For many years I have had the opportunity to coach and train numerous financial advisors and high net worth entrepreneurs. One of the biggest challenges is helping them calculate what an hour of their time is worth. Truly understanding this concept is incredibly valuable for executives.
Something all these successful folks have in common is the keen ability to delegate. Successful people are productive because they are able to spend their time on mission critical activities. In order to accomplish this, they need to pass off some of the more tedious, but necessary work. If you are an incredibly busy and productive individual but you spend two hours a day driving to the office, it may make sense to hire a driver. Maybe you’re realizing how long you spend maintaining your house each weekend, for a small expense you could consider hiring a maid, and free up that valuable time.
My family has given me a hard time over the years making fun of me for my “delegate everything” mantra. To me it’s simple, figure out what your time is worth, and if you can afford to delegate it to someone on your team, do so.
There are some interesting best-selling books out there that take this to an extreme, Andrew Ferris’s Book, The Four-Hour Work Week is a great example.
Give it a try, figure out what your true hourly rate is, because in the end, time along with health are the most valuable assets. Ask yourself how this strategy could help your family drive their top line revenue and be more profitable by delegating vs. doing.