Your time has a price tag

A freelancing friend recently told me that he had stopped reading a blog. I usually hear about people starting to read blogs but rarely do they intentionally stop reading one. If you stop, it’s usually just because you forget or have other things to do. However, he told me his reasoning and it makes perfect sense: The blog was too engaging but it didn’t contribute to the growth of his business.

He was quick to point out that a highly engaging blog is a good thing, and it’s okay to read outside of your specific industry, but this blog was basically keeping him from working. “My time,” he said, “has a price tag on it. If a blog doesn’t educate or inform me or help me to grow my business, I’m not going to do it during work time.”

There is a fine balance and self employed people have a hard time finding and maintaining that balance. A few minutes of Farmville on Facebook isn’t a big deal. Even hours of it isn’t that big of a deal… if you still have time to do your work. But the real problem is when a few minutes turns into a few hours during work time!

People who sell products don’t always see the same challenge as people who sell services. That’s because a product is a self-contained thing and it can take just as much effort to sell one product as it does to sell ten products. However, people who sell services have a greater challenge because there is a time factor involved. If they “invest” their time in working, it delivers a return. If they “spend” their time frivolously on non-essentials, the time is lost.

This year, how will you spend your time? Will you be frugal, wisely investing with an awareness of the financial ramifications?

- Jessica Routier, IAC-EZ