Time and Money

[vangogh]

When it comes to time and money which is the one that more limits how much you put into your business? I'm guessing it's a little of both, but do you find one tends to keep you from doing things more than the other.

My own business doesn't really require much money to run, but there are times when I'd like to invest in something and realize it's not really in the budget.

At the same time I'm almost never at a loss for ideas and usually don't have the time necessary to act on most of them.

I think time is the more limiting factor for me and I've been making concentrated efforts this year to set aside time for specific project to get them done. For example I go into each week and day with a set idea for what the most important things I need to do are and then make sure to either do those things first or set aside a block of time to get them done.

Obviously you can't create time, but I've been doing what I can to make better use of the time I do have in order
not to let it limit my business as much as it might.

Is time the more limiting factor for you too? Or do you think money keeps you from growing your business and following through on certain ideas? Do you have strategies in place to help make better use of your time or money?

[Aaron Hats]

For me, it's definately more money that holds me back. I have so many ideas to implement but they tend to be quite expensive (the implementation, not the idea). Just a couple of the ideas off the top of my head include: add new hat brands, another store location, embroidery machine and custom hat making. If I had the money I could make the time.

Aaron

[vangogh]

When I started the thread I was wondering if the time/money issue would be divided between service/product oriented businesses. I would think if you sell a product money becomes the more limiting factor where selling a service ends up with time as the limiting factor.

Money certainly limits the growth of my business at times too. There's software I'd like to purchase that I think would help in my business, but even then the time to learn the software is probably more limiting.

[orion_joel]

I find that time is the more limiting factor for me. Due to the fact that when i did have the business making the money so i did not need a full time job, i did not put the effort in to maintain it. As such i have been forced to go back to full time work to make the money i need to pay the bills (well not really as money is not a problem for me at all).

As such i am stuck with not having sufficient time to put into my business and related activities, even though i have the money. However even though this is the case i also find the money issue to be present, while there are option's that do not require large sums of money to start, i find that i prefer the options that i do not have the funds to get started at this time. I know this does not make sense, however, it seems the way i am looking at things.

I think both time and money issues can affect both Product and Service business, just in different ways, and very much dependent on if the business has other staff or not.

[Spider]

For me, time is the issue, not money. Mind you, I am retired, so when considering an investment, for example, it is finding the time to take care of it rather than finding the money to invest in it. Yes, there are some investments that require little time, but that's not what I want to do with my money.

But let me tell you why money is never the issue, because others may benefit from this approach. I truly believe that money is limitless. That, not only do I have as much money as I need right now, there's always more to be had when I have a need for more.

Nothing in this world is free. You want more money? Then decide what it is you will give of equal value for the money you want and pursue that. Don't look for the money - look for the people to whom you will give your equal value. If you have money now, then you have given ahead. You gave that much value in the past and that value is now sitting 'in storage' waiting for you to reap the benefits of what you gave.

Zig Ziglar says, "You can have anything you want in life, if you will just help enough other people get what they want."

Napoleon Hill, in Think & Grow Rich, listed 6 steps that turn desires into gold and no.2 was Determine exactly what you intend to give in return for the money you desire.

I think most people don't have as much money as they want because they have this equation the wrong way round. And, in keeping with the business nature of this thread, most busineses that don't have the money to expand are in this position because they haven't given enough value in the past.

[vangogh]

"You can have anything you want in life, if you will just help enough other people get what they want."

What a great quote. You do get back what you put out into the world in general and the more you give the more you get back.

Interesting perspective about money.

[orion_joel]

I am guessing spider that your perspective does not just work for money but for anything that is possible. For example, there are many many people in the world that have given so much to help others yet they are of little means financially, but they keep giving and attract people that do the same, and i would guess that this to them is like financial rewards to others.

[Spider]

I am guessing spider that your perspective does not just work for money but for anything that is possible. For example, there are many many people in the world that have given so much to help others yet they are of little means financially, but they keep giving and attract people that do the same, and i would guess that this to them is like financial rewards to others.I really cannot say why people who are perpetual givers act that way, Joel. My belief, in this regard, relates only to money, or perhaps to other things of value that one might want to acquire.

It relates to money because it really is a sales subject. If you want to acquire a million dollars, you need to produce a million dollars of value for someone else - create a million widgets and sell them for $1 each - help a client make five million dollars and charge him a million dollars for the process. Whatever. The point being that you must convince your client of the value you will provide.

[KristineS]

I am guessing spider that your perspective does not just work for money but for anything that is possible. For example, there are many many people in the world that have given so much to help others yet they are of little means financially, but they keep giving and attract people that do the same, and i would guess that this to them is like financial rewards to others.

I would guess you're right about that Joel. The rewards don't always have to be financial, although I'd guess many people in business would think they should be. I have spent time in my career mentoring people who worked for me and with me. I didn't get paid for it, the only thing I got out of it was the satisfaction of helping others succeed. Whether or not the time I spent will pay off in some way for me wasn't the issue. The reward was in helping someone else and passing along help that had once been given to me.