Do you really know the value of your and your employees’ time?

Do you really know the value of your and your employees’ time?  I ask this because often I meet with business owners who are proud of the money they have ‘saved’ by having the team roll their sleeves up and do something which doesn’t relate directly to the production of their product or service, such as an office move.

The fact is that many businesses think they save money by not employing external resource to help them perform a function, when in truth, if they had the benefit of hindsight and the calculation method described in an article from Inc.com (click here to read it), they would have realised they would be better off by paying the external resource to help them and keep their own team focused on the jobs they were hired to do.
The same is true when it comes to delegation.  If you can delegate with the right support for the individual, it will not only help them, but will reduce the cost of you performing the function and will also afford you more time to work ON your business as opposed to IN it!  Yes, I know this is a recurring theme, but only this week I met with an owner of a business in Derby who was finding it so difficult to allocate half a day to work with me on his plans, because he was too immersed in the day-to-day activities.  This is not good for the long term health of the business.  Read the article, do the maths and see if it surprises you.  Hope it helps.
All the best.
Phil Partington