Time: Are you Penny Wise and Dollar Poor?

You’ve probably heard the expression penny wise and dollar poor. And you’ve heard that time is money. But time is also time, and unlike money (or any other resource) it is limited. Once it’s gone, it’s gone. So you can get more money or happiness or fun, but you can’t get more time. As a wedding business coach, I help wedding entrepreneurs get a whole lot smarter about how they spend their time. It’s fascinating to me that someone who runs a successful business and understands the importance of investing money in the right places can still be somewhat foolish with how they spend their time.

Okay, let me give you an example. Most of the wedding business owners I work with think like bootstrapping entrepreneurs. When you’re starting out, you’ve got lots of time and no money. But now, they’re working with all of the brides they want (and the money is rolling in) and time is the scarce resource. The problem is that they still act as though there’s plenty of time and no money. So let’s say you’re a wedding photographer who’s now booked solid after a couple of years of hard work. Between photo editing, sales and client meetings and actually shooting the weddings you are slammed. Not to mention blogging, staying up on trends, trying to learn more about social media and everything else. You don’t delegate anything because you’re stuck in the old mindset of I-have-to-do-everything-myself.

So how do you break out of the penny-wise-dollar-poor mentality?

1. Know what you absolutely love to do (and are crazy-good at). Usually, for a wedding photographer, this is actually taking the pictures. This is where you want to spend the most time (because it makes you happy and it makes your life better).

2. Root out your time-hogs and give them to someone else. Many great photographers can outsource their photo editing to a cheap, but talented assistant. This isn’t just about saving time. If you dread doing your accounting chores each month, to the point where you are thinking about it constantly, imagine how much energy and time you’ll save by outsourcing that to a professional bookkeeper.

3. Know how you make money. Those time-hogs are sinister because they keep you from doing things that get you more business. Don’t try to do everything yourself just because you can. Outsource as much as possible so you can focus on getting more business (so you can spend more time doing what you love).

4. Love yourself. No joke. As a business coach, I don’t just give quick-fix advice (actually, I never do) – we explore why a coaching client isn’t being wise with their time. If you’re using up all your time on tasks you could outsource, ask yourself why. Chances are, there’s some fear there, or possibly the feeling that you don’t deserve to work just four days a week. It takes a strong person to love themselves and to say, “You’re worth it. You deserve to spend your life working on things that you love, instead of mind-numbing tasks.” Are you worth it?

5. Remember that this applies to money, too. I hear wedding business owners say things like “I can’t afford that” all the time in response to investments like marketing opportunities or (ahem) coaching. But what is your return on investment? If that marketing opportunity (or, ahem, coaching) will bring you ten times as much money as you pay for it, how can you afford not to? If it will save your sanity or give you ten more hours a week to spend on things you love, how can you afford not to make the investment?

It’s easy to think small and to make excuses. I do it all the time. But then I remember, there’s a better life out there for me. And for you, too. So if you are twice as productive on days when you hit the gym, can you afford not to hit the gym? I can’t.

Now it’s time to roll up your sleeves. Where have you been penny wise and dollar poor in your life (when it comes to time or money)? More importantly, what the hell are you going to do about it?

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