The Passage of Time

It can be very easy to get sidetracked and focus on tasks that are unproductive, in fact sometimes we do it on purpose – workplace procrastination increases when we don’t want to do something.

An unproductive task or project is something that is not helping you to achieve your goal or simply not earning you any money.

For example:

To arrange and set up a meeting can take roughly 10 minutes or longer to organise. Arrange 5 of those and it has already taken an hour of your time.

You have some administration to do, update your database, letters to type, printing, posting etc, these are all time consuming unproductive tasks that are not bringing in any new business, in other words not earning you any money.

Brian Tracy author of The Flight Plan mentioned a good way to keep yourself disciplined is to work out your hourly rate and when starting a project or taking on a task, ask yourself, “Is this worth $/£ of my time?

Here is a calculation example he used to help you work out your hourly rate.

Determine how much it would cost you per month to live comfortably even if you had no income at all. Include all your costs e.g., accommodation, food, travel, medical, vacations, entertainment, etc. Multiply that number by 12 and then multiply the result by 20. This total represents your retirement goal. Divide your annual income by 2,000, i.e. the approximate number of hours that an executive works in a year. This amount is their hourly rate. If you earn $50,000 a year and you divide that amount by 2,000 you get a rate of $25 per hour.

Your potential earnings wasted doing unproductive tasks could therefore be very costly.

Don’t throw your money down the drain, give us a call ;-)

Romany

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One Response to How Valuable is your time?

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