As a small business owner, you may feel like you are in a constant tug of war between time and money. While it’s no easy feat to find a happy medium, the best business advice we can give is it is both possible and important that you strike a balance between time and money.
So if you are feeling stretched too thin, here is some actionable small business advice that will have you spending both of these resources more wisely.
How to get more bang for your buck…and time.
Start with your why.
If you can’t decide if time or money is more important to your business, let’s take a second to revisit your ‘why’. If you chose to part with both time and money to make your business happen, chances are that you are passionate about it. So why did you go into business in the first place?
Was it to go on more holidays with your mates? To spend more time with your kids? Or to have the freedom to clock off early and catch some afternoon rays? Whether you want to be able to afford to send your kids to a good school or have the resources to give more back to your community, the pendulum of time or money will sway one way or the other based on your personal why.
If your business was born from passion, you’re already on the right track and it won’t take too much digging to find. So dig deep and uncover what will make you happier in the long term and we can work our way backwards from there.
Learn to value your time.
Time is our most valuable commodity. Once it is gone, it is gone forever, no refunds or exchanges are accepted, so spend it wisely. To start safeguarding your time, first, determine its worth and let it play a king-sized role in your business decision-making process.
One area you may discover you are undervaluing your time in is your pricing structure. At Orbit, we prefer value-based pricing as opposed to billing by the hour, meaning we recommend charging what the service or product is worth to your clients as opposed to how many hours it took to create it. If you prefer to stick to the hourly billing method, just be sure you’re not doing yourself a disservice.
If you are chasing time, outsourcing could be a brilliant way to free up your time in exchange for money. For example, Orbit’s Co-founder, CPA & Director, Greg, could spend an hour mowing a lawn or he could opt to outsource it to a professional landscaper instead. Let’s say Greg’s billable rate works out to be around $350 an hour, if the lawn mowing service is quoted at a lower rate – Greg would still be ahead. Just because you are capable of completing a task, does not necessarily mean it is the best use of your time.
Our number one business advice tip is no matter the value you place on your time, if you need more of it, don’t be afraid to outsource or delegate to make it.
Patch up the holes.
I once heard a story that goes something like this… if you had an infinite amount of money and someone kept saying, give me $10, you’d be perfectly fine to give it. However, if you only had a set amount of money and someone repeatedly asked for $10, you’d soon run out. I’m sure the true story was a tad more profound, regardless, the essence of it has always stuck with me.
We do not have an infinite amount of time and it shouldn’t just be given away without a second thought. If you have any time drains, it’s time to identify and put a stop to them.
If you don’t know where to start looking, spend a few days tracking your time and then take a good hard look at any expenditures that are not worthwhile – your screen time might be a great place to start.
Get an expert on board.
If you can’t even remember your last holiday or long weekend, perhaps you need a helping hand. You don’t have to try and keep everything afloat on your own. We’re here to help you reclaim the mores that may have been sacrificed due to all of your various business demands.
At Orbit, we love helping small businesses get more out of life. More time, more money, more freedom, more control. Book a chat or get in touch today to make more possible with our smart, specific business advice.