and functions that are required in operation of your business.
MAKING THE RIGHT DECISIONS
If amount that you want to be paid and could be paid is higher than cost of doing task that you are doing, then you should wisely consider having someone in your employment handle task.
Properly managing tasks and delegating work at hand can make or break your business. Make correct decisions and you will be treating yourself better than average small businessperson.
I wish you and your business very best.
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