Can you really have both Time and Money?
There are many reasons we go into business; a burning passion for what we love, a desire to help others, more time with our families, freedom to do things our own way and in our own time or simply to become rich. Whatever the reasons for starting our businesses ultimately we all want to be successful. No one goes into business to fail right?
We start with amazing intentions, goals, plans, directions, then what happens to most of us over time is we get bogged down in the detail … and the wrong detail at that. The “urgent” but not necessarily “Important” stuff. We tend to give all of ourselves at the detriment of the most valuable commodity we have … TIME. We trade time for money, especially if you are in a service industry. It would seem that they are mutually exclusive of each other, suggesting that when you have time you are short of money and when you have money you are short on time.
In the pursuits of “making a living” in our own business, we sacrifice so much time. Trying to get though all the essential tasks that are vital to operate a successful and profitable business can be overwhelming considering we only have 168 hours in a week to: run the day to day operations, retain current clients, obtain new clients, recruit , train and retain staff, provide exemplary customer service, answer every email, message, phone call, keep track of expenses and budgets, determine cash flow, reinvest in the business, meet tax obligations, research the competitors, maintenance and repairs, stay at the forefront of our field, advertise, create a brand, have a social media presence, an up to date web page, connect with your audience not to mention grow our business into the next decade … all of this and that’s before you even begin to think about a life outside of your business, health, partner, kids, family, friends, home, travel, hobbies … is it any wonder some business owners want to give up? Give up on their original dream, that in the beginning was so exciting it kept them awake at night.
Well this was once my life. I had run my own bookkeeping business for years, I had some amazing clients and plenty of work, I gave the absolute best of myself, some nights not even going to bed as the BAS deadline lingered. I missed out on family gatherings, kids sport and social events, not to mention nutritious meals and exercise. I spent more time moving pieces of paper, glued to my desk and drinking coffee, than I did anything else! I was earning a living but I didn’t feel very alive. I didn’t know things could be different, I just accepted that this was part of my chosen field and accepted the bad with the good.
Fast Forward two years and my life is very different now. I still prepare BAS and provide bookkeeping services but they are mostly automated so my experience and knowledge is spent helping my clients review, plan and expand their businesses. I’m now spending most of my time on audits and process improvements rather than manual data entry. I have retained my clients and have attracted many new ones too. I help new start-ups create their own slice of entrepreneurship, ensuring they are set up the right way so they don’t fall into the perils that so many of us have experienced. I review existing businesses and find ways to save them time, money and efficiencies that many don’t even know exist. I help my clients get their life back, whilst actually growing the business of their dreams.
I no longer sit at a desk all day, I can and do work from anywhere. I never miss out on time with my family and have even started dancing again, a childhood passion that has never died. I look after my health and nutrition and cook every night for my family – I no longer outsource my family nutrition to the fast food giants. I find time every week to work on me, to learn and better myself, in the pursuit to be the best in my field. I work on my own business, building and planning to achieve my own business goals and expansion. I have a deep sense of purpose and desire to change the way we think about small business. I am not suggesting I am perfect, but I do have work life balance and the knowledge and experience to help others gain this too. It has certainly changed my life and I love sharing it with my clients.
You can absolutely have both Time and Money – you just need the right processes and tools in place to ensure your success.
– Laura Bovell