As an employee most people don’t think that much about keeping track of their time. If they get paid hourly, their boss keeps track of their time for them. If they get paid on salary, they get paid a flat rate for all the work they do. When they’re away from work the time flies by until they have to return to work. Most people don’t really think about the total cost of their time.
Employee Work Related Time
- workRelatedHours = commuteHours + hoursWorked
- netWorkRelatedIncome = grossIncome – (taxes + monthlyCommutingExpenses)
- workRelatedWages = netWorkRelatedIncome / workRelatedHours
How much is your work time worth?
The entrepreneur is the boss. The time they spend doing various activities reflects on their bottom line. They have to balance their time between activities that generate revenue with activities that will produce or increase future revenue. As an entrepreneur I need to understand how to capture my use of time and how to balance it more effectively. To get started here are some questions that need to be answered.
How much time is spent?
- Marketing the business?
- Supporting existing clients?
- Developing new clients?
- Developing strategic alliances?
- Working on future projects?
- On each client (travel, on-site / off-site)?
- Putting out preventable fires?
- Planning for the future?
- Evaluating the business plan?
What tools do you use or plan to use for tracking use of time?