Friday, August 11, 2006

Have You Considered Your True Value?

By now most have realized there is no security in a job.

Downsizing, political plays, takeovers, and cutting of costs for competitive reasons have changed the old equation. No longer is loyalty to an employer repaid by loyalty and rewards for the employee.

It is time for an inventory, a personal inventory. Jay Abraham suggests three areas to list in your inventory.

  • Your Skills
  • Your Knowledge
  • Your Relationships

Get away. Get far away.

Find a quiet place and have at least three blank sheets of paper - one for each component of your personal inventory. Start and keep writing.

You will be amazed at all the attributes you possess - attributes that you may not have properly valued before.

Jay Abraham talks about some amazing ways to monetize your attributes, but let's approach it from a different angle.

As a business owner you may need to hire staff to accomplish specific goals. There are no guarantees when you hire, the new employees may be great - or they could be worthless or worse and harm your business.

Once your personal inventory is complete you will see that you posses many skills and a great deal of knowledge that you will not have to recruit.

Let's say that you have leadership ability - that would require at least $100k a year to hire.

Perhaps you can train others - that is another 50k or more to employ

Your computer skills may be worth another 50k or so if you needed to use someone else.

You have writing skills, knowledge of various specialties, and good relationships with your banker and others in your industry.

To replace you in your business could easily cost a quarter of a million dollars a year or more - and you already know your work habits and strengths and weaknesses.

In your own business your personal value to the business could be greater than a million dollars - and you haven't even opened the doors yet.

Want to work with me?



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