Time is Money: Maximize Income and Minimize Work Hours
Filed under: Business Tips
We’ve all heard the saying that “time is money.” It is a phrase often attributed to Benjamin Franklin, who was also known for saying, “a penny saved is a penny earned.” Mr. Franklin obviously understood the value of time and money, going so far as to equate the two. In our hectic modern lives, sometimes we forget the wisdom inherent in these old forefather proverbs.
Time is a Form of Currency
When we waste time, we waste the currency that we could “spend” in exchange for income. Because time is money, it is essential for us to be efficient with our time to maximize positive income gains in exchange for the minutes of our lives. The idea that time is money is not new. We sometimes get stuck and don’t maximize our time in the pursuit of income or other worthy goals. Why is that? Here are a few things you may (or may not) be doing that are inhibiting you from maximizing your income while minimizing your work hours:
Action Speaks Louder Than Words
It is important to be a doer and not just a talker. Although talking can be an important part of the process of formulating our plans, it means nothing if it is not backed up with action. Anybody can talk a good game. But if that’s all we ever do, well, those are minutes of our lives wasted. It’s been said you can either have an excuse or a result, but you can’t have both. Be a doer!
Know the Value of Your Time
If you are already taking action, well done! As a business owner take a moment and evaluate if you are taking actions that match the value of your time. How much is an hour of your time worth? If you are doing important but menial tasks (e.g. payroll taxes) that do not match your value, then you are not maximizing your income or minimizing your time spent in the business. If this is you, delegate or outsource these tasks to others on your team.
For more information about business and management coaching, contact Jim McLaughlin for Leadership Development for Business Owners and Managers at: (951) 225-2179
