A lot of people call themselves entrepreneurs these days. Creating your business seems to be in fashion with the new generations. This creative wind is really appreciated as it pushed people to step out of their comfort zone and establish something for themselves. Now, not sure that all of them understand time management, the relationship between time and money.
First of all, I tell all my clients that time is the most precious thing in life. We all wish we had more time with parents, grandparents, best friends, brothers and sisters. You usually realize this after they leave this world.
- You are going to invest some money, and maybe lose some… It’s ok, you can always make more
- You are going to lose clients over time, it’s ok, you can always get new ones
- Now if you lose time, you will never get it back.
This is where time management gets in play. Managing your time at work will be key, it will show you the value of spending time with loved ones, relatives enjoy an activity.
Tasks that do not require specific skills
Let’s take the example of marketing activities that are accessible to people of all skill levels, like social media marketing. With a little bit of training on the best practices to use for different social media channels, social media marketing is something very accessible to the masses. And this is why most entrepreneurs launching their businesses are using social media marketing, so they can reach 1st degree connections easily.
With social media marketing, you need to communicate often as the lifespan of your posts, vary depending on networks, but usually a very short timeframe as it is part of the instant gratification culture.
Social Media organic posts are free to execute, however, they are time consuming. Let’s look at a time management point of view on this.
Relationship between time and money
There are four conditions that you can find yourself in:
- You have time and money: This is good, keep doing what you are doing
- More money than time: Hire experts and delegate some tasks to ease out your schedule. You can start enjoy the beautiful things in life while still being successful. Make sure you hire experts, as if you hire average employees or consultants by trying to save a few bucks, they will end up costing you money, but even worse, costing you time…
- More time than money: That’s where a lot of people stand. This is the key on getting training to do some activities that do require limited amount of expertise. Those activities that can become income generating for you. Gathering email addresses of previous clients to setup a database you can use for email marketing, posting regularly on facebook and instagram, there are a lot of technically accessible activities that require on monetary investment from you that you can spend your time on until you land on the category above.
- No money and no time: Then it’s time to look at your business plan again. See if your business model is viable. If that is the case, it is important to look at what went wrong, and look into the future.
After we have briefly looked into this, remember to hire experts, with experience. You always get what you pay for, there are never great surprises in business.
Time management for a better life
I hope this enlightened your vision on the relationship between time and money. Finally, we are able to save you time, and will be able to help you climb the time management ladder listed above. As a result your business will be more efficient, more profitable and generating more income. While you will be able to spend more time with your loved ones or doing your favorite activities.