Time or Money? Why time is money for most businesses especially self-employed holistic and spiritual service-based businesses. Why many holistic and spiritual businesses fail because they don’t see time is money.
Most small businesses are so focused on saving money they actually don’t consider the time or money concept. They waste a lot of very valuable time and energy trying to be master of all things, failing to see how much time or money is lost. They can easily spend days and weeks trying to do certain tasks that someone trained in that field could do for them in 5 minutes or in a few hours. The E-myth a well-known business book explores this very common issue in small businesses. So many self-employed business owners start a business to do what they love and end up doing lots of jobs they are not skilled in and don’t even like. Which can lead to all sorts of mistakes that impact the reputation or professionalism of their business.
The Importance of Managing Time
When your holistic business is struggling to find enough time in the day, it makes much more business sense to contract out. Especially in expert areas of work such as accountancy, graphics, logo design, marketing, website design … Then you can really focus on the work you are great at and here to do. It is a far healthier and productive way to use your time, energy, and resources. But too many don’t even stop and think to assess the time they spend on these tasks. Time they could spend making money.
Time Or Money – When You DON’T Have The Money
Yes, sometimes I know you just don’t have the money and you have to take the time to learn some skills and that’s fine. Early in my career, my health meant I was easily physically exhausted so I couldn’t do a lot of physical work but could manage more mental work at times. Before I started my business I had been very ill unable to work for seven years so my initial business investment was quite low. But I used these physical rest periods to build my business online.
So 20 years ago I started to build websites from code and learned everything I could on SEO and online marketing. But looking back there were times where experts could have helped me look at areas where time was money. Their business expertise could have saved me a fortune and actually help me be more successful.
Remember a business is an investment, the right investment leads to success.
Choosing Between Time Or Money
As a self-employed business owner prioritising between time or money isn’t always an easy or clear decision. If we have serious limited financial resources it can be difficult to assess the best use of the financial resources we have and often we can’t see the wood for the trees.
Time Or Money – Prioritise Tasks
So it is more important than ever to prioritise our real needs, there is no point in investing in fancy decor, the latest equipment or training, that fancy candle, when you have nothing left to actually invest in advertising and marketing; the things that help sustain and grow your business. Just like life business is about balance, without strong foundations in your business it won’t stay healthy.
Many coaches & therapists spend thousands in their training but forget to budget for the running or marketing of their business. Many therapists go to training schools that imply it is very easy to earn a healthy living. They don’t prepare students for the investments most businesses need to get off the ground. Never mind what is needed to sustain a healthy business. They never advertise how hard running a business can be and the statistics of how few holistic businesses survive.
You Have To Spend To Invest
Unfortunately, businesses have to spend to invest. Any healthy business will put back into the business a percentage of what they are bringing in. The more you can invest in your business in the early stages towards the right advertising and marketing, the right location, etc the more likely your business will sustain itself enough to get through the initial hard years.
Remember you never went to train as an accountant, an advertising or marketing expert, web designer, copywriter or content writer. You are a brilliant fabulous therapist or coach that is here to shine their gifts. And as I always say the greatest healers and coaches often hide their gifts under a bushel rather than shine. So they usually need some extra professional advice, expert help to help shine those gifts; with the right branding, the right content, the right slogan or message, the right business expertise. In these cases time is money, time spent on the right people will save and grow your business in the long run.
Fresh eyes and the right advice from a successful business mentor can seriously turn around a dying business to a thriving business sometimes but most self-employed business owners get so deep in the situation, we can’t see the solutions that are staring us in the face.
A spiritual friend and business advisor of mine for a number of years helped me turn one part of my business around with a simple suggestion. A great reminder about why investing in the right experts can seriously help your business and stop us from trying to be a jack of all trades.
Even the experts have mentors, every business coach, or modern successful business I know uses advisors or mentors or consultants, and believe me it doesn’t always have to break the bank. A family business background of over 40 years gave me a huge business advantage than most self employed coaches healers and therapists.
But do your homework look for a business advisor or business consultant who has actually run a business over a long period of time and preferably someone in a similar field to you. Business advisors that have walked the talk and know the real challenges of running a business.
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Helpful reminders! Thanks for sharing your experience.
Great messages here Eileen! Sian
Thank you, Eileen.
I wasted a lot of time in the past and put me at disadvantage for the future of what I do.
I’m learning and appreciate what you’ve shared and hope to make changes in the coming days to turn things around.
Business mentoring will enable you to make strategies for long run or short rum as well. They are finest professionals who can predict the business scenario of the future and take some necessary steps to gain the competitive advantages over others.
I agree if you can get a business mentor that understand your niche and type of business, the key is choosing someone with a lot of experience
Hey, thanks for writing such a good post. Keep sharing more.