Time is Money!
What is your time worth to your company?
Here in the United States we revere and respect our founding fathers and with good reason. It takes a lot of guts to take the risks they did to secede and create a brand new country. From a business stand point, we would be wise to listen to the advice put forth by these successful entrepreneurs.
Benjamin Franklin is credited with saying one of the most well-known and repeated phrases in the business world, “Time is money” in an essay titled “Advice to a Young Tradesman”. At one point or another, chances are pretty good that we have heard or said this phrase but do we really understand what it means? And even more important, are we applying it in our lives?
A simple example of this would be of an Oral Surgeon that was once job shadowed. He was extremely skilled (as he should be after 12 years of higher education) and his day was filled with procedure after procedure. But what really struck home was when for two hours he went from room to room pulling wisdom teeth. This common procedure took him about 15 minutes per patient if the patient had all 4 wisdom teeth. About half way through he casually informed his pupil that he takes home about $1500 per patient pulling wisdom teeth.
The math to figure out exactly what the value of his time was is pretty simple. He was making about $6000 dollars an hour (suddenly 12 years of school doesn’t seem so bad does it?) which makes the value of his time $100 per minute.
Now before we all reassess our lives and decide to go to dental school, let’s revisit and now apply what our dear friend Benjamin Franklin said. “Time is Money”. If this Oral Surgeon had something take him away from pulling teeth, we now know exactly how much that is costing him. When we allow things in our business that we could delegate or outsource take our time, it isn’t just a nuisance, it is literally costing us money.
This Oral Surgeon ran his own Dental and Oral Surgery offices. The booking for not one but TWO office would have bogged him down for hours. Let’s assume that he has some skill in book keeping and he attempts to do it himself so he does not have to pay someone else.. At best he is looking 5 hours between the two office. That’s 5 hours not pulling teeth which means that actually losing, or rather, paying $30,000 for his bookkeeping.
Here at Dragon Financial, we are the company that can save you sanity, money, and time (which equals money). Give heed to your founding fathers and allow us to save the time and headache of worrying about the books. We can even do your bookkeeping virtually which means you don’t have to be in the office us to do our job! Always remember that “Time is Money” so prioritize and value your time!