When owners first begin their small business, they may feel as though they’re putting in the work and networking properly, yet, their business is not growing as quickly as they’d hoped. After a few months, sometimes years, they’re still unable to comfortably pay bills, put food on the table, etc. It seems as if the competitors are doing just fine. So, what’s the problem? The first lesson every small business owner must learn is how to value their time. The biggest mistake entrepreneurs make is, they exert ourselves and invest their hard-earned expertise on clients, charging them less than what is deserved. Also, they get into the habit of charging clients for the number of hours it takes to get the work done rather than charging according to the value. Take, for example, a doctor. Regardless of whether it took him or her two minutes or 45 minutes to deduce your ailment, they will still charge you a consistent consultation fee. Signs You Have Not Been Valuing Your Time as a Business Owner Some people don’t even realize they are not getting the value of the time they deserve. Since it’s not obvious, here are some pointers to help you realize you are not valuing your time:
- When research shows people with the same skillset as you are making more money than you.
- You are the one handling all aspects of your business, from bookkeeping to the actual skill.
- The business you started with so much passion and promise is not making you happy anymore.
- You are putting in more than you are getting out; For example, you still have debts, but you are always working.
Tips to Help You Value Your Time as a Business Owner
If you are experiencing any of the above problems, then you need to change your business strategy. Maybe start with the following:
As much as operating the business on your own helps you save money and gives you peace of mind as everything is done to perfection, delegating duties is one of the crucial parts of running a business. This will free up your time to focus on how to make the most profits.
- Use Systems
Use advanced technology to your advantage. There are many aspects of your business that take up lots of your time, but they could be done with an automated system. For example, automate those welcome or newsletter emails by using an email marketing platform such as MailChimp. Automated systems all you to “set it and forget it.”
- Price According to Value Added and Not Time Spent
Don’t forget to charge your clients not only for the service and time it took you to do it, but also keep in mind you have years of experience studying and getting to know your craft. It is your expertise they are tapping into – and that ought to count for something. TheOfficeSquad Is Here to Lend Some Support Ready to delegate some tasks off your plate so you can focus on more important aspects of your business? Check out TheOfficeSquad’s wide variety of services, from bookkeeping, accounting and phone reception to scheduling, dispatching, virtual assistance, etc. Our team of experts can provide full back-office support. Call us to learn more – 702-649-3495.