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Time is Money: Which One Do You Have More Of?

Updated: Jul 8


We’ve all heard the expression “time is money ,” but do you know what that actually means? Time is a valuable, finite resource that every business should view as an asset. From using lagging systems prone to human error to using human labor for repetitive tasks, wasting time can be costly to a business.


When employees take the time to do menial tasks, it can take a toll on your employee satisfaction, and it’s time wasted. The continuous utilization of outdated technology signifies that the company cannot provide the highest quality of services to its customers. Rather than having a business being riddled with avoidable human errors or antiquated technology, smart business leaders are considering automating repetitive tasks to save time, reduce costs, and eliminate human error.


Business leaders that acknowledge the need to automate but recognize they don’t know where to start, will benefit from the help of professionals that can go through the process of impartially vetting solutions.


Determining what you need.

From a process perspective, ask yourself, does your company have the right processes in place to deliver your products or services in a timely manner? Committing to a speedy turnaround time can be difficult if you don’t understand how your team is completing the tasks.


If the process is inefficient and ineffective, it will be difficult to retain clients. Understanding your processes allows you to monitor and manage what’s not working and adjust accordingly. Additionally, create quality, cost, and timetable objectives to help maintain


Example: Switching out old technology can lead to less human error and higher client satisfaction.


Who?

We’ll start with why it is important to take care of the people in your business. Your team is the pulse that drives your company and is undeniably your most valuable resource. Their preparation, hardworking attitude, and demonstrable skills will decide the achievement or failure of your company. The work they do defines what customers and partners see. Therefore, you need to treat your representatives with the worth they bring. Employees can be replaced physically, however, their ranges of abilities and information can’t be. Consequently, your employees' proficiency and ability determine the growth and development of an organization. When employees feel appreciated, they will happily battle in the race and beat the competition.


Tech Talk

Every size company from small to large needs the right technology to run their business, and someone, maybe even you, has had to make decisions on which ones to use These decisions can include credit card processing, anti-virus software, CRM systems, and accounting software. The technology you need to run a successful business will depend on what type of business you're running , and what issue(s) you’re looking to address. Technology, for some, maybe the largest expense they may ever make in their career; it’s no longer the kind of decision you should be making based on a perceived industry standard.


Whose needs are you addressing?

It can be an interesting dynamic if a business has not identified its customer's needs. Are you in business to sell people what they need or what you want to sell them? Without customers, you are out of business. You need them as much as they need you. The customer's experience will ultimately determine the outcome of how far your company will go. Loyal customers can provide testimonials, word of mouth, and speak publicly about their experience with your product, service, and company.


What’s next?

After assessing your business needs, possible solutions can begin to be vetted and a roadmap to implementation can be designed. These solutions should address your processes, people, software and technology, and customer experiences so that all aspects of your business are included in the change effort.


The way we have always done it.

An efficient process equals saving time and money. Many companies believe that by utilizing old processes, either for the sake of comfortability or financial expense, that they are doing the right thing. However, this strategy is doing the very opposite by forcing the business to maintain a competitive advantage without the right resources to do so. While smarter companies will be moving forward with progressive business decisions, those refusing to adapt will continue to struggle with demand. The best strategy to combat this issue is to enlist the help of an operational expert that would then be able to determine solutions to better a company’s current use of processes.


Some things are better left in the past

Failing to update the tools and resources for both your team and your customers is not only putting your company at risk, but you’re unable to incentivize customers to continue to do business with you. Without the right information needed, companies would not know how to implement the right types of solutions moving forward. Being smart about the software and technology of a company with the help of the advice of an expert, such as those from MBsata, companies could save money and time all at once to achieve their goal of implementing possible solutions for the future.


Who’s the boss?

It’s never a bad idea to have an outsourced second set of eyes to look over your finances. The business model and strategy are not enough since customer experience is what creates the whole environment of the workplace which determines the probability rate of success. Even if the numbers add up on paper that a business will be successful, it does not matter if the customer service is not successful. In order to implement possible solutions for the future, the business would have to know what is wrong in the first place. By experts looking into areas such as customer experience, they could understand and fix issues that aren’t working.


Have an open relationship with your customers. Give them a chance to share their thoughts. Ask questions, hand out surveys, and review the feedback they give your customer service team. Working with experts, who know how to handle and manage any type of situation that includes making the customer experience as smooth as possible.


Performing what your business needs and finding creative solutions can revamp your business. Mitigating the risk of outdated technology and minimizing human errors are important because they can enhance your overall company. Furthermore, managing your processes, people, technology, and customer experience will both internally and externally help your business. Having simple and proficient processes for your business will guarantee improvements for your clients. Managing your most important asset, the employees will determine the success or failure of your company. Advancing your software and technology will regulate your present and future plans. Lastly, improving your customer’s experience will help you identify the needs of your customers.


Time is money. Make sure you're utilizing both to ensure a successful business. If you want to grow your business and get out of the cycle, but you don’t know where to start, you can schedule a consultation with us. We fix what’s not working!


About the Authors:

Cornerstone Paradigm Consulting, LLC is an industry-agnostic business that helps companies successfully grow by improving operations with customized solutions.


MBSATA provides tailored financial services, including bookkeeping, technology, and pre-auditing services, in order to reduce costs for dynamic businesses and high-net-worth individuals.