Time or Money? Which is more important to your business?

Time or Money? Which is more important to your business?

 Podcast Episode #01 

Time or Money, Which one would you Choose?

If Time and Money were of unlimited supply and you had to choose one, which would benefit your business the most?

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Does the question spark a bit of resistance or hesitation on your part to choose . . .  if so, maybe it’s because you identify with the importance of both as they relate to your business success.

I see small business owners working their hind ends off , trying to hurry up to catch up and get ahead. I wish I could help them all.

There really are no rewards waiting for you because you are wearing yourself to the bone. This is a false mindset and it was mine for most of my life.

For the past 25 years,  operating a 7 figure business with my husband, I really thought the more time I put in the better off we would be. I believed I had the respect of not only my husband , but also of those we employed or contracted with. I felt I was doing our customers right by giving the most efforts to having an organized and functional business structure.

I felt like I was staying in Integrity with my beliefs. I was taught,you work hard, help support yourself, your Family and Lifestyle, and not become dependent on others to do it for you. So I put in way more hours than I was benefiting from.

Sad to say. . . no one cares how hard you work.  

So if you can accomplish what you need to, sufficiently, in less time . . . by all means you need to do it.

I believe they go hand in hand, one complimenting the other, for without time what good is money right?

Don’t get me wrong, I realize you don’t have to have any money to do many things in life that just require your time.

  • Walk on the beach or hike in the woods.
  • Sitting on a front porch visiting and connecting with a friend or loved one.
  • Reading a good book.

But eventually, with all the time in the world you’re going to want to experience life a little bit, and that requires a means of exchange, and in our world that means of exchange happens to be money.

Time is one of those things in life a little like LOVE  you can’t see or touch it but you certainly can measure the effect it has on you. How stressed do you get when your backs against the wall trying to meet a deadline.  On the flip side how calm and hopeful do you feel when you realize you’re ahead of the game and have more time to do what wish?

I work with entrepreneurs and small business owners to help them find more time and money in their business by strategically positioning themselves to receive more of each.  I think we can agree that most people desire more time for family, friends, hobbies, etc. and of course, money to live the lifestyle each individual chooses to live.

By freeing up constraints on your time within your business you leave space to do several things;

  • 1. Provide Better service to your customers which leads to more profits for you. (listen to story on podcast)
  • 2. Quality control. By taking your time to offer the best product or solution to a customer’s needs you build confidence in what you’re selling plus your customers want to do business with people they know, like, and trust. Again, leads to more profits (listen to example on podcast)
  • 3. Lead Your Team. When your time is not taxed to the max you can concentrate on leading your team and help them to feel more supported and be more productive, which leads to more sales.
  • 4. Your lifestyle Improves.  When you’re not hurrying to keep up and catch up all the time, you are in a position to enjoy the profits you earned.

Best Practices That Save Time that lead to more profits.                                                                  

    • Outsourcing – There’s paid and unpaid outsourcing.

    Paid Outsourcing – is usually external such as virtual assistants, bookeepers, housekeepers, auto detailing, marketing, etc.

    Unpaid Outsourcing – is more internal like delegation. If you can find someone to delegate sufficiently to, then do so. Delegation is an art and it doesn’t come easy to everyone. If you fail to delegate you begin to dread it. You tend to put off tasks you dread. Dread causes procrastination which in turn eats up time. Let someone else do what you dread to do.

    • Set Smart Goals – You’ll be more productive if you’re your clear on what your goals are. Confusion or indifference lead to procrastination and slow progress to a crawl. 95% of us procrastinate at some point and some of us are chronic procrastinators.

    Get clear on your goals you really want to focus on and diffuse the confusion.

    Indifference is not caring about the outcome one way or the other.  This can cost you and I will tell you how it almost cost us $20,000. (Tell story about Marilyn and Tax Exempt)

    How do you get clear on your goals.

    (S)pecific – Your goals must be very specific in terms of what you would like to accomplish.

    (M)easurable – Your goals must have a time measure, or in other words a date of when they will be accomplished. Also measurable in benefit to you.

    (A)chievable – Your goals must be achievable given the resources you have available to you.

    (R)ealistic – Your goals must be realistic given the time frame you have laid out to accomplish them

    (T)imed – Your goals must be timed, meaning that they must be broken down into smaller short-term objectives that lead to medium and long-term goals.

    • Learn to say NO.  Don’t give excuses why you say no but you do want to offer solutions.

    -No, I can’t right now but I can tell you who can help you.

    -No, I have other plans this weekend, but I can help you next weekend if that helps.

    -No, I can’t take that phone call at the moment but I can call them back later if that works.

    • Build a priority list.  List all the things needing your attention that day and add to it as the day unfolds if need be. The number and prioritize them according to urgency.  Then work the list. It’s motivating  to be able to check things off.  It has an accumulative effect mentally and makes you want to get more done.
    • Get Organized.  Being unorganized costs you money. So it doesn’t do any good to work long hours, exhausting valuable time to make more money just to lose it all because you’re unorganized.

    One of the best things you can do to automate the process of Saving Time is to be aware. Be on the lookout for ways to save time and condense things into smaller chunks of time and effort.  When you recognize where you can make positive changes implement the changes immediately.

    Adopt my DEI system of organization; Delegate, Eliminate, Initiate.

I read where Brian Tracy quoted a report that you’ll spend one year of your life just searching for things. Is that not crazy?  Getting organized will help save you part of that year.  He also said, you’ll spend four minutes per day conversing with your spouse and thirty seconds per day conversing with your children. That’s not cool. You don’t want to be short changing relationships because your inefficiently using your time.

Look time will pass whether you do anything productive with it or not. You can’t manage  or manipulate it so you might as well learn to make the most of it the best you can. 

I want to give you a few positive Time Affirmations so you can position yourself energetically to receive it in abundance.

“I am the most efficient and productive I can be in this moment to reach my goals.”

“I will use the rest of my time available to me to make the best choices I know how.”

“I am going to be present in this moment and just experience this for the time that it exists.”

As a certified life coach I recognize that mindset plays into the emotional reasons you manage your tasks the way you do. Entrepreneurs tend to be open to change and new ways of looking at challenges. If you struggle with the inner foundation of your business such as Time Management and you want support to help you with that, shoot me an email at pam@pammccall.com and request a Free Consultation to see if working with me will benefit you and your business.

Time is a unique gift in life that when you share it with another person it can mean more than all the money in the world, but that’s not the case all the time. So let’s assume you have your time in good order.

What about money? Imagine having all the time in the world with no money to enjoy it. As my grandkids would say. . . bum-m-er. Right?

Money is tangible.  It’s the unseen or unspoken emotion of what money represents however, that makes it so appealing.

The use of money as a means for exchange or barter is what gets you a certain Lifestyle(home-car-location-safety), comfort (luxury of food on the table or extravagant vacations), peace of mind (sending kids to college-healthcare), freedom to choose and experience particular things in life that matter to you. Without money, these opportunities wouldn’t exist.

Listen to this . . .  your money mindset affects absolutely every single dollar that you receive and every single dollar you payout.

What influences you about money, impacts your decisions, your business success, and therefore your lifestyle.

I want to share a quick story with you about my money mindset. . . (listen to podcast for personal story)

So how can you create access to more money in your business?

Best Money Practices

  • Again, Get Organized.  Being unorganized costs you time and money. So I want you to think about this when you feel unorganized. . . you are paying with your profits to function at a lower vibration and stay in a constant state of disarray. What are you willing to spend your hard earned money on from now on?
  • Invest In Yourself.  Your skillsets influence your success.

Your ability to lead a company (Managerial Skills) or properly negotiate (Negotiating Skills) with clients and co-workers are learned skills. 

Your sales skills affect your confidence and when your confidence is high your less likely to procrastinate or dodge necessary actions that lead you to your goals.

  • Support Team. How efficient and productive are key players in your company? How are they affecting  your bottom line?
  • Time For Dollars Mindset. Stop trading for time for dollars wherever you can. People don’t value your time they value the benefit they receive from your products or services, so charge accordingly.
  • Time is Money. Automate to Profit. Creating systems, templates, and putting as many things on automatic pilot as you can. This saves time and time has a value. What is your time worth? Are you a charity or a business. 

Where do you waste time in your daily routine? How much of it do you give away to other people’s agendas? What is the money amount attached to the loss of time?

  • Know your numbers.

How many products/services do you need to sell in a day/week/month in order to be successful? 

How much is your time worth, exactly. What is that number because that’s the amount you lose every time you waste it or freely give it away.

I want to give you a few positive Money Affirmations so you can position yourself energetically to receive it in abundance.

“Money is just a means of exchange, available to all who accept it.”

Money flows freely and easily to me, through my actions – all I have to do is reach out my hand and accept it.”

“Money is mine, all I have to do is ask for it. I look forward to seeing how it will show up in unsuspecting ways.”

How important would money be if you didn’t have the time to enjoy it? Amazing isn’t it how Time and Money feed off one another and individually become stronger because of the influence and impact of the other.

As a small business coach I want to help you gain more time, earn more money and position yourself for success. I am a 5x Entrepreneur and a successful 7 Figure Business Owner.

I am looking to fill 5 VIP Day spots in my business.  VIP days are “Very Intensive Positioning” days where I will work with you one on one in person if location is not an issue or by phone or Skype.

  • We get clear on why you’re in business by establishing a vision and purpose for your company.
  • We will determine your challenges and define what success looks like so you recognize it when it happens; Time and Money always being a priority in business.
  • We strategically look at the hierarchy of the key players in your business to determine where there might be a disconnect and improve the situation.
  • We will design a Deal Breaker List that supports your business vision.
  • We will design steps and take action on 3 critical components that support the inner foundation of your business.

If you feel working with me might benefit you and your business growth email me at pam@pammccall.com and request a complimentary consultation, absolutely free of charge or commitment.

I am hrilled you invested in your personal and business growth by spending this hour with me. If you have questions or comments you can leave them on this show page on or email them directly to pam@pammccall.com.   Have a great day!

I want to know what’s on your mind on this subject? Leave me a comment below I want to hear from you.

Postioned To Succeed Small Business Radio With Pam McCallIf you are struggling or feeling challenged as an entrepreneur or small business owner,  I welcome the opportunity to speak with you. I invite you to email  me at pam@pammccall.com  to request a complimentary consultation to see if working with me can benefit you and your business goals.  I can be reached by phone at 573-465-5091    

 

 

 

 

 

Research Resources:   

http://www.briantracy.com/blog/time-management/5-time-saving-tips-to-gain-more-free-time-and-get-things-done-save-time/

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