Effectively managing both time and money, and understanding their limitations, is crucial for problem-solving and achieving success in life and business.
Primary Implication
Most failing small businesses run out of money before they run out of time. These owners fail to realize before they run out of both money and time that the only way money is made is through the effective use of their time. If they and those they employ aren’t earning more than their time costs, they will never make the money they should.
Overview
No matter where you are in the world, there are two currencies readily accepted. The first is money, and the second is time. People either exchange money for someone else’s time or exchange time for someone else’s money.
Another way to look at time and money is in the three problem-resolving results they enable:
- Problems you can solve with money.
- Problems you can solve with time.
- Problems you can’t solve with time and money.
One of the great challenges in life is that most of us have too much of one currency and not enough of the other. For example, most people with lots of money have little discretionary time to enjoy their wealth, whereas those with little money have more time but no money to do the things they want.
There are always more things to do than the time available to do them well in every business. Make sure you don’t waste your time on the wrong things by knowing the following for you and your business:
- What can or only you should do?
- Delegate and follow up on the rest since you can’t do it all
Knowing both is foundational for getting the things done on time that need to get done. Without the right actions getting done the right way at the right time, a business will make less money every time.