Yesterday, I invited two friends to lunch up at the Tower Club in Dallas. We started talking about a number of subjects. Jeff brought his daughter Sarah. In the conversation we talked about being an entrepreneur and that Jeff would like Sarah to be interested in one day running her business. Right off the bat I was quick to say what most would not. It’s not for everyone. If you are not cut out for it, there is no shame in that. There is something for everyone. If it is your thing, it can be the best and worst thing to ever happen to you.
Along the way I had talked to Jeff about how to keep track of his clients and some ideas to keep tabs on them. As I listened to him talk I realized that he did not have a CRM tool. I looked at him and asked him:”Do you have a CRM package?” He looked at me puzzled and said: “A CR what?”. The cool thing about this is that Jeff is highly successful in his own right, He does not NEED anything to make a sale. The question is, how much is he missing by not having all of this crucial information right when he needs it.
I told him that I know exactly what my time is worth on a minute by minute basis. As of last week my calculations stated that between those hours from 8-5, my time is worth exactly $2.74 per minute. That’s up from $0.33 just a year ago! Consider it my personal stock ticker. If someone is willing to pay me consistently for $2.74 then that is what I am worth. For the hourly only persons that’s $164.40 per hour.
Who cares about me, what is your time worth? Do you even know? Sarah his daughter asked the best question:”Yes, but how does it tell you that?” (She was referring to the CRM tool.) I can look at my pipeline and it tells me what will close, what might close and what will definitely not close. Simple mathematics tells you what your close rate is and what your hourly income is. So if I invest in a lunch with some friends for 2.74 per minute for 1.5 hours, the cost is: $246.60. Then add in the cost of lunch. (Maybe it was $25.) That means that I invested $271.60 in myself and those who visited with me. Was it worth it? Well my friends Jeff and Cliff are probably worth double that. So I got a 50% discount on their time. I also got a bonus to meet a new person. There is no telling where a new relationship will take you. NEVER take any introduction for granted. Not just that but we will refer business to each other and that will equate to a return on investment.
We talk about making investments in property and even stocks/bonds. Do we really think about the investment in time as an investment in ourselves and others? It is something that should be researched. There are time wasters that will rob you, are they worth $271.60? Probably not. The other reason I analyze my time in minutes is because I have the ability to change from the mistakes from hour to hour versus month to month, quarter to quarter or even year to year.
What is your time worth? How much time did it take for you to read this article? Was it worth it? If your homeless with no income, you broke even. 
(But then how are you on the internet…Ah, i digress)