Exchange Time for Money

by Peleg Top
Over the past couple of weeks I organized my office as well as my house, and attended to some personal projects as well. I was able to do this because I had the time. And it made me think about time being one of the most important things we have in our lives. It’s probably one of the most valuable too. When I contemplate value from a business perspective, I think about how value can translate into profit. So, can time translate into profit?

You’re all familiar with Netflix, the online DVD rental company. One of the reasons that Netflix is successful is because they managed to remove a step from the video rental process—going to the store to pick up a movie and then going back to the store to return it (plus there are those flexible return dates). Netflix used the removal of time as a business model and created great wealth for themselves.

Same with Domino’s Pizza, the pioneer of pizza delivery. They were the first ones to bring the pizza to you, thus saving you time from getting in your car, driving to pick up the pizza and then driving home again. They took away all that time and got wealth and profit from it.

I’d like you to think about your client’s experience, working with you, and see if there’s anything you can remove from that experience which can translate into saving time and making you more money.

What is it that you can shift in your business model that will save time on your client’s end? Start examining your process and pay attention to the time that things take. If you can use time to your benefit, and market it as part of your unique process, your clients may find a higher value in working with you instead of your competition.

Coincidentally, the removal of time from the process of running your business can mean more money in your pocket too. The more efficient and tight your business is, the easier it will be to track your profits and keep more of them in your accounts.

So here’s what you can think about this week as it relates to time:

For Your Clients: Think about their experience of working with you (or any other agency for that matter) and see if you can identify areas where you can shave off time in the process. What can you remove from the client’s experience and create more value in your product?

For Your Business: Start looking at your own internal work flow and see where you can be more efficient.

You can master time (and not let it master you). When you learn to do that, time will naturally become more valuable for both you and your clients—which ultimately will translate into money in your pocket.

clock show next to coin

Mastering time will ultimately translate to money in your pocket.

Quick Tip
Make time to review your process with an eye for efficiency. Have you budgeted time for each step along the way, and how accurate are those budget projections? If there are steps in the process where you traditionally run over the hours budgeted, or spots where you’re consistently saving, those are the first places to consider making changes.

Dig Deeper!
Read Ian Dapot’s Parse “Use Simple Tools, Keep on Track” to better organize the tasks in the time that you have.

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