Calculate the Value of Your Time
Time is the only finite resource you have! You only have 12 waking hours each day, seven days a week, to live your best life. You cannot store time in a bank and withdraw it; you cannot spend it and make it grow. Time is absolutely finite! Once you spend it – it is gone forever.
Therefore, you must spend your time wisely, and with intention; on high leverage activities and high leverage relationships. What is it that only you can do in your business and personal life? Finding an answer to that very important question will have the greatest impact in reaching your goals, calling and purpose.
A good way to change your mindset and improve how you use time is to change your language: from “this is how I spend my time” – to “this is how I invest my time.” Let’s face it – you will always have more opportunities than you have time.
As a practice owner, your time is worth far more than you may believe. You must understand and value your time accurately in order to value and protect it. Consider your business. It runs because of you! It runs on your leadership, and your relationship with your team, patients, and community. Let’s calculate it:
|Gross Income of your practice:||$1,500,000|
|Days 365 -104 weekends -10 holidays -20 vacation||231 days|
|Ideal workday||8 hours|
|Daily rate: Divide your income/number of workdays||$1,500,0000/231=$6493|
|Hourly Rate: Divide daily rate/ideal work day
||$6,493/8 hrs = $811 per hour|
Wow! When I spend my time watching excessive TV, surfing the internet, and talking to friends and family who bring me down – it is costing me $811 per hour! I need to invest my time in cultivating healthy relationships with my family, team, peers and other leaders. I should be investing my time in personal growth by reading, exercising, watching inspirational programming, and centering myself in my faith community.
Consider what is at stake if you do not value your time. Invest your time in your personal and professional growth by developing and sustaining a clear mission with values, vision and strategy that inspires your team. Value appreciation, listen to your loved ones and your team, and create a culture and a community that attracts and empowers great people. If you “spend” and squander your time your practice will fail.
You are worth $811 per hour!!! Let this be the first filter to consider when leading yourself and determining how best to invest your time.
Next week: In Part 2 of Leading Yourself, I am going to show you how to identify your high leverage activities and how to stay in what I call your high leverage zone.
Grateful to be on this journey with you,
Dr. Matthew Harkness