Using a Time Log to Trim the Fat
Posted in Outsourcing & Delegating
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Two weeks ago, I kept a time log to track how I used every minute of my time during the week, and I was able to identify over two hours of time spent doing something I could be delegating!
This may not sound like a big deal, but consider this:
* Two hours is a lot of time–especially if you only have 10-15 hours per week to run your business part-time. What would you give for two more hours of productive, money-generating time each week? Or for two more hours of tennis, playing with the kids, reading, or whatever it is you love to do?
* I thought I was delegating everything I should be. But here, even the Master of Management has been caught red-handed wasting his time. This goes to show that EVERYONE could stand to analyze their time every so often.
* What is your time per hour worth? If my time is worth $50 per hour, then I am wasting my time doing something that someone else could do for $10/hr. Or, as the story turns out, $4 per hour.
The things I caught myself doing were 1) Submitting an article I wrote to 50+ online article directories, to get links and traffic to AlanBrymer.com, and 2) Copying the results of the previous week’s newsletter emails (# of opens, # of clicks, etc) into a spreadsheet.
I rationalized that it didn’t matter, as I knocked these tasks out while watching SuperNanny and I Love Money on TV one night. But the principle is still true–not the best use of my time.
So last week, I set out to find a virtual assistant abroad that I could outsource these tasks to every week and thereby free up 2 more hours of my time. Mission Accomplished.
Total cost: $4 per hour.
Time Savings: $46 per hour.
Return on Investment: 1150%, as long as I spend the time I saved doing something that generates $50 per hour, which I did–brainstorming ideas for the ebook I’m going to launch at the end of this year. Not bad!
I challenge everyone reading this to find out how you could “trim the fat” each week by cutting off 1-2 hours of your work week and assigning it to someone else.
3 Responses to “Using a Time Log to Trim the Fat”
By Fred Bartholomai on Aug 22, 2008
Alan,
Tell me more about this virtual assistant you
have hired for $4/hour. Wow! Is that really
true ? $4 per hour. Not that I doubt you. But,
it does seem unreal to pay that little.
Would you mind sharing more about the VA
you have hired ?
What do you think that a VA abroad could do good better or what would be more appropriate or better type
tasks to give them versus the assistant
we hire locally that works out of their house.
Sounds very interesting. Please tell us more.
Thanks.
Fred Bartholomai
By Chad Bennett on Sep 1, 2008
Great article! Tell us where to find these virtual assistants.
By Alan Brymer on Sep 1, 2008
You got it, guys! I’m going to start a series of free videos and/or conference calls to discuss some of these issues, and log my actions of outsourcing more of my own work.
I’ll notify you by email each time I have one of these available to view, so if anyone reading has not subscribed yet:
1) Shame on You,
2) Click the big orange button on the right