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Do you know the value of your time?
Ken Segall, creator of Apple’s famous “Think Different” ad campaign for agency Chiat/Day, said he got thrown out of a meeting once by the founder of his agency, Jay Chiat.
“Why are you here?” he asked Segall and the art director, who’d shown up with everybody else.
“We’re just responding to the invitation,” said Segall.
Chiat told them to get lost. “Go create something,” he said.
Jay Chiat knew the value of his creative people’s time. He knew it wasn’t worth it for them to go into that meeting when they could be putting together the next big ad campaign. They were more valuable to the company doing the creative work that made it run than attending a meeting.
That’s what knowing the value of your time can do for you; it tells you what’s most important. Time is the one resource all of us have, but it’s also painfully finite in nature. You can’t bank it -- all you can do is invest it wisely.
As an entrepreneur, if you don’t know the true monetary value of your time, how are you going to prioritize your business and your life? What does it take to find the monetary value of your time?
Invest your time.Be aware that your time is likely to appreciate in value. If you’re a founder or running a successful business, your time's value will increase as your business does. That’s why we refer to “investing” time, not just spending it.
So, as your business grows and develops, sooner or later the monetary value of your time is going to surpass the importance of money. It’ll be more important for you to invest your time in moving the business forward because your time is going to be worth more.
According to a 2016 paper by Steve Yoo, Charles Corbett and Guillaume Roels, the most important and most neglected part of establishing a business is the boring stuff -- establishing processes and procedures that can save time in other areas.
Invest your time on process early, lest you spend it later putting out fires.
Crunch the numbers.Entrepreneur James Clear decided to approach this problem systematically -- he talked to everyone from poker players to executive coaches to figure out what the optimal method of measuring his time’s value was.
Then, he sat down and tracked every hour for three months. The upshot of that time investment was a very clear process that you can use to lay out what your time is worth.
First, figure out the amount of time you spend to earn money. That’s not just time spent working. Are you commuting? That’s time you’re using towards work that’s not going elsewhere. Daycare? That counts. Drop the kids off at school? Add it on.
If it’s related to the time you spend earning money, add it on. Clear’s estimate guesses that most full-time employees and entrepreneurs spend around 2,500 hours a year on this (his exact estimate for himself came out to 2,742).
Then, figure out how much you earn in take-home pay per year. That calculation should be pretty simple, though if you’re a business owner, it’ll be a little more complex as you figure out taxes and withholding.
Divide your total earnings by the hours you spend to earn it. That’s your time’s value.
It’s probably lower than you expected, especially if you calculated the extra hours devoted to things like dropping of kids at daycare or commuting accurately. We don’t often think of our work value in terms of total hours spent.
Create a system of checks and balances.You don’t want to just rely on that, though. Maybe you’re being underpaid (or underpaying yourself, if you’re an entrepreneur -- don’t laugh, it’s more common than you think). Maybe another factor is throwing it off, or your math has an error.
Consider a few other factors:
For entrepreneurs, this changes everything.Once you understand this number, it’ll change the way you approach everything in your business and your life. One entrepreneur I know who understands the value of time is Jason Bliss, co-founder of Healthy Living Network.
He’s built plenty of companies himself, worked as a venture capitalist and more. His time is valuable, and he knows it. I recently asked him what changed when he started thinking this way.
He noted, “I used to spend a lot more time on meetingsthan I do now. When you start counting up the amount of time you use sitting in rooms talking about things as opposed to actually doing them, your thinking starts to change.”
Bliss echoes the mindset of Ken Segall, who sent his star designer away from a meeting that wasn't worth his time. “If you knew that a meeting is costing you $6,000, would you be there? Would it be worth it? Or, could you find a more efficient way to invest your time?”
Know what your own time is worth. Remind yourself of it constantly. If you do, you’ll find yourself more productive, more efficient, more satisfied, and more successful.
So what are you waiting for? Invest wisely.
Children pass notes, and high school students send text messages. But twenty-somethings, eighty-somethings and everyone in between tend to gravitate to email.
As we age, our primary method of communication may change, but our expectations of privacy remain relatively constant. But when it comes to email, a letter from Google to lawmakers revealed that those expectations may be moot.
The letter, which was first reported by The Wall Street Journal, was sent in advance of the tech giant’s scheduled appearance at a Senate Commerce Committee hearing on Sept. 26. The issue on the docket is safeguards for consumer privacy, and senior executives from Google will appear alongside those of Apple, Amazon, Twitter, AT&T and Charter Communications.
A whole host of apps offer useful services that may tempt Gmail users to sign up -- tracking purchases to alert you to potential retroactive discounts, helping to manage a flooded inbox, planning flights according to best purchase times. But data such as what you’re buying, where you plan to travel and when you tend to check your email is valuable to advertisers who aim to target you more accurately, and app developers are often well-compensated for sharing it with partners.
Perhaps the most unsettling practice that’s come to light here: It’s not just algorithms that can scan your inbox. At some app companies, employees themselves have been known to read users’ emails to help improve the software.
There is a caveat: Google has to give privacy policies the green light beforehand, which usually involves making sure the document is “easily accessible to users to review before deciding whether to grant access,” wrote Susan Molinari, a vice president at Google, in the letter. Be that as it may, that’s likely not enough for the vast majority of Americans: A 2015 Pew Research Center survey found that 74 percent said it’s “very important” to them to be in control of who has access to their information. And since Gmail claims the lion’s share of today’s email market, it’s important to take a close look at exactly what Google is doing to protect users’ personal data.
Ahead of the Senate hearing on Sept. 26, here’s a step-by-step guide for how to see exactly which companies can access your email -- or share it with third parties.
1. Click on your Gmail account photo on the upper right-hand corner of your email inbox.
2. Click the blue button labeled “Google Account.”
3. Inside the “Sign-in & Security” box on the left, choose “Apps with account access.”
4. You should see a list of “Apps with access to your account” -- click “Manage Apps” for more information.
5. Click on each of the apps in the list to see what they have permission to view and do (for example: “Read, send, delete and manage your email”).
6. Revoke access for the apps of your choice. (Remember, if a service is free, you -- and your data -- are often the product.)
Chick-fil-A Makes More Per Restaurant Than McDonald's, Starbucks and Subway Combined … and It's Closed on Sundays
Associate Editor, Contributed Content
The top three fast food franchises for yearly U.S. sales, according to the 2018 QSR Magazine Report, which breaks down sales numbers from the previous year, were McDonald’s, Starbucks and Subway. Here’s how the numbers shook out:
Chick-fil-A was ranked a not-too-shabby eighth by QSR, after taking in $9 billion in sales. That number trailed Burger King, Taco Bell, Wendy’s and Dunkin’ Donuts in addition to the top three.
But, the most amazing part of this is that Chick-fil-A only operates 2,225 restaurants. That’s less than a sixth as the top three earning restaurants and less than half as many as the rest of the franchises ahead of it. Of the top-50 earning restaurants, Chick-fil-A ranked 21st in the number of units.
So, how did Chick-fil-A rank so highly in total U.S. sales? By earning more per store than any other restaurant. A lot more. In fact, the average Chick-fil-A unit made around $4,090,900 in 2017. By contrast, the total sales for a McDonald’s ($2,670,320 per unit), Starbucks ($945,270) and Subway ($416,860) is $4,032,450.
That’s crazy -- especially since Chick-fil-A is closed on Sundays.
Related: 24 Interesting Facts You Should Know About Chick-fil-A
Most people would assume that closing one day per week could hurt company profits. However, it’s clear by the per-unit sales numbers that something about Chick-fil-A makes it more attractive than its competitors. Could it be that closing its doors one day a week actually helps Chick-fil-A make more money, not less? Here are three reasons why that might be the case.