R. Shawn McBride recently spoke about balancing time or money.
Shawn here with you, talking about the importance of balancing time or money. We’ve all heard it, time or money. What’s more important to you? What do you value? But this becomes very true as a business owner.
Now, most businesses that are starting out are using time. The owner’s involved. They’re doing everything. They really are trading time for money because they have scarce money. But as the business progresses, then we want to start seeing that decision change and we start trading money for time. And hopefully we’re developing our captured power, the term I’ve used in previous blogs. If you haven’t heard it, check it out. The concept being you have a core energy or something you’re so good at that it’s your core money maker that drives the rest of your business. Once you find that captured power, you’re going to want to focus on your captured power and the strengths of it and move your business forward based on that. And then, from there with that captured power, that strength, you can then continue to hire other people to do the things you’re less efficient at.
Focus on your efficiency. Make money off what you’re great at. And then allow others to do the things you’re not great at. So you’re going to be trading money for time because you want to put all your time into your core strength into that captured power. So time or money. The decision really varies with the life cycle of your business.
New in business? Probably focusing more on time into the business, and as you get more mature, it’s putting money in there to really save time so you can focus your time on what you’re great at. Hopefully, you’re making excess profits on the things you’re great at. That’s where we want to get you to and that’s where we want to move to.
If you’re struggling with this balance, reach out to us, McBride for Business. We coach people. We work with you. We can help you figure out how to balance the two, to really get to where you want to go depending on the stage your business is in.
Maybe you’re a new business and spending too much money. We can help you get focused on time. Or maybe you’re a more mature business and you haven’t really focused on your area of greatness to really, really monetize what you want. Either way, it can be fixed. Maybe this is something we can work together one-on-one. Maybe it’s something that’s more appropriate for a group that you’re involved with. I would love to come out and speak. I enjoy speaking to groups and getting people engaged around ideas and really changing the things. So maybe an association you’re part of needs me as a speaker. Go ahead and recommend me. I’ll start a conversation with them. Make sure you go over to R. Shawn McBride Fans and Audiences on Facebook and the McBride for Business YouTube channel. Make sure you get more videos like this to really help you fine tune your business.
Let me know what I can do to help you. Maybe the business valuation checklist on McBride for Business would be of great help to you. Go check that out. Just reach out to us and we can start a conversation. I’m R. Shawn McBride. I’m signing off, but I will be talking with you again very soon.
Make sure you download our free checklist to assess your business.
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Jimbo454.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.