Time Engineering Module 5 Assignment - Calculating your own Income Time Hourly Rate

Time Engineering: MBA Time Engineering
9 minutes
Share the link to this page
Copied
  Completed
You need to have access to the item to view this lesson.
One-time Fee
$49.99
List Price:  $69.99
You save:  $20
€46.38
List Price:  €64.94
You save:  €18.55
£39.69
List Price:  £55.57
You save:  £15.88
CA$68.04
List Price:  CA$95.27
You save:  CA$27.22
A$77.05
List Price:  A$107.88
You save:  A$30.82
S$67.53
List Price:  S$94.55
You save:  S$27.01
HK$391.10
List Price:  HK$547.57
You save:  HK$156.47
CHF 45.30
List Price:  CHF 63.42
You save:  CHF 18.12
NOK kr542.56
List Price:  NOK kr759.63
You save:  NOK kr217.06
DKK kr345.97
List Price:  DKK kr484.38
You save:  DKK kr138.41
NZ$83.89
List Price:  NZ$117.46
You save:  NZ$33.56
د.إ183.57
List Price:  د.إ257.02
You save:  د.إ73.44
৳5,487.49
List Price:  ৳7,682.93
You save:  ৳2,195.43
₹4,169.34
List Price:  ₹5,837.41
You save:  ₹1,668.07
RM236.60
List Price:  RM331.26
You save:  RM94.66
₦70,914.31
List Price:  ₦99,285.71
You save:  ₦28,371.40
₨13,903.63
List Price:  ₨19,466.20
You save:  ₨5,562.56
฿1,823.66
List Price:  ฿2,553.28
You save:  ฿729.61
₺1,615.90
List Price:  ₺2,262.39
You save:  ₺646.49
B$249.58
List Price:  B$349.43
You save:  B$99.85
R954.17
List Price:  R1,335.92
You save:  R381.74
Лв90.31
List Price:  Лв126.45
You save:  Лв36.13
₩67,592.09
List Price:  ₩94,634.34
You save:  ₩27,042.24
₪184.30
List Price:  ₪258.03
You save:  ₪73.73
₱2,816.67
List Price:  ₱3,943.57
You save:  ₱1,126.89
¥7,571.47
List Price:  ¥10,600.67
You save:  ¥3,029.19
MX$829.61
List Price:  MX$1,161.53
You save:  MX$331.91
QR182.13
List Price:  QR255
You save:  QR72.86
P685.38
List Price:  P959.59
You save:  P274.21
KSh6,573.68
List Price:  KSh9,203.68
You save:  KSh2,630
E£2,364.52
List Price:  E£3,310.52
You save:  E£946
ብር2,840.03
List Price:  ብር3,976.27
You save:  ብር1,136.24
Kz41,802.18
List Price:  Kz58,526.41
You save:  Kz16,724.22
CLP$48,984.20
List Price:  CLP$68,581.80
You save:  CLP$19,597.60
CN¥361.44
List Price:  CN¥506.04
You save:  CN¥144.60
RD$2,960.45
List Price:  RD$4,144.87
You save:  RD$1,184.41
DA6,744.74
List Price:  DA9,443.17
You save:  DA2,698.43
FJ$113.05
List Price:  FJ$158.28
You save:  FJ$45.23
Q389.89
List Price:  Q545.87
You save:  Q155.98
GY$10,460.71
List Price:  GY$14,645.83
You save:  GY$4,185.12
ISK kr6,972.60
List Price:  ISK kr9,762.20
You save:  ISK kr2,789.60
DH506.54
List Price:  DH709.20
You save:  DH202.66
L881.58
List Price:  L1,234.28
You save:  L352.70
ден2,850.77
List Price:  ден3,991.30
You save:  ден1,140.53
MOP$402.90
List Price:  MOP$564.10
You save:  MOP$161.19
N$946.63
List Price:  N$1,325.35
You save:  N$378.72
C$1,840.39
List Price:  C$2,576.69
You save:  C$736.30
रु6,667.15
List Price:  रु9,334.54
You save:  रु2,667.39
S/185.40
List Price:  S/259.58
You save:  S/74.17
K191.34
List Price:  K267.89
You save:  K76.55
SAR187.48
List Price:  SAR262.49
You save:  SAR75
ZK1,261.25
List Price:  ZK1,765.85
You save:  ZK504.60
L230.69
List Price:  L322.98
You save:  L92.29
Kč1,175.26
List Price:  Kč1,645.46
You save:  Kč470.19
Ft18,362.67
List Price:  Ft25,709.21
You save:  Ft7,346.54
SEK kr535.59
List Price:  SEK kr749.87
You save:  SEK kr214.28
ARS$42,879.12
List Price:  ARS$60,034.20
You save:  ARS$17,155.08
Bs345.48
List Price:  Bs483.70
You save:  Bs138.22
COP$193,772.46
List Price:  COP$271,296.95
You save:  COP$77,524.48
₡25,413.63
List Price:  ₡35,581.11
You save:  ₡10,167.48
L1,234.27
List Price:  L1,728.07
You save:  L493.80
₲368,865.97
List Price:  ₲516,441.87
You save:  ₲147,575.90
$U1,890.76
List Price:  $U2,647.22
You save:  $U756.45
zł200.34
List Price:  zł280.50
You save:  zł80.15
Already have an account? Log In

Transcript

Hey there, hope you're having an awesome day. This video is going to explain quickly how to calculate your income time hourly rate. And then I'm also going to explain your income time busy time chart and how to use it. And I don't want to waste your time. So I'm just going to jump straight into it. Cool.

Awesome. So first, we want to calculate your income time, hourly, right? So you can gain immediate awareness as to how the busy time activities in your business are actually costing you. And let me say right off the bat, I understand that I've simplified this calculation, I understand that there are other factors that may impact this cash calculation. If you have a sales team, for example, this won't be perfect, but that doesn't matter, because I've simplified it for a reason. So that no matter who you are, how big or small your businesses regardless, you can gain immediate perspective on your income potential and gain some immediate perspective on what certain activities in your business are really costing you.

So to calculate your income time hourly rate, the first thing that we want to do is start with how many Income timing as you do every day, hours that directly are invested in you to doing nexus point activities, so sales, marketing and product innovation or development. Now at this stage, it's going to be a best guess situation for you. So just do your best and guesstimate how many, how many hours a day that you do engage in those activities. Now, now that once you've come up with that number, I want you to write it down. And I'm going to use for, for example, here on screen. Now, you don't have to do this bit.

But in my experience when I do this, this exercise, most people are very generous with their best guess scenarios as to how much time they engage in sales and marketing and product innovation. So my suggestion is you have that number, because it's probably going to be closer to the truth than you would like to admit. However, that is your call. Obviously. I'm going to have mine and I'm going to use To fit this example, now, what you want to do is then add up the number of income or hours that you do in a week by multiplying that by five, that'll give you 10 hours per week. In my example, depending on yours, it will work out at your end, whatever the number is, and then you're going to calculate how many income tumours you're doing IE by multiplying by 45.

So 10 by 45 gives us 450, income time, hours per year. Now, I always do this calculation using a 45 week year, because by the time you factor in holidays, public holidays, Christmas, etc, that's about the maximum number of productive ways that you get any now take you a yearly revenue, whatever that number is, that that's fine too, whatever that number is, and divide it by your yearly income time hours. So in my example, I'm going to assume that my company makes $450,000 per annum, just to make it easy for this calculation. So $450,000 My 450, which came from IP, gives me my income time hourly rate of $1,000 per hour. So that's how you calculate whatever that number is, it will obviously be different for you depending on the number of hours that you spend every week engaged in those activities, and what your revenue is.

So you now have your income time, hourly, right. And in thought engineering in the academy, I go deep into this equation and how to take this to the next level. But that's not the purpose of this video, just want to get you started here. Now, having this number is also important because you now have a number that can clearly demonstrate the invisible losses that are accumulating when you get stuck spending your time in busy time activity. And you now have a number that you can use to measure against future analysis to understand whether or not you're actually improving. So now I want to walk you through my income tax.

Busy time chart measurement tool so that you can get a crystal clear picture of what's holding you back from making tons of money. And this chart is going to give you that information really easily and really simply. So by now you should have your income time busy time chart, either you would have downloaded it from a link that was provided or it was attached to an email received. Regardless, when you open it, it looks something like this. Now, what you see here is a week broken down into 15 minute intervals. Nice and simple, nice and easy.

Your job is to get an electronic clock or timer one that looks a little like this one right here. And what you want to do is you want to set it for 15 minute intervals and every 15 minutes when it beeps. You need to note on your income time busy chart, what you were doing during that period of time and whether it was income or busy time activity. Now I color code monitors You can see so it's easy to see at the end of the week, or the day or whatever. But basically, what you want to do is you need to add up the number of red and green blocks and then simply enter them down in this section. So all I do now I haven't filled in this entire day, but you will obviously have your entire day filled in, is you simply highlight the number of red spots here.

Now, I include lunch as busy as home activity, unless of course, I'm sitting with clients writing orders and doing business. But that's just me, you can choose to assess that period of time for yourself how you address it, but once you highlight the number of cells that are that I would always call busy time activity, I come down to this area you can see it says 12. So I'll just come down here and I'll just enter the number 12. Now if I change that to 10 you can see the rest of the chart actually automatically update itself. So this is the only manual part of the job that you need to do. So I'll go back to yours.

That was actually 12 and then you can see that IP, if I highlight the green sections, they count for that was three, and I would have come down and put three into that area. So what that then does is the chart automatically calculates for you the number of hours that you spend on each activity every day. So he's saying he is point seven, five, so that's three quarters of one hour. That's not 75 minutes, that's three quarters of an hour there's been spent on income time activity and three hours has been spent on busy time activity. Now, the shape will also calculate for you at the end of the week, what hammer the total number of income time hours that you've spent during that week and the total number of busy time hours that you have done during that week as well. Now, a couple of details you need to be aware of, firstly, you don't have to do this, but you do have to understand this universal law that which remains unmeasured can Not be improved, because there is no basis upon which to gauge the improvement.

Second, the measured information will only be as good as the data you enter into it. I've seen so many individuals enter data that is incorrect because they feel guilty or couldn't face the truth of the situation. Please understand, this has nothing to do with right or wrong or good or bad. This is about awareness and improvement. This is about understanding why you're not making the money that you should be bullshit in equals bullshit out. So don't bullshit on this form, just enter the correct data.

Third, yes, I know this will take some work to do. But you can choose to live in blissful ignorance and live with the consequences of that action. And or you can just face the brutal truth and get ahead of the game. I assure you however, the information and direction these data will provide you will be incredibly valuable, providing end quote That you act upon what? What the chart shows you once you've entered all the data about your weeks. Lastly, not only will this report tell you how your time is being allocated, income time or busy time, you'll also be able to say with absolute clarity patterns of where your most productive time is and we're interruptions most impact your day, and you'll be empowered then to actually manage both of them.

Remember, clarity underpinned by knowledge is power. Now in thought engineering I go deeper into how to further uses information but the purpose of this short video was to ensure that you know how to use how to firstly calculate your income time, busy time hourly rate, and then how to use the income time busy time measurement chart to get control and understand and awareness over where your time is actually being used. So that we can get things in motion for you. So I'll leave that with you there. And until we meet again, please be superb. think clearly and have an absolutely incredible day.

Sign Up

Share

Share with friends, get 20% off
Invite your friends to LearnDesk learning marketplace. For each purchase they make, you get 20% off (upto $10) on your next purchase.