When we are starting a business, we often have more time than we do money. However, time and money are limited, and there are often competing with each other. Like many aspects of our lives, we try to balance both, but we tend to be hanging on as the pendulum swings back and forth.
In the Broadway musical Rent, there is a song called the Season of Love written and composed by Jonathan Larson. The song asks the question of how we appropriately quantify the value a year of a human life. Partial Lyrics are:
Five hundred twenty-five thousand
Six hundred minutes
Five hundred twenty-five thousand
Moments so dear
Five hundred twenty-five thousand
Six hundred minutes
How do you measure, measure a year?
In daylights, in sunsets
In midnights, in cups of coffee
In inches, in miles
In laughter, in strife?
In our business life, there are only 2080 hours in our typical year maximum (assuming only a 40 hour week, 52 weeks per year, will no vacations or holidays) In reality, according to a Pew analysis of Labor Department data the average employed U.S. adult works 1,811.16 hours per year. There are so many tasks that must be done, and to find a way to get them all done can be a challenge. During the course of our business, we may have more time, especially when our case caseload is not full. However, when we do have a full caseload, we may have more money available and therefore be able to hire others to help with the tasks. The question that we must ask is, can someone else do this job for less than it would cost me to do the task? When I was first starting out, I knew I needed to complete the application and credentialing process for getting on insurance panels. I looked into someone doing this for me and it would have cost me over a few thousand dollars. The application process took me about 2.5 hours. I made the decision that the cost of money was too great at that time and did the application myself. Being a therapist and seeing clients require you to be present for that session. Each session we trade for dollars that particular task as we cannot outsource the therapy. But maybe outsourcing social media, or scheduling of clients could be.
We must look at what our fee is and then determine if we could make more money outsourcing the task. I use a graphic artist for many of the projects I am doing. One reason is that skill is not in my wheelhouse, and for me to try to do it would be ridiculous. This task is a well worth purchased item.
As you become more successful, it will be easier for you to outsource the tasks that either you do not like to do or tasks you do not do well. However, when we are starting out, there will be tasks that you have to do because you can’t afford the professional at that time. Also, think about using automation for some tasks. Think about emails that you answer the same way most of the time, if you write your responses and save it, you can make slight modifications and not have to write the email over again. Emails like how to use your insurance, directions to your office, reminders of appointments are just a few examples. Use a social media manager and batch your posting to save you time, there are even some free or low-cost programs for this.
Do you have other time or money-saving tips? I would love to hear from you about them.
Until next time
Sherry
Check out also my video on Money vs. Time.