The Value of Your Time... 5 Steps to Effective Time Management.

Do you know how much your time is worth per hour? We all have heard the phrase “work smarter, not harder”. What does that really mean? It simply means to utilize your time wisely. We all have the same number of hours in a day and our job is to maximize productivity within a certain amount of time. Every position has an hourly value even if the compensation is based on commission, revenue, or salary. It all comes down to an hourly value. What is that value?

 

1. Calculate your hourly worth
Let’s calculate the spa owner’s hourly value. We’ll assume the spa’s gross revenue is $50,000 per month and you work 160 hours during the month. If you divide your gross revenue by the number of hours, that equals a value per hour of $312. By knowing your worth, it will help you identify tasks that you should be focusing on and not on the tasks that can be done by someone else who’s hourly value is much less. For example, are you going to the post office, supply store, cleaning, or doing your own accounting? Delegate these tasks to someone else, your time is too valuable.

Here’s an excellent example: Let’s say you publish a newsletter for your spa. To produce the newsletter, it takes you about 5 hours to research and write articles, search for images, proofread and send to your clients via e-mail. At $312 per hour, that newsletter will cost you on average $1,500 to publish each month. Working smarter would be to research how you can publish your e-news for less time and money. You can purchase the “Ready-To-Go e-News” letter for $37.00 per month from InSPAration Management and accomplish this task while saving a lot of time and money. (I am not trying to sell you the consumer e-news, it just happens to be a great example to illustrate my point!) This is just one example. Go ahead and examine all the tasks you currently do. Find solutions to do them more efficiently and for less money. That’s the definition of working smarter rather than harder.

2. How Much is This Task Worth?
Next time you are doing tasks ask yourself, how much would I have to pay someone to do this for me? If it’s less than your hourly worth/value, you should have someone else do it. This will allow you to focus on tasks that are revenue opportunities for your business and insure your spa’s growth.

3. Time Mapping
For the next two weeks, track where you spend your time. This is an amazing exercise to do. It will show you how much time is being spent in the wrong areas. It will give a clear picture of what you need to do to become more productive, shifting your thinking from working in your business to focusing on your business.

4. Your Schedule
When you plan your schedule in advance, you are much more effective and productive. Think of your day in 15 or 30 minute increments. Begin entering your task list in a information and communication management program like Outlook. This will help you stay on track and minimize wasted time. For example, many spa leaders we talk to wear many hats. You are the marketer, the operations director, the trainer, etc. If you schedule certain days of the week to do certain jobs, and focus only on that job, you will be able to complete the task faster without procrastination.

5. Time Management Tips

  • Use Outlook or another information communication management program to construct your schedule and manage your time
  • Plan your complete schedule
  • Minimize interruptions
  • Prioritize tasks
  • Get organized
  • Set deadlines
  • Identify the difference between the to-do list and the project list
  • Close your door

Remember, time is money—use it wisely!

 

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