Time Is Money In Your Small Business

Small business management can be really hard. It is rewarding when you have accomplishments and things are going well. However, when things aren’t going as expected or when you are in the middle of a crisis it feels hard. One of the most difficult things can be managing what to delegate and what to do yourself. This is the age old “time is money” conundrum. While doing things yourself can save money, having others help you saves time.

This Covers Everything – Time Is Money

It is easy to plug certain things into this equation or concept. A simple example is maintenance. Is it less or more “expensive” to fix the washer or change the brakes yourself? Depending on your skills and your workload, that is easy to answer. But how about this one…is it less or more expensive to continue handling my company’s time off requests? Now that gets a little more complicated. It may be “less” expensive because you don’t have to take the time to train anyone. You can also do it faster than someone else. It may be “more” expensive because you could delegate this weekly or monthly task to a manager or time keeper and use your time to contribute to sales, marketing or another area that generates revenue.

In Closing

It is good for any small business to do a check in a few times a year and take a look at their operations. There are many things you could work through as you grow to optimize everyone’s workload. Make sure you are always taking into consideration time, output, expense and payoff. It can be hard to let go of certain aspects of things. It is also difficult to fork over what feels like a large amount for “simple” repairs. Keep in mind this is what comes with the territory when owning a small business. These judgement calls are going to get easier (hopefully) and will become a part of your company’s story.