Time is such a valuable resource. There never seems to be enough of it, we seem to be always running out of it or we’re behind it!
So, if it’s such a valuable commodity, then why do we use it in ways that don’t make sense? When it comes to our business, it’s often a choice between spending time or spending money. As money is also a valuable commodity, it’s more likely that we’ll spend time first, then money second.
But is this such a good idea?
Gay Hendrick’s The Big Leap talks about working in our zone of genius and all other things in our life should be given to someone else to do.
Case in point: we’ve recently moved interstate and our new home needs quite a bit of work done to it. It’s liveable, but we want to make it a space that we love and suits our family’s needs.
We could totally DIY everything, but building a new kitchen isn’t in our zone of genius (nor is it something I really want to learn!). Installing new wardrobes could be better done by someone else. I find painting therapeutic, but I really don’t have time to do the entire house.
I do, however, enjoy making things look good and be functional too. So, I’ll find the time to source pieces of furniture, organise cupboards and decorate. Yes, I could be doing other things with my time, but I’ll prioritise it as I love doing it and it’s in my zone of genius!
So, the question is, how do you decide when to DIY and when to outsource to someone else?
It really depends on where you’re at with your business and where you want to get to. (Take the quiz to find out here) Here’s how I see the age-old argument of time versus money, according to your stage of business.
Passion to Profit
This is the first stage of business. You’ve created something and people are buying it. What do you do now? Do you invest thousands of dollars into others creating and delivering it?
As the ‘doing’ of your business is yet to take hold, utilise your time to research, refine and grow your community and network.
DIY to Do what you love
In this stage of business, you find that you’ve had some great results, but you’re loving (and maybe clinging on to) all the hats. Admin, bookkeeping, marketing and of course delivering to your client. What do you do now?
Forward planning for maximum impact will help you make more space (and time) for those things that you love to do. Invest your time in efficient systems for client delivery, lead generation and financial systems. Your future you will thank you!
Plugging holes to Savvy spender
You’ve got more work than you can keep up with, so you’ve started to scale, either through outsourcing, creating an agency model or building a program or digital product.
It’s time to decide where to replace your time with money. What can you outsource? Figure out how much it’ll cost and research your options for outsourcing partners.
Beast wrangler to CEO flow
You’re making a profit. Yay! But you feel like you’ve created a monster with the crazy hours that you’re still working.
It’s time to embrace a more sustainable approach. Use the time that you’ve created to meet with experts regularly, develop new offers and strategies to further free up your time.
When you’re thinking about the trade off between time and money, I want to remind you that you are your business. It can’t survive without you, especially in the early stages. Carefully considering your quality of life is so important. I know this from personal experience, being incredibly close to burn out myself.
Make sure you check in with your values and goals to make sure that you’re investing in either time or money in a way that’s aligned for you. Nobody else is living your life except you!
If you need help understanding what path you need to take to powerful profit, then get in contact with me here. I can help you sort through what’s best for you, your family and your business so that you can get back to doing the things that you really love.