We’ve all heard the saying, “Time is money,” but have you ever stopped to consider how much your time is actually worth?
Managing your tangible business expenses is easy. There are plenty of ways to cut down on your quarterly business expenses, including cutting down on travel time, looking for new vendors, and taking advantage of free resources. But it’s also easy to forget about the cost of wasting your time on menial tasks, as you pay in both lost profits as well as reduced quality of life.
If you think you’re saving money by not hiring a virtual assistant, think again. Refusing to delegate comes at a price.
What is your time worth?
Before we calculate the ROI of a virtual assistant, we need to figure out what your time is worth.
The average salary for a chief executive in the United States is around $180,000 per year. Assuming that’s what you make in a year, and that you work 60 hours a week, your hourly rate would be roughly $57 an hour.
Work is work, regardless of what tasks you’re spending your time on. You’d likely expect to be paid your full salary for approving reports and meeting with potential partners, but would you also pay yourself $57 an hour to make airline reservations or monitor your business’ Instagram? How about $57 an hour to answer your emails?
Let’s say that you spend two hours a day answering emails, one hour a day on proposals and another hour on follow-ups, and two hours a day managing your business’ social media accounts. Before you know it, you’ve just spent $1,710 worth of your time in that five-day workweek on handling time-consuming tasks that could have been completed by someone else. If this example sounds a little too familiar, we recommend trying our Time Maximizer Tool.
Even if spending $570 a week on answering emails doesn’t sound so bad, the price of spending your time on time-consuming tasks seems even steeper when you consider the opportunity cost.
Opportunity cost is when you miss out on real growth potential. Instead of managing repetitive, time-expensive tasks, you could have been working on new business strategies, developing new products or services, or meeting with potential clients. Your time would probably have been better spent elsewhere, but instead, you wasted it on a “reply all” email.
A Virtual Assistant Can Save You Time, Money, and Energy
Virtual assistants can easily handle all of the tasks that consume so much of your time, including email management, scheduling, research, and much more. Once you delegate the tedious tasks that you dread every day, your enthusiasm and efficiency will skyrocket – creating more space for innovation, ideas, and opportunities.
An experienced AssistPro™ virtual assistant can manage your email, calendar, social media, and much more, giving you more time to spend on projects that are actually within your zone of genius. Ready to find your Right-Fit Assistant™? Click here to schedule your free consultation.