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The Hidden Costs of Poor Time Management

Having a better understanding of the value of your time and enhancing your time-management skills could have a significant impact on your income.


Time management: a common challenge

We recently polled financial advisors about the quality of their time-management skills, and a surprising 84% acknowledge their skills are mediocre or worse.*  In other words, many advisors know they aren’t making the best use of their time and haven’t learned or used effective focus-management skills that fit with today’s workplace.

Here’s why this is alarming. It may sound like a cliché, but it’s true: Time is your most valuable commodity. Every day, we get 86,400 seconds to use or lose. Because it’s a finite resource, wasted time is a wasted opportunity you can never get back. If you’re not using your time wisely, how much is it costing your business?
 

The Value of Your Time

About 44% of advisors we asked said they’ve calculated the value of their own time, which is a great start to using your time more wisely. But for the majority who haven’t yet, here’s a basic calculation to understand what wasted time could be costing you: First, determine what your gross income goal is for the year. Then, divide that number by your hours worked.

For example, working a typical 40-hour week for 50 weeks out of the year would equal 2,000 hours of work time per year. With an income goal of $500,000 annually, that breaks down to $250 an hour. In other words, 15 minutes surfing the web could cost you $62.50. It’s an eye-opening calculation.

 

Determine Your Time's Dollar Value

Hypothetical Calculation

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Calculate Your Time's Value

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Once you have an idea of the real value of your time, you can step back and determine what or who is worth your time. Based on the dollar value of what you’re doing, are you spending your time being busy or being productive? Is making sure you have no unread emails in your inbox as valuable as meeting with a client?

 

Need a Strategy? We Can Help

To learn more about ways to spend your valuable time being as productive as possible, talk to your Hartford Funds advisor consultant about building a time-management strategy designed just for you. You can also view the replay of our webinar, “Overcoming the Bottleneck in Your Business,” and take a look at our presentation and worksheet that will help you identify and hone in on your time-management strengths.


 

Next Steps:

  1. Within one week, calculate the value of your time.
  2. Get the advisor worksheet below.
  3. Complete the worksheet with your Hartford Funds advisor consultant to determine which activities have the biggest impact on the success of your practice.
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Please enter your email address to download the Four Steps to Identify & Execute Your Pillars worksheet for business professionals:

 


 

*Source: Hartford Funds advisor survey, 8/16; most recent data available used

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