When we see business people pitching on Shark Tank we hear them talk about turnover, gross and net profit, revenue, forecasts, sales and all other manner of financial measures. What we don’t ever hear is: What is your hourly rate?

This is a crucial question that not many people ask and not many people can answer. Whatever business you are in, you need to know the answer to this. If you work in a business then your time has a value. If you don’t know that value then how can you be sure you are using your time effectively?

If you know your hourly rate you can start to calculate what your daily routine is costing your business. Is spending an hour a day doing email admin and calendar appointments worth the $26,000 you are investing in it each year or should you hire a virtual assistant for $50 an hour, have more time and be able to focus on revenue generating actives? When you work out how much you are investing in marketing do you include the hours you spend at networking events? Could you do more remotely to save on travel time? Every hour in the car is costing you a $100.

If you know your hourly rate you have the foundations to work out your value. If you have a good grasp on how long a task takes you as well then you have a pricing model that will help you work out how much you should be charting clients. If you look at your work day and work out where you can outsource to give yourself more time and save money overall you are on the road to success.

Want to talk more about how to get the most value out of your time? Email us on info@theconsultantscommunity.com.au today and we can set up a meeting.