As a septic business owner, you have probably spent plenty of time considering how much to pay your employees. But, have you ever thought about how much your own time is worth? Your answer to this question could help you run your business – and your life – more efficiently.
Unfortunately, many business owners think of their own time as “free.” But the most insightful and successful business leaders put a high value on their time. Not only is time “the stuff life is made of” as Benjamin Franklin famously stated. It is also an asset that you can never get back after you have spent it. Money spent could be replaced by earning more money, but each hour of your time is gone as soon as it ends.
So, how much is your time worth? How much would you charge for your time if you were running your business for someone else? How much you would have to pay to hire an employee to replace you?
Once you have a rate in your mind, you can use it to help you decide what business products or services might be worthwhile to you. For example, let’s talk about some hypothetical septic business owners:
- Bob typically spends eight hours each month mowing the lawn and maintaining the grounds around his office. A local landscaper offers to do this weekly work for him at a rate of $200 per month. If Bob did not value his time highly, he might have declined the offer in order to save money. However, Bob is a successful businessman who values his time at $50/hour. The eight hours he typically spends on the lawn each month are equal to $400 to him. Bob decides to hire the landscaper, paying $200 in money instead of $400 in time each month. He invests his extra 8 hours per month into reaching out to new customers, which brings more revenue into his business.
- Sandra spends eight hours each month making personal calls to customers to confirm their upcoming appointments. She receives an offer from a company that will auto-call each customer at a rate of $500 per month. Sandra values her own time at $30 per hour. She decides to continue making the calls herself because the time she spends on the task has a time “cost” of $240 per month, which is significantly less than the price of the new service.
When you are considering using a software service such as Tank Track (or any other), you can use the same technique to decide whether it is worth investing in that service. Ask yourself, “how many hours each month do I think I might save with this program?” Then, compare the value of the hours you will save to the monthly cost of the program you are considering. Also, consider the value of the activities you might do with the hours you have saved each month. Will the software equip you to use your time more effectively or more enjoyably?
As a successful septic business owner, you probably already value your time as your most valuable asset. Unfortunately, it’s easy to let your time be consumed by office tasks and paperwork. But, you can choose to make your time a priority in your business.
What steps can you take today to take back some of your valuable time?
Would Tank Track help you save time? Check out our demo videos and see what you think.