Time is money, pretty simple, right? Why am I telling you something that you already know? It’s because we all need a reminder. We as small business owners, entrepreneurs and quite frankly most individuals, still try to do IT ALL! We don’t have the “luxuries” of having a department to handle our payroll or miscellaneous paperwork, our appointment scheduling, taxes or other legal affairs or even our web design and marketing campaigns such as social media and search engine optimization (whatever that is, you may be thinking, but that’s another post! J). So, we set out to take care of our businesses by doing it all, seeking out information and faking it until we make it. So, how is that working out for you so far?
I recently posed a question on my Business Facebook page asking – what would you do for your business if money wasn’t an issue. The responses were hiring a virtual assistant, hire someone to handle my social media, web designer to update my website, appointment scheduler for my studio sessions and the like. So, that tells me that folks are doing things that aren’t their forte but they have to since they are a small business owner and don’t have the means to afford to outsource. This also tells me that these folks, self included, are spending too much time doing things other than their money maker – our business. I am also going to guess that these things are taking up more time than necessary and is cutting into the money makers and thus not leaving time to actually make money, but wasting time and money? What do you think thus far?
Ever consider changing your oil when you know nothing about cars?
Here’s a fun little story that can help elaborate this predicament. I am in internet marketing and know my business very well. I have a degree in my business and have been doing it and helping others for some time. With that being said, I recently had a car problem which forced me to seek help to get it fixed, because I am not mechanically inclined. Could I fix it myself? Maybe, but what it would require me to do (other than a LOT of &%$# and prayers) would be to read up on the topic, search for the problem, seek out forums and some poor sole to help guide me in the answers to fix my problem. Then, I would have to get in and get my hands dirty (not my thing). Then it is possible (not likely) but possible that I could fix the problem or I could make things worse. So, what have I done? I have wasted countless hours of research, begging for information, pulling the damsel in distress card, gotten filthy and quite honestly – jacked up my car… for sure = MORE TIME & MORE MONEY! Or, I could take it to a mechanic, usually one that has been referred to me, or a long standing business relationship with a mechanic shop and have them get it fixed quickly and correctly.
So, if time is money and we are wasting our time doing things that don’t make us money, then, is it worth our money to save our time and spend time where we can actually make money? Hmmmm, ponder that one for a moment! (Yes, you can quote me… I made that up!)
Where are you spending your time?
Back to the car scenario, but this time I am going to say the problem is just needing an oil change (don’t judge, I’m not the mechanic type). Let’s say that a car mechanic makes $100 an hour and for the sake of ease of numbers, I also made $100 an hour (I’d be very happy, btw). And it would take me, easily 2-3 hours (let’s just say 3) to figure out how to do this oil change, along side of messing up my clothes and my hair. This mechanic, oh I am sure this could be done easily in under an hour. So, it would cost me $100 (30 min plus oil and disposal charges, work with me here) to pay to have someone to do it but cost me 3 hours of time, equates to $300 of time, plus the oil. Had I paid someone to do it, I would have paid $100 and lost an hour of work, instead of losing 3 hours of work. Get what I am saying here?
Sometimes, we have to weigh the equation to see if it would turn out better to pay someone to do a service that they are much more experienced in so that it can be done right and saves us the time, struggle and potential mess versus us struggling through a service that we know very little about just to save us spending extra money on that service.
So, again… I pose to you – if time is money and we are wasting our time doing things that don’t make us money, then, is it worth our money to save our time and spend time where we can actually make money? What’s it worth to you?
Thanks for reading! I hope that I have enlightened you at least by one light bulb moment or humored you somehow. I’d love to hear your feedback and if I could be of service to you with a marketing consultation of your website for services in search engine optimization, pay per click advertising or maybe even social media marketing, I’d love to have a word with you. Otherwise, thank you, good luck to you and make the best of your time!