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What is Time Cost and Why It’s Costing Your Business Money
Image: Brad NeatheryIs your freelance business running at a loss without you even realizing it?
If you answered, “I’m not sure, ” add “perform a time cost analysis” to your to-do list.
It can help you weed out time sinks, improve efficiency, and stop undercharging for your work.
When you have accurate data on your productivity, you can see where your time choices are holding you back and give yourself a foolproof map to get your goals and business back on track.
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How to Use Timing to Improve Your Time Management Skills
Time. It’s our most valuable and perhaps most poorly utilized resource. Many of us feel stressed out and overburdened by obligations, and yet still feel we don’t have enough: enough time or enough money. We’re great at stacking our schedules full, less great at managing our own time.
And with entrepreneurs like Tim Ferriss claiming that it’s possible to make a great income by working only 4 hours a day – and science backing that up (one study of working scientists in the 50’s revealed that a person’s productivity peaked between 10-20 hours a week) – we’re left scratching our heads. With our 60-hour workweeks and constant feeling of overwhelm, are we really that terrible at time management?
The answer is, maybe.
Here’s the good news: Whether you’re a freelancer, a full-time employee, or a business owner, it’s possible to improve your time management skills with a few simple strategies.
In the following article, we’ll take a look at:
- why time management is important.
- why so many of us have pitfalls when it comes to understanding our own use of time.
- actionable strategies you can use on Timing to assess and improve your productivity.
