How much is your time worth?
With how much gas prices have risen, along with most everything else, it is incredible what some people feel compelled to do to save money.
Just a few miles from where I live, an enterprising gas station owner decided to slash the price at the pump by $2.50 a gallon for two hours in the middle of the day, starting at 11am.
Naturally, the line of cars stretched around the block, through the neighborhood, and then some. The scene at 10:30 was absolutely bonkers, which is when this picture was taken.
Of course, I can’t help but put my entrepreneurial lens on this from two different angles…
Let’s start with the consumer, or the CEOs of the lives of the people driving the cars in line.
I don’t fault anyone for their interest, or even a felt need, to save fuel costs where they can. People are hurting, I get it.
While there are extremes at both ends of the spectrum that can perhaps affect this equation…
Such as someone who has a 30 gallon tank (RV’s were not eligible, haha) that was running on fumes and was also at the front of the line / waited the least amount of time (likely no less than an hour and more likely closer to two hours based on how long the line was at 10:30)…
Or the person who topped off 4 gallons, but was at the back of the line, waited the longest, and was the last one to make it before the cutoff at 1pm…
We might say savings ranged from $10 – $75, but on average, people were likely to save around $25 for, let’s call it, an hour or so in line…
I hope that any business owner, or employee driving a company car, who drove by that line knows how quickly the math gets upside down and I’m sure went right on past without taking a second look…
Where else do business owners step over a dime to pick up a penny?
Usually a product of the earliest stages of a business when cash is tight, too many business owners hang on to far too many tasks that need to be either delegated or outsourced.
They underestimate the value of their time, and they also underestimate the value of their skills, expertise, and services.
And it’s not just about the monetary value of their time.
It’s also about the intangible value of their time.
The opportunity cost of not spending their time in other ways is simply too high.
There are things that the business owner can uniquely do for their business that no one else can, and the “hourly rate” for their time is a multiple of what it would cost to outsource those tasks that keep them occupied.
From bookkeeping to, ahem, marketing..
From administrative tasks, to even cleaning the shop (or even their own house!)…
Too much growth is held back by the death grip on way too many parts of the business.
When was the last time you took a close look at how you’re spending your own time as the business owner?
Identify opportunities to delegate and outsource, and unleash the growth that awaits…
Is that list too long? Pick 2-3 and make a plan to solve for them this week.
If you’ve got people managers on your team, now might be a good time to have them do the same. See what they bring to your attention.
They’ll appreciate the opportunity to get creative, and you just might learn something about your team based on how long (or short) their list is…
Need help brainstorming? Drop “TIME” below and we’ll get you on the path
Keep an eye out for when we’ll dive into the gas station owner side of this experience!