Time Is Money…But How Much Money?

We have all heard the phrase…time is money. But what does that mean to you? What does it mean to me? Also, how much money is my time worth? Today I will talk a little bit about this whole “time is money” thing and what it means for me and my business.

 

But, I have time, and I don’t have money…

There was a time when me and my partners were opening up a new business. We were technically underfunded, but many things worked together to open the business on a shoe-string budget. One thing we had going for us is that we had a bunch of equipment to sell that we didn’t need. It was tedious to list things online for $10 or even $50 and field all of the messages. However, I had a lot more time than I had money, so I made it happen. I didn’t concern myself with working a few extra hours to make an extra $20.

 

But, I have money, and I don’t have time…

As a small business owner, I wear a lot of hats. One time, my sister informed she was coming to town and bringing a guest with her at the last minute. My home and where they would be staying was a total mess! I had plans that day of coaching two of my team members, planning for a meeting and meeting with someone for marketing my business. In this case, I had more money than I had time. So I called a cleaning company and had them come prepare my home for guests. This is a luxury I wouldn’t normally budget for, but canceling my plans would have cost me more in the long run. The things I had pre-planned for that day were all things that contribute directly to the success of my business.

 

 

Working through the time is money paradigm…

As described above…this shifts for me on a regular basis. My advice is to be realistic in every situation. How much does something cost vs the convenience or inconvenience. Be flexible with yourself as this evolves as you business life and family life change and grow! In every situation, decide which one you have more of and what works better for you!