Monday, December 14, 2009

Time is Money

Missed last night's show? Another heavy one with Big Special Thanks to Hezeleo, from UGK. He was able to join "Cool V" & "Money Mike" on what was another one for the books. For all of you up & comers, footsoldiers, and Go-Getters this is one show you sure want to tune into, and listen on how building a brand and business, begins and ends with hard-work, determination, and most of all sacfrice.

MONEY & MUSIC SHOW - GET YOUR FINANCIAL TIPS RIGHT HERE! So click here, sit back, and enjoy some serious knowledge from these seasoned vets.

Time is Money

Is often a statement we hear, in songs, in business, in life, but do you really abide by it in your everyday life and in business?

Example, do you make a call, when instead you could shoot a text or email? Of course, it says a lot when making a personal call to someone to build rapport with them or be more personal, but many times a phone call can often take ten to thirty minutes, or even times an hour or more. When instead developing a well written email would have gotten the same thing accomplished, or sometimes even just a quick text. Many times your clients and partners are as busy as you are, and they may actually appreciate the efficiency of an email verses a phone call.

You may be someone is more an email type of person, who prefers going back and forth via email, when a phone call is clearly necessary to iron out the issue? Many times, texts & emails can often get misinterpreted because their is no physical feelings one can feel from the words. So, if something is going to require a lot of back-and-forth, a phone call may be more efficient, more importantly one can maybe feel & understand what you really trying to say. If you're trying to come to an agreement about something and you exchange more than two rounds of email, it's time to just pick up the phone.

Hezeleo, pointed out on the call a point that has to be used more in business, when he suggested even when he may owe somebody something, or doesn't really want to talk to a certain person at that particular time, he makes it his practice to always pick up or return the call in a timely fashion. This point was so well taken, as he stressed and Money & Music have stressed over the years, you never know when that opportunity may come calling, and you never know what that call may lead too.

What about personally picking up a check from a client? Entrepreneurs are always in a hurry to get paid, it seems, and again, there's something to be said for building rapport with clients. But often, picking up a check may mean the only person you actually speak to is the receptionist at their office. Is it really worth an hour of your time to say hello to their receptionist and get paid 1-2 days sooner? Maybe, just consider having them mail it to you.

How much is your time worth?

Have you calculated this yet? If you haven't, then just think about how many situations and times your time was being wasted, ie...your $. To figure the minimum, figure out how much money you're making per year and divide it by 2,000. To figure the maximum, consider how much you make for your most productive time -- closing a deal, a speaking engagement, billable client time, etc. Somewhere in between there is the real value of your time.

Don't pay someone $20 an hour to do $8 an hour job.

Plug your own numbers in there. Maybe it needs to be, "Don't pay someone $50 an hour to do $25 an hour job." You're the first number. Whatever your time is worth, think about each and every activity that you're spending time on on a regular basis. Could you outsource it to a bookkeeper, a virtual assistant, a web designer, a copywriter, a part-time employee, your spouse or even one of your kids? It's very difficult for most entrepreneurs to relinquish that control and delegate, but it's one of the best ways that you can ultimately increase your income while decreasing the number of hours you work.

Remember - most resources are potentially unlimited. There's no limit to how much money you can make. There's no limit (other than self-imposed) as to how many customers you can have, or employees, or locations, or products or anything else.

Unfortunately, there are only 24 hours in a day, 7 days a week, 52 weeks a year, and you have to spend some of that time sleeping, eating, playing, relaxing and growing with yourself, your friends and your family. Time is an entrepreneur's most precious resource, it is the only one that is truly scarce. Make sure you are using your time wisely.

Understand, that your time and others time always has value, make sure you too place value you on your time and theirs. We often get caught up in the moment, and want things done in our time-line, however, when others are involved respect their time and know their time-line many times won't be the same as yours. Though realize, when you have a task at hand or something that needs to be done, the longer it sits, the longer it will take for you to see results, and ultimately get paid.

Have Personal or Business Questions:
Email "Cool V" or "Money Mike"

...till next week

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