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A mathematical formula calculated by a British university professor has found that time actually is money. It shows that there is no such thing as a free lunch or even a free dinner, while brushing your teeth for three minutes uses up 30 pence (45 cents) in “lost” time, and washing a car by hand has a hidden cost of 3 ($4.50).

When it comes to time management, the entrepreneur is no different from anyone else, salesmen, full-time or part-time workmen/women, or even those who work on a commission basis, after all it is his/her own time to spend effectively or wastefully. When the salaried employee whose stake is minimal in the business, can calculate his/her earning rate per hour, it is all the more relevant for the entrepreneur businessman, to be able to reckon his/her earning rate in dollars.

Whether it’s a Day-Timer or a software program, the first step to physically managing your time is to know where it’s going now and planning how you’re going to spend your time in the future. A software program such as Outlook, for instance, lets you schedule events easily and can be set to remind you of events in advance, making your time management easier. You should start each day with a time management session prioritizing the tasks for that day and setting your performance benchmark.

Money value: It becomes imperative to devise a way of knowing whether the time spent is worth the value/return. The easiest and simplest method seems to be money value for each hour spent in dollars or cents. Somewhere, one has to make a beginning, and start with the total money earned in a period, week/month and divide by the number of hours worked whether drawing up a plan, talking to customers, supervising or checking progress directly or through systems and/or reports, or the sum total of whatever done for the business.

It will also help you to determine when the all-important big step of hiring employees is the most cost-effective thing to do. If you can generate more income from each hour if you are free to devote your time to business development activities than it will cost you to pay an employee to take over the routine, administrative tasks that are currently sucking up all your time, you should hire the employee. If you don’t know what your time is worth though, how will you ever know when that time has come?

Have you ever noticed that the wealthy are always great at promoting their product or service? They have the ability to encourage and inspire people to buy into their vision because the rich are excellent promoters and skillful at packaging their value. It is important to understand that this is one of the key reasons they are wealthy; the rich are able to market their value with passion because they believe their product or service offers something intrinsically valuable.

Hidden Benefits: The least this exercise can do is to throw up some data on how one’s time is being spent, wasteful or useful, but once the figure is known in money terms, it is easier to take corrective steps, in many areas of the business which costs money.

Knowledge is power: Further the business owner becomes more equipped with the knowledge of the actual value of his/her contribution, and what or where one has to change in his/her routine, or delegation to others, such that the business operates more profitably. Ultimately it leads to better time management, optimal practices in delegating business activities to others, such that more efficient routines get established, leading to profitable businesses all the way.