Time is money for most businesses especially self-employed service based businesses.
But most small businesses are so focused on saving money they actually waste a lot of very valuable time and energy trying to be master of all things, failing to the see how much time or money is wasted.
They can spend days and weeks on trying to do specific things them self that someone trained in that field could do for them in less than an hour.The E-myth a well known business book explore’s this type of issue. So many self-employed business owners start a business to do what they love and ends up doing lots of jobs they dislike or are not skilled in.
Importance of Managing Time
When holistic business are struggling to find enough time in the day, it makes much more business sense to contract out specific areas of work such as accountancy, graphics, marketing to an expert in that area, so they can really focus on the work they are great at and here to do. It is a far more healthier and productive use of your time, energy and resources. But too many don’t even stop and think to assess what requires time or money.
Yes sometimes I know you just don’t have the money and you have to take the time to learn some skills yourself and that’s fine.
Early in my career my health meant I was easily physically exhausted before I started my business I had been very ill for about seven years so my initial business investment was quite low. But I used these physical rest periods to build my business online. So 17 years ago I started to build websites from code and learn everything I could on SEO and online marketing. But looking back there was 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.
We Have To Prioritise
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 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 of mine Karin Finegan a business advisor for a number years helped me turn one part of my business around a few years ago, after a very short session with a simple suggestion. A great reminder about why investing in the right experts can seriously help your business and stop us 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.