Your time is the most valuable asset you possess as an entrepreneur. Maximising your time allows you to grow your business and increase revenue. But how much is your time really worth?
In today’s episode, we dive into calculating your all-important “automation rate” — the amount you can afford to pay to outsource tasks and free up your time.
If you constantly work 50+ hours per week, this is an eye-opener. You’ll realize that your time is more valuable than you thought. The key is spending money to get back time while maximising your hourly rate. An invaluable strategy for scaling your business.
Join me as I provide examples and valuable insights into calculating your automation rate. You’ll discover how outsourcing and automation can transform your business and quality of life.
IN THIS EPISODE, YOU’LL FIND OUT…
- How to calculate your hourly rate (02:50)
- How to ramp up your finances without changing the hours (06:08)
- How to compute your automation rate and apply it to your business (08:09)
QUOTES
“You are swapping time for money if you are working inside of your business.” -Carl Taylor
“The fewer hours I work the higher my hourly rate effectively is.” -Carl Taylor
“Automation rate is how much you can afford to invest in tech and team to free up an hour, it’s not how much you can pay per month. It’s about how much will free up your time.” -Carl Taylor
RESOURCES
Buy Back Your Time: Get Unstuck, Reclaim Your Freedom, and Build Your Empire
WHERE YOU CAN FIND CARL TAYLOR
Automation Agency
CarlTaylor.com.au
LinkedIn
Facebook
Twitter
TRANSCRIPTION
Carl Taylor (00:00):
Are you spending too much time in the weeds of your business?
Carl Taylor (00:15):
Hey, everyone, welcome to another episode of Entrepreneurs Rising if this is your first time tuning in, welcome, so great to have you if you’re a longtime listener, thanks for coming back. Looking forward to digging into this quick solo episode.
And today, I want to talk about are you too heavily in the weeds of your business? And what do you do to get out? Well, let me ask you this question. You may have been in business for a number of years.
And even though you’ve put systems in place, you’ve got team members, you’ve done this, you’ll find that no matter what you seem to do, you just seem to be working more and more, there’s always all these little decisions and little things that you have to do that you don’t really enjoy doing.
But it has to get done. And you seem to be the only one that can do it right or get where you want to go. If that’s true, then I would say you are stuck in the weeds. If you are finding that the only way you show up in your business is doing the stuff that you are uniquely capable of doing and energized to do in your, what Dan Sullivan would call your unique ability, then you’re stuck in the weeds of your business, and you’re not providing the best value of you and your time to your business in service of clients and the solving the problem that you’re trying to solve in the world, and you’re not in the best service to yourself.
So if you’re finding that that’s true, and you’d rather be someone who can step out and do only what you’re great at and have everything else, either delegated or automated or just happening, maybe eliminate, it doesn’t even need to be done, here’s what you’re going to need to do.
First, this is the very first step, you have to find out what the lay of the land looks like. And what I mean by that is you need to audit your time. Now you got a few ways you can audit your time you can one model is you go and you get a diary. And every 15 minutes you write down what you’re doing.
And you do that for a period of say two weeks, and you audit your time over that two week period. And you’re like after remember, I’ll let me write down. I’ve done that. It’s hard. It’s accurate if you can commit to it. So if that’s just your vibe and your style, go and do that.
For most of us, though, I don’t think that works. So I prefer the second option, which is I look at my calendar for the last two, three weeks. Everything that was in my calendar that I know happened, I put that down. And then I start to think about well, what else happened on those days?
Where else did I fill my time in the business out of the business? I might look at my emails, what else happened? What distracted me so I’m literally spectively looking at the last two to three weeks to look at where my time went. And using that as my initial time audit. If I need to go deeper, I can still do a future focused 15 minute time audit, but generally that gives me enough to work on so that’s what you need to do.
First you need to look at where are you spending your time? And what are the things you’re doing and write it down. Keep track of it. If you do that, that is going to give you the basis of helping you figure out what the next step would look like to remove yourself in the business.
You need to know what you’re doing. So you know what you need to eliminate, automate or delegate. That’s it for today. I hope that’s been helpful. Until next time, keep up the journey
Outro:
You’ve been listening to Entrepreneurs Rising. Thank you, dear listener for tuning in. I appreciate your time and look forward to connecting in future episodes if you would like show notes or any resources from today’s episode, you can find them at rising.show rising.show you can find the show notes for this episode and all other episodes as well as links to socials and or the ability to reach out and connect with me make your suggestions for future episodes. Until next time, keep up the journey.
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