Time is Money and Money is Time

The phrase “Time is money” was first quoted by Benjamin Franklin. This saying suggests that time and money are somehow equal. Time should be used in doing productive works. A person make use of his time by working hard to earn money. On the contrary, if the time is wasted, then it is equivalent to losing money. Time is money in a literal sense because efficiency and being on the right time enable us to earn more money. In a metaphorical sense ‘time is money’ reminds us that time is valuable.

Hire well

Understanding the concept of 'time is money' is especially important when we hire professionals in our organization. At minimum we should consider the individual for the position in terms of the following 4 areas:

  1. Skills
  2. Experience
  3. Do they fit within the culture of the company
  4. How much time will it take for me to groom them to perform their job to the best of their ability?

We absolutely want to mentor our team in areas of value to perform their roles and play on their strengths within our organization however, if we are constantly pulled to "put out fires" or micromanage them everyday, then consider how much time and money are we really wasting?

There is a balance we must find in managing our Home Care teams because we are taking care of human beings. We want to ensure that our teams are properly and efficiently as well as effectively doing their jobs. However, if we are not hiring well and placing people in areas of the company that do not compliment their strengths you as the owner will find yourself "micromanaging" or "problem solving" when your time should be spent building your business.

Your Home Care business should run like a well oiled machine. Hire qualified, independent, forward thinking individuals that will get the job done. Empower them. Place your team members in areas of the company that play to their strengths. Support them, mentor them however remember, you hired a professional and every minute you spend with them should be used to increase your bottom line not take away from it.

Like money, too, time, once lost, is gone forever. We should exercise due care while spending time. We should always try to make the best use of time.‘Time and tide wait for no man’, says the proverb. If you use your stock of time wisely, it will reward you with rich interest but if you waste this invaluable capital, it will make you poor indeed.

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