We’ve all heard the expression “time is money”. Although there is certainly a lot of truth to this, I have always felt it never quite captured the true balance of time and money. To me, it is actually “Time VERSUS Money”. My good friend Jerry Hobby with Anything Internet says it best… “Some people have more time than money, and some people have more money than time”. Learning to balance the two properly is a struggle at some point for every entrepreneur, a struggle that many never truly overcome.
I have a client who is always complaining about not having enough time to finish everything they need to handle, almost on a daily basis. Their company is quite profitable, but because of their own time restraints they are unable to grow anymore, at least experience any real significant growth. How often have you found yourself in this very spot in your business?
From the outside looking in, the solution here is very simple. Identify the activities that you are currently doing that are not helping you grow your business, and then find someone else to do them so you can focus on what is more important. These are the tasks that need to be done to maintain your business, but they do not necessarily need to be done by you. You have to learn to allow others to do this work for you so you can grow. Obviously, my client knew to do this when it came to the production of their radio show because they really didn’t know how to manage the operational aspects of producing a radio program, but even if they had the skill set would not make doing it an effective use of their time. Therefore, the trade off was spending the money versus the time to do so. Yet, they are constantly still getting caught in this trap in many other areas of their business, and it’s a very deadly and costly trap to be in.
On the other hand, I see many business owners who have the time to handle such things and more, but the budget may not allow the ability to outsource or hire additional employees. Logically, this seems okay, and to an extent it is. However, you must be very careful because this too may be very deceiving and you still could be stunting your own growth. For example, if you are spending 40% of your time doing prospecting and sales work, and 40% of your serving your clients and customers, and 20% of your time handling all of the back end administrative functions of your business… just imagine if you took that 20% of your time and dedicated it to prospecting and sales, and it increased your business by 50% (do the math on your time). How would that affect both your time and your money?
Think of all of the things you do day in and day out in your own business. We all get caught up working on things that need to be done in order for our business to continue to run, but that does not mean that we are the best or the only person that can do them. With the proper use of technology and other resources, there are many options to resolving this issue of “Time VERSUS Money”. From hiring virtual assistants, to using computer software or online services, to hiring part or full time help, to outsourcing to specialized vendors… all of these solutions can help you automate systems and handle day-to-day tasks, so you can focus on your continued growth. When weighing these options for yourself, compare both the time versus the expense, as well as the expense versus the gain. Learn to outsource, hire help, and delegate these responsibilities so you can make sure your business not only survives, but thrives.
About Steven Kay: Steven Kay is a media consultant, and a talk show host and producer, whose recent projects include “Life Business and Money”, “The TALK 650 Morning Show”, "Wealth911.com Radio", "Small Business Today Radio", "Everything Talk Radio Network", "BBB Straight Talk", "Global Evolution", "Business Builders Radio", “Retirement Wealth Talk Radio”, "Houston Real Estate Today", "The Other Side", "The Weekly Landing", and "PEP Talk". He is also currently an on-air personality with KSBJ-FM in Houston. His company Steven Kay Media LLC is an independent media buying agency and consultation firm that specializes in talk radio advertising and marketing, as well as producing and hosting talk shows. They work with entrepreneurs, service professionals, and small to mid-sized businesses to create affordable and effective campaigns utilizing broadcast media. You may contact Steven Kay directly at 713-STEVEN-K (713-783-8365).