Time is Money!!!!!!12:49pm - Oct 7, 2009

Both time and money can be spent. Likewise both time and money can be saved. Usually we spend money in order to save time or conversely we spend time doing odd jobs or DIY tasks ourselves in order to save money.




Our decision on what to spend time and save money on depends on individual circumstances and what our priorities are. Some peoples may prefer to save some money and spend time preparing their monthly management reports. Other people would prefer to save time and spend the money employing an accountant to prepare their management report for them.



We make choices about time and money all the time. Often there is no objective yardstick to measure how effective our choices have been. That is unless our choices are so extreme that we are either financially strapped for cash or are totally overloaded with commitments.



Trying to keep a balance between spending and saving time and money within business brings with it an awareness of strengths and weaknesses. Do you try and be a ‘jack of all trades and master of none’? Or is a strategic decision made to focus on what your strengthens are? Choosing not to complete all business tasks your self can help to improve your work life balance.



This is particularly true of self-employed people starting or growing a business. It can be tempting to try and keep all costs as low as possible and do everything yourself. But this can be counter-productive when you realise just how much is involved in starting and building up a business.



Some elements of running a business are intricately intertwined with bureaucracy. There are a number of tasks which must comply with. Is it better to do all your accounts, payroll and finance tasks yourself or would easier and quicker to outsource them? Outsourcing different elements of business is now common practice.



It is no longer necessary to directly employ staff with the expertise that your business requires. The practice of outsourcing enables your business to access an experienced team of staff at a fraction of the price that it would cost to employ them. Outsourcing the financial side of your business could not only save you time but also save you money?



Doing certain tasks yourself may not be cost effective; on a long term basis it may even stunt the growth of your business. Remember, you may not have the time to become an expert in the required field of knowledge. Making the right decision now can bring added value, expertise and opportunities to your business.