088 Unlocking the True Value of Your Time: Revisiting How to Calculate Your Hourly Rate

I'd love to hear from you 'text the show'

Hello and welcome to this episode of the Treat Your Business podcast! I hope you're having a fabulous day. In this episode, we're revisiting a crucial topic from episode 12: valuing our time as clinic owners. Despite our best efforts, many of us still struggle with time management and implementing the changes we learn about. Let's dive back into understanding our hourly rate and its impact on our business.

Episode Summary:

In this episode, we explore the importance of knowing your hourly rate and how it affects your clinic's success. We revisit key insights from episode 12, discussing why many clinic owners undervalue their time and struggle to implement what they learn from masterclasses and training. By understanding and recalculating your hourly rate, you can make better business decisions, delegate effectively, and ultimately grow your clinic.

Key Takeaways:

1. Understanding Your Hourly Rate: Recognising the true value of your time is crucial. It’s not just about charging for your time with clients but considering your years of training, experience, and ongoing professional development.
2. Challenges in Valuing Time: Many clinic owners undervalue their time due to past experiences in the NHS or working with insurance companies that set low reimbursement rates.
3. The Importance of Pricing: Regularly revisiting and adjusting your pricing structure is essential. Your prices should reflect your expertise and the value you provide to your clients.
4. Delegation for Growth: Identifying low-value tasks that can be delegated allows you to focus on higher-value activities that drive your business forward.
5. Mindset Shifts: Overcoming the fear of raising prices and understanding the broader impact on your business can lead to greater financial stability and less burnout.
6. Business Development: Spending time on business development tasks rather than getting bogged down by low-value administrative tasks is vital for long-term growth.

Action Steps:

• Re-evaluate Your Prices: Take a hard look at your current pricing structure and adjust it to better reflect your value and the cost of providing services.
• Track Your Tasks: For a week, note down every task you do and categorise them by value. Delegate tasks that don’t need your direct attention.
• Focus on High-Value Activities: Prioritise tasks that will help grow your business and improve your financial outcomes.

Thank you for tuning into this episode of Treat Your Business. I hope you found these insights valuable and that they help you make meaningful changes in your clinic. 

Treat Your Business podcast is proudly sponsored by MBST, the groundbreaking technology revolutionising recovery and rehabilitation. Offering a non-invasive, drug-free solution for musculoskeletal conditions and nerve injuries, MBST works at a cellular level to stimulate regeneration. Expand your services and deliver long-term patient improvements without increasing your workload.

Learn more at mbstmedical.co.uk. 

• 🔗 If you are ready to get ahead, you will find all the essential resources and links you need right here: our Linktree
• Leave a review!: https://ratethispodcast.com/tyb
• Subscribe to our Channel on Youtube: https://www.youtube.com/@thrivebizcoach?Sub_confirmation=1