As a business owner, you have numerous demands on your time. The
40-hour workweek doesn't exist for you. Even if there's not
a crisis, there is a constant stream of issues requiring your
attention. Time is money, and no one knows that better than
you.
A recent study found that small business owners valued their
time at an average of $170 per hour. At that rate, wasted time is
expensive. A third of those surveyed said they'd need almost 70
hours each week to successfully run their businesses. They also
reported that finding funding for their businesses took an
inordinate amount of their time.
Securing financing is a hurdle for many business owners. A
survey from the New York Federal Reserve found that the average
small business owner spends 33 hours applying for a small business
loan. At $170 per hour, that's $5,610 and a ton of lost
productivity.
