How Much is Your Time Worth to You?

September 7, 2017




Any business owner knows that there just aren’t enough hours in the day. Monday morning comes around and before you know it, the week has flown by and you haven’t managed to get half the tasks done that you had wanted to. Sound familiar?


If you were to work out how long it takes to complete the day to day tasks just to keep your business running, how long do you think these tasks take to complete?


According to a survey published in May 2016 by the Federation of Small Businesses (FSB), small business owners in the UK spend an average of four days per month on internal business administration and 55% believe that this is preventing them from growing their businesses.


The survey also found that 67% of owners feel that the burden of administration is preventing them from focusing on the primary purpose of their business.


76% of small business owners stated that they spent more time than they would like on additional business tasks such as compliance, tax, employment law issues and insurance, workplace pensions, accounting tasks or health and safety.


The survey also found that the average small business owner spends only eight hours and 50 minutes on average per month on new business development, around a quarter of the 33+ hours they spend on administration.


The long and short of it, is that small businesses spend too much time on business administration per month. For businesses that have employees to take care of the majority of the admin, this is hard enough. However, for sole traders, one-man-bands, freelancers, this makes the working day VERY long!


So what can small businesses do to get some time back in their day to actually grow their business, instead of getting the administration done and simply staying afloat?


The obvious answer is to allocate a budget and hire a Virtual Assistant. They can take care of all the time-consuming tasks, giving you precious time back in your day to network, strategise, increase sales, improve the business and make more profit. It may be difficult to start with but if you can concentrate on business growth whilst your Virtual Assistant deals with the admin, just think about the overall benefits your business could be enjoying for years to come.


You can hire the Virtual Assistant for as many or as few hours as your budget will allow but I’m sure that you won’t look back – in fact you’ll probably be wondering why you didn’t hire a VA sooner!




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