How to Value Your Time As A Small Business Owner
Several years ago, sitting in the bleachers at a basketball game, surrounded by the usual chatter and cheers, I overheard something unexpected—a teenager’s profound words: “If you do not value your time, no one will.”
These simple yet powerful words immediately caught my attention. Who was offering such insightful advice, and to whom? It turned out to be one teenager chatting casually with a friend. I couldn’t believe it! You’d expect to hear these words from business leaders or successful business owners, not at all from a high school student at a basketball game. To have such a realization at a young age, I'm only guessing she has a good leader as a parent who understands the value of time.
I quickly jotted the phrase down on my phone as a content idea. As a small business owner, those words carried immense weight. In this digital age, where distractions are endless and time management skills are one of the most important things for a business owner to master, this was the reminder I didn’t know I needed.
Why the Value of Your Time Matters
I’ve spent a lot of time reflecting on that moment. Why did this one sentence resonate with me so much? I realized it’s because I’ve struggled to practice what I preach: valuing my time.
Growing up, my mom instilled in me core values like putting others first and being considerate of other people’s time. These lessons were a blessing in my personal life but a challenge in my business. Like many new business owners, I often found myself putting client needs, my team members, and day-to-day tasks ahead of my own goals.
But here’s the truth: If you don’t prioritize important tasks that move your business forward, your business growth will suffer in the long run. Without proper strategic planning or focus on revenue-generating activities, it’s easy to fall into the trap of poor time management.
The First Step: Conducting a Time Audit
One of the best ways to regain control of your schedule is by conducting a time audit. This process helps you understand exactly how you’re spending your working day. Here’s how to start:
- Track Your Time: Write down every activity you do over a week. Include everything—from answering emails and handling customer service to personal errands and social media scrolling. I know, right? Not the most fun activity, but at the end of the day, it will provide valuable insight into where you are spending time.
- Categorize Tasks: Separate your tasks into strategic activities, day-to-day operations, and where you waste time.
- Evaluate Your ROI: Ask yourself, “Is this worth the dollar value of my time for each task?” Use your hourly rate as a benchmark to assess whether a task is worth doing yourself or should be delegated.
Strategic Delegation: The Easiest Way to Save Time
Once you’ve completed your time audit, the next step is to determine which tasks to delegate. Successful business owners know that their valuable assets include not only their expertise but also their ability to focus on long-term goals and business success.
- Virtual assistants can handle routine tasks like managing your to-do list or scheduling social media posts.
- Automating repetitive tasks with tools like project management software is another good time management technique that frees up additional time.
- When I did this activity, I took the number of hours I was spending on tasks and gave them all a dollar value. The bottom line is that it was eye-opening to see how much money I was potentially leaving on the table.
These strategies allow you to focus on the most important things: growing your client base, creating a healthy work-life balance, and building a successful business.
How to Identify Tasks for Delegation
One of the best tools I’ve used for this is the Eisenhower Matrix, a simple framework that categorizes tasks based on urgency and importance. Here’s how it works:
- Urgent and Important: Do these yourself immediately.
- Important but Not Urgent: Schedule these for later.
- Urgent but Not Important: Delegate these tasks to someone else.
- Not Urgent and Not Important: Eliminate these tasks altogether.
When I started using this tool, I realized I was spending a lot of time on tasks that were necessary but not impactful, like creating graphics, uploading my podcast, and publishing blog posts. At first, I thought, “I can’t afford to hire help.” But the truth was, if I stayed buried in these tasks, I wouldn’t have the time to focus on the work that truly made a difference for my clients.
That’s when I decided to hire a Content VA to handle those routine tasks. This decision freed me to focus on what I do best: helping solopreneurs take back their valuable time by creating strategies that prioritize revenue-generating activities.
If you’re not ready to hire help yet, that’s okay. Start by identifying the tasks you could delegate in the future. Then, when you’re ready, you’ll have a clear plan for what to offload.
Strategic Delegation: A Game-Changer for Small Business Owners
Delegating isn’t just about lightening your workload—it’s about using your time more strategically. Tasks like managing your to-do list, scheduling social media posts, or creating graphics can often be handled by virtual assistants or automated with tools like project management software.
For instance, content creation is a time-consuming but essential part of running a successful business. That’s why I offer content repurposing services to help small business owners maximize the value of their existing content. Whether it’s transforming your podcast into a blog post, turning blog content into social media posts, or creating an email series from your top-performing episodes, I specialize in helping you get the most out of the content you’ve already created.
These strategies allow you to focus on the most important things: growing your client base, achieving your long-term goals, and building a healthy work-life balance.
It’s a Good Idea to Plan Your Week
After completing a time audit, it’s time to put those insights to work. One of the best ways to gain clarity on how to manage your time effectively is by creating a time bank.
For me, using a simple spreadsheet to map out my 24-hour day was a huge eye-opener. I blocked every hour of the day and color-coded the time based on how it was spent—daily tasks, family time, personal activities, and even downtime. Seeing my time blocks visually made it clear where I was overspending time and where I had room to improve.
This method is a great way to incorporate time management tools into your routine without overcomplicating things. It helps you visualize your schedule and make adjustments to reclaim your day.
Key Questions to Ask Yourself
- Where Are You Giving Too Much Time? Are there activities that eat up more time than they should? For example, are you spending too much time on email or perfecting small details that don’t significantly impact your business? Recognizing these areas can help you free up time for revenue-generating activities and tasks that maximize productivity.
- Are You Avoiding Tasks You Don’t Like? Be honest: Do you find yourself gravitating toward tasks you enjoy while procrastinating on the ones you dislike? While it’s natural to want to spend time on things you love, effective time management means balancing enjoyable tasks with the essentials, even if they aren’t your favorite.
- How Can You Cut Down and Refocus?
Once you’ve identified where your time is going, use this insight to make changes. Look for opportunities to streamline or delegate tasks that aren’t worth your time. By doing this, you can create a realistic weekly plan that aligns with your priorities and allows you to focus on important tasks.
The Power of Planning Your Week
When you use your time bank as a foundation for planning, you’ll find it easier to set realistic goals and stick to them. Combine this approach with productivity tips like batching similar tasks, using a project management tool, or setting time limits for specific activities.
As a former Online Business Manager, I've worked with several small businesses to understand the power of planning your week. Like you, they started a business for freedom of time, and planning a week made them feel as if that freedom was taken away.
These strategies not only boost effective time management but also reduce the mental load of constantly deciding what to do next.
Planning your week doesn’t just help you get more done—it gives you the freedom to enjoy your downtime without guilt because you’ve taken control of your schedule.
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A Personal Takeaway
Hearing those words from a teenager reminded me to take small steps toward valuing my time. Since then, I’ve prioritized my most productive time for strategic planning and creative work while delegating tasks that don’t require my direct input.
The result? Not only am I spending more quality time with clients and team members, but I’ve also lowered my stress levels and found more free time to enjoy the things that matter most in my personal life.
Time to Wrap This Up
If you’ve ever felt like there aren’t enough hours in the day, it’s time to take control. Conduct a time audit, delegate effectively, and embrace good time management strategies. As the teenager’s wise words taught me: If you don’t value your time, no one else will. Thank you so much for your value time. I appreciate you and hope you make it a wonderful week.