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
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
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.