How To Value Your Time (A Non Re-newable Resource) - LSG Episode 16

LSG Episode 16 - Time Management In this episode I cover the basics of how you can start to value your time and get the most from yourself.

By valuing your time and focusing on your key activities, you can increase your effectiveness within the marketplace, demand higher income which leads to higher discretionary time, so you can do more of what you want....

Sound too good to be true?

Listen along and find out how it is a REALITY, and also get the worksheet that shows you exactly how to implement.


 

https://www.youtube.com/watch?v=D8Dbsn5xxCQ


 

Download The (Free) Worksheet Here


 

Listen to the Podcast

https://soundcloud.com/hayden-wilson-415898380/how-to-value-your-time-a-non-re-newable-resource-lsg-episode-16


 

Contact Hayden:


Full Transcription Below

Ladies and Gentlemen, Learn Share Grow live with Hayden Wilson.

This is Episode 16 and all week we’re going to be talking about time management. I’m going to give you a ton of strategies, this week is going to be packed full of information on how you can start utilising your time better and in particular, in this first episode, we’re going to talk about how you can go about managing your time better.

The truth is, most people don’t know how to value their time and in effect, they end up working for free or doing tasks that they are no longer are utilised best in and that’s obviously a waste of time, so the more you can utilise your time in the tasks that you want to do, that means you’ve got more time to do the tasks that you truly want to do and get away from stuff you really don’t want to do.

Basically, most people go off what the market price is and what they should be charging.

To elevate yourself I want you to ask the question why? Why can some people only achieve the minimum wage or $15 per hour but then you’ve got management consultants who are charging $1,000 an hour or $5,000, $20,000 a day.

What is it about these people that allows them to charge this amount? The answer is it all comes down to realising your value and creating value in the world.

As you can see on my graph here, you’ve got value on the left hand axis and then down the bottom, on the horizontal axis, you’ve got money in return and then there’s a linear progression so down the bottom, the least amount of value provides the least amount of money.

The highest amount of value equals the highest amount of money. So the more value you can provide into the world, the more money you can have. In turn, by only doing the valuable things, the valuable tasks in your life that means you’ve got more time to work on the stuff you actually want to do and participate. That might be enjoying your time with friends because you’re more effective doing the things that you need to do, then you have more time with those friends.

So basically, the two different types of work that we can participate in and spend our time – you can do it using knowledge based tasks or you can use your time in process based tasks. Most of the time a business owner, the employer, will act with creativity, they’ll use their thinking power and a lot more decision making, these are the skills that they need to have.

The reality is that the income is uncapped when you’re in this zone here. Process workers, those who work in factories, manufacturing environments, those who don’t necessarily have to use their thinking power or their brain – and I say this with the utmost respect – but the monkey tasks or the tasks that are repetitive or monotonous, they are capped activities.

The market will determine how much they pay for a particular item, for a particular task to be done – your goal is to take as many of these process related activities down to a minimum and increase your knowledge power.

A very clear example of this, is that you are watching this right now so obviously you want to improve your knowledge and your creativity, and the way that you think simply by watching this video with me.

So as we move over here I want to give you a really good example and an activity, if I get my worksheets – this activity will help you get better at allocating your time and realise the benefits of doing specific tasks and staying away from the ones that aren’t so good. This worksheet will be available as a downloadable on our website haydenwilson.com.au. (it is above)

Basically I want you to make a list of all the different tasks that you complete over a certain period, say a certain week. So you’ve got Monday to Friday if you work Monday to Friday, or you work like me and work the seven days, or six days, depending on how I feel you will only have to write in six days worth.

I want you write down all the tasks that you participate in during a week and the activities that you currently do. We’re not looking at what we’re going to do in the future - I want you to be realistic and truthful in what you’re writing down here.

Then once we have all our tasks, I want you to categorise them into A’s, B’s and C’s.

What you’re going to have is three columns and basically what they’re going to do is, you have the first one is that you do well and that you must do. You as a business owner, must do these activities, so your direction of the company, your leadership values, the thinking, the market research – all that sort of stuff that you do and are good at, you should be doing more of that.

The second thing, the B column is that you should delegate. These are things that you might be good at but you might not necessarily or should be doing, for example the bookkeeping. As a business owner you probably shouldn’t be doing the bookkeeping beyond the first two or three months of the business. Find someone else who can do it because a task that costs $20 an hour is far less valuable than your time. You need to be doing the tasks that are worth a $100 dollars, a $1,000 an hour – the bigger tasks that are going to help move your business forward and keep ahead of your competitors. I always think what would my competitor be doing, are they going to work on this?

Or have another analogy, I have a thing above my laptop screen and it says WWJPDO and JP is one of my mentors so it’s like what would he do in this situation, would he be doing this, would he be working on these tasks?

He’s worth x amount per hour, I want to be worth that. If he’s not doing that why would I be doing that? That’s the attitude I want you to have. Think about the tasks that you can delegate and about a major task list, and put it into your delegation task list.

The third column that you have there are tasks that you will not do anymore. I want you to make a commitment that you are not going to be doing these tasks any more. You don’t need to be checking facebook, or maybe you’re at a stage where you don’t need to be checking your emails, maybe you can have someone or turn on the scam filter, or get someone else to look into that for you.

Start to reduce the activities that you plain do not need to be doing, whether that be cooking, maybe you hire someone or maybe have some of those means, I know there are a ton of meals that have a delivery program now that you can start to implement and that’s going to save you time. Essentially you’re buying someone else’s time because you value your time so much that you can no longer afford to be working on those smaller, meaningless tasks.

I have a question here – Hayden, my granddaughter Georgia asks why doesn’t Hayden have a girlfriend, is he just too busy or does he have the time? Good question, we’ll leave that one for another day.

This basically is a killer sheet and I’ll have it available in the downloads as soon as you finish watching this video, I should be able to get that up. If you have any question, chuck them in the right hand side or down below.

This is a terrific activity.

The first step that you need to do is work out what tasks what tasks you’re actually doing. The second step is to categorise them into the three areas, what are you doing, what shouldn’t you be doing and what do you do well.

Once you realise that you are valuable and you have skills in a specific area, start doing more of those because the more that you can do of those killer key activities, the more that you’re going to earn and that gives you more discretionary time to work on stuff that you actually want to work on and you can provide the most value into the world.

I hope this helps.

If you want to share this video and get the message out on how other people can start to value their time better, I’d really appreciate it.

Otherwise I’ll catch you all soon and look out below for the link to the worksheet.

Ciao.