Valuing my time

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Valuing my time

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greatmanagement

posts: 269

Nov 15, 2007 9:53 AM ET Quote Report Abuse

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Rich,

When you say 100% efficiency I believe you are saying `selling a service and being able to bill your customers 100% of the time`. Small (one or two individuals), yes or very close to 100% anyway. They have a contract, get paid by the hour and outsource everything else. So you work 9 hours and bill the customer accordingly. Everything else to run the company you get someone else to do - if you want to. The other alternative is work an extra 2 hours a day yourself!

What are you trying to achieve with these questions? What`s the outcome you want?

Thanks.
Andrew

Doozer

posts: 23

Nov 15, 2007 2:32 PM ET Quote Report Abuse

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Andrew,

I`m trying to arrive at a dollar figure that represents what one hour of my time is worth. Let`s suppose it turns out to be $30.00/hr. With that in mind, if I am quoted a price to do some repair work on one of my machines in my shop of $200.00 labor and I know I can do the job in 4 hours, I might be inclined to set a lighter work schedule one day and do the work myself to save the $80.00. But if I found that my time was really worth $50.00/hr, I might decide to have the repair co. do the work and not bother with it myself since there would be no savings (although the tax situation could shift it in my favor).

In my business I have to travel to do on-site installations. There is time loading up my truck, driving to the site, unloading, etc.etc. I think it would be impractical to think of outsourcing this work, there are just some things that any operation has to do on their own. Even in businesses where it is possible, there is always some unbillable time involved in the mix that has to be passed on to the customer in the form of overhead.

Rich

Schimeon

posts: 4

Nov 16, 2007 5:28 AM ET Quote Report Abuse

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Andrew that was a great way to explain how the hours break down into dollars and cents.

Rich every business has activities that make them money and activities that just have to be done to stay in business. I believe that Andrew is implying that you outsource the activities that don`t make you money like follow up calls, bookkeeping, answering phones and appointment setting. I know that you have had issues with past employees, have you considered a Virtual Assistant. Virtual Assistant`s are trained professionals that help you manage your business and handle those back office tasks, which leaves you more time to spend with your family or concentrating on bringing more money in the door.

Best of all you only pay for what you need, no payroll tax or employee benefits, and if you choose a virtual assistant company you won`t have to be concerned with sick days either.

I happen to own a company that offers support to small businesses and our VA`s are all college graduates and our rates start as low as $10. per hour.

There are others companies out there just google Virtual Assistant.

Happy hunting.

Schimeon

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Doozer

posts: 23

Nov 16, 2007 7:59 PM ET Quote Report Abuse

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Hi Schimeon,

That sounds like a good idea, but one I`m not familiar with. How would someone else get back to my customer, know the right questions to ask them about what equipment they have that needs attention and then relay that to me without me taking my time to provide extensive training?

Thanks,

Rich

aither

posts: 266

Nov 16, 2007 9:28 PM ET Quote Report Abuse

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At the risk of stepping on some toes, I will explain. A professional Virtual Assistant, one who owns their own practice, usually has at least five years of executive level experience as an Administrative Assistant (I have 19 years executive level experience, 30 total). When you contract with a VA, that person doesn`t need training. You see, they`ve already worked in the corporate/brick-and-mortar world. It is highly likely that they have already done something similar to what you need - that`s why you won`t have to train them. Do you train your accountant or your lawyer? No, they are professionals.

Now, you will have to explain some things that are peculiar to your business - that`s perfectly normal. My advice, if you`re considering going this route, is to consult with a few different VAs. Not every VA is the same or does the same thing and rates have a wide range. You`ll know by consulting with the VAs which one is a good fit for you (and vice versa).

Schimeon

posts: 4

Nov 16, 2007 11:33 PM ET Quote Report Abuse

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Rich,

I agree with Aither any good Virtual Assistant will have at least 5 years in Corporate America, and you should definatly interview a few to find the right fit for your business. Most have an extensive questionnaire for each client to complete that will educate them on the nuances of your particular business. Even after that you will have to spend some time training them on how you prefer to have things done. I would also suggest compiling a frequently asked questions sheet so that they can field general questions about your business, and if there are specific technical questions that need to be answered they can refer those to you once the lead has been qualified.
Other types of calls that they can perform are follow-up calls, customer service calls, and courtesy calls, to list a few.

If you would like a free consultation, I`d be happy to speak with you to answer any questions and sort out your needs. Feel free to use my company or take the information and use another vendor.

Either way I`m sure that a Virtual Assistant will help your business immensely.

Schimeon

Doozer

posts: 23

Nov 17, 2007 5:11 PM ET Quote Report Abuse

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Well, like I said, that sounds like a good idea-for some people. But, for what I spend so much of my time doing on the phone, I `m not sure a VA would be a savings to me. I am in such an obscure field that a VA, even with extensive training in an office, would probably need even more extensive training from me (a time commitment for me) to be effective. I reupholster seating for dentists and doctors and a thorough knowledge of dental and medical equipment, (brands, models, options, etc.) is necessary to be able to provide this service. I can see some tasks such as sending color swatches, ordering materials, scheduling work, etc. being a help, but not enough to warrant this. We also ship some of the products I make and although help with shipping would save time, they would not be in a physical position to cover that.

Thanks for the suggestions, but, unless I was shown a way that I can`t envision right now, I`d say no to a VA.

Anyway, back to my original question; doesn`t anyone know how to put a dollar figure on one`s time?

Rich

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