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Understanding the Value of Your Own Time

July 15th, 2019

Do you know what your time is worth? It’s not a hypothetical question, because sole traders and small business owners can calculate it precisely.

Consider your target income for the year, divide it by 12 and then by the number of hours you intend to work in a month. The result is the value of an hour of your time.

A virtual office gives you the opportunity to spend that time wisely, as you can weigh up the tasks you need to complete against the value of the time you have available.

Focus on what you do best

Many sole traders try to do it all, particularly during a growth phase. It’s too early to bring on extra staff, so the administrative tasks fall to you, distracting from your efforts to build the business.

But if you have calculated your time to be worth £30, £40, £50 per hour, that is the value you are placing on those administrative tasks. And the time spent completing them is time you could be spending delivering for clients and focusing on the things you do best.

A virtual office allows you to outsource tasks such as printing and mail handling. Rather than spending time travelling to a post office and standing in a queue, you can hand the task over and devote that time to something more valuable to your business.

Our virtual office services also eliminate the need to wait all day for packages that may never arrive, as we can receive them and hold them until a convenient time for you to collect.

Find a better balance

For sole traders, understanding the value of time is not just a question of managing the working day, but also identifying better ways to budget. If you place a monetary value on your own time, you can compare the cost and value of every service and decide whether it is better to outsource or complete yourself.

And freeing up time could be even more valuable, as it can give you the control you need to find a better balance outside your business. Sole traders are renowned for working long, intensive hours and research by Direct Line for Business shows 33% have not taken a day off in the last year. 

For more information on Eastway Enterprise Centre’s virtual offices and the ways we can help you make better use of your time, get in touch with the team.

 

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