BBB #10: Your busy calendar is not always a sign of success

time is limited, money is not

A big thank you to my readers who keep this newsletter alive for those who dream of building better businesses!

I took a time off last week, so you might have missed reading my email. But, I just got back from a trip, recently got engaged (yey!) I’ve been catching up on my books and intentionally rearranging order in my life and biz.

Thus, this newsletter. I hope you find it soooo meaningful too.

A wise man once said this:

Time is more valuable than money. You can get more money, but you cannot get more time.

Jim Rohn

Today, I want to dive deep into the critical connection between time and money, in business and life. In the world of business, we often hear the saying, "Time is limited, money is not," and it holds true for all.

Few weeks back, I did a money system masterclass and one idea I shared is about memory dividends. I got that concept from Bill Perkins and basically it means for me:

Invest in experiences. You'll be rich for the rest of your life.

The moment I realized that I am not getting any younger, the clearer it became for me that time is a resource we can never replenish.

Money can come and go. There will always be another day to earn a living, but we forget about living during the process.

Here are some personal changes I did (or I plan to do) to balance time-money success:

  • I quit my role in a business that does not spark excitement and meaning in my life, despite the promise of big business gains in the future.

  • I rearranged my calendar to bring back control over my time. Time blocking really helps.

  • I realized that my previously busy calendar is not always a sign of success.

  • I reviewed and updated my life and business roadmap.

  • I am saying “no” to opportunities that will distract me from living life and building a better business.

  • I find more beauty in the power of delegation. I recently promoted a COO in my business, after being both the CEO and COO for so long.

Making the most of our time isn't just about getting more done – it's about securing our financial future as well. We've all seen how poor time management can cost a business dearly. It can cost you your lifetime. It's a real struggle.

In this newsletter, let’s explore the real challenges that business owners like you and me face when managing our time efficiently and, more importantly, I’ll provide practical solutions to help us navigate this delicate balance.

Time-Money Push and Pull

As business owners, time and money are two currencies that we often find ourselves in a delicate balancing act. Here's a closer look at the problem we all face:

Limited time but never ending demands

  • We all have the same 24 hours in a day. There's only so much we can accomplish in that time.

  • Business owners, managers, and employees alike are overwhelmed with an nonstop list of tasks, responsibilities, and deadlines.

  • Finding the time to do it all can feel like chasing an impossible dream, leaving us feeling overwhelmed and stressed.

Missed opportunities

  • Every decision to allocate time to one task or project comes at the expense of another opportunity.

  • When time is poorly managed, valuable opportunities slip through the cracks, leading to missed revenue, growth, and potential partnerships.

  • The cost of these missed opportunities can accumulate, impacting our business' overall success.

Success at the expense of your life?

  • In the race to juggle multiple responsibilities, burnout becomes a real concern for business owners and our teams.

  • The stress of constantly feeling pressed for time can take a toll on mental and physical health.

  • This problem extends beyond the workplace, affecting personal lives and work-life balance.

Counting the costs?

The consequences of inefficient time management in business can be overwhelming, affecting both the bottom line and the well-being of the team and the business owner.

Let's look deeper into some real-life examples of costs related to wasting precious time:

  • Inefficient time management leads to missed business opportunities, like failing to capture a new market or delaying product launches.

  • Missed opportunities can directly impact revenue and market share, potentially costing a business millions of pesos in the long run.

  • Poor time management can result in cracks across various departments, leading to increased operational costs.

  • Wasted time can manifest in the form of extra work hours, excessive inventory holding, or inefficient use of technology resources.

  • When employees are constantly overwhelmed due to poor time management practices, it can lead to burnout and less job satisfaction.

  • Disengaged employees are less productive and more likely to leave their positions, resulting in the additional cost of recruitment and training.

  • Consistently missing deadlines or providing subpar services due to time mismanagement can tarnish a business reputation.

  • Rebuilding trust with customers can be costly and time-consuming.

  • The stress of constantly trying to catch up can have a bad impact on our personal well-being, leading to health issues and decreased quality of life.

  • In the long term, the physical and mental health costs can accumulate and become a big burden.

Balancing Time and Money

Here are some practical solutions we all can do to manage this constant tug of war between time and money.

Not everything is a priority

  • Start by identifying high-value tasks that directly contribute to your business goals.

  • Allocate specific time blocks in your schedule for these tasks, guarding them against interruptions.

  • Use time management tools and techniques, such as the Eisenhower Matrix, to help prioritize tasks effectively.

  • Encourage the adoption of time-saving practices like the Pomodoro Technique for focused work intervals.

Accept the fact that you can’t do everything

  • Recognize that you can't do everything on your own. Delegate tasks to capable team members or consider outsourcing non-core functions like finance, bookkeeping, general admin stuff, etc.

  • Delegating not only frees up your time but also empowers your team and fosters growth.

Embrace technology like a friend

  • Invest in automation tools and technology solutions to streamline repetitive tasks and processes.

  • Explore project management software, CRM systems, and other tools to help manage your time more efficiently.

Know what you want

  • Define clear, measurable goals for your business and break them down into actionable milestones.

  • Regularly review your progress and adjust your strategies as needed to stay on track.

True wealth means more time

  • Periodically assess your time management strategies and make adjustments as your business evolves.

  • Be open to new approaches and techniques that can further enhance your efficiency.

It is my hope that by implementing these solutions, we can navigate the time-money paradox with greater confidence, ultimately leading to improved business outcomes and a healthier work-life balance.

Remember, your busy calendar is not always a sign of success.

Make space for more time for what matters most to you.

That’s true wealth.

Building better businesses,

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