Podcast Script - April 19, 2022
Which is more precious … Time or Money?
The time vs money debate is a hot one.
As I was preparing for this episode, my head was spinning from the articles I was reading. One standing firm in that time is limited and you only have 24 hours in a day, so it’s more precious than money.
Another standing firm that money is your most precious resource because it will buy you time and save you time on other things.
Funny thing though … I agree with both.
There are only 24 hours in a day to get everything done, so it is limited and precious. Life is too short to waste time (I've said it myself).
One the other hand, we feel like there will always be a tomorrow, a next year, a new decade.
With money, we feel like there is never enough; it’s a finite resource that we need to constantly compete and hustle for more. So, we trade increasing amounts of our time for more money, when perhaps we should be trading our money to free up more of our time.
You need money to spend your time as you’d like, and you need time to make the money you’d like. So the question then: Which do you prioritize? Time or money?
I say they both deserve priority.
The solution to stop this vicious cycle, is to put an end to pitting time against money.
We’re constantly trying to make time and money factors that compete with each other. Despite how alike they are or their importance to the business, the two shouldn’t continue to fight each other. It’s causing us more problems than solutions.
We’re becoming obsessed with the idea that one is more valuable than the other. But in reality, they can be equal and inequitable at the same time.
We would do better in business if we accepted them for what they are and valued them for their actual worth.
When you don’t have the money to save time? You have to spend your time instead.
I was chatting with a client about this time vs money topic when we were discussing how she could grow her email list.
Like many new entrepreneurs, she wanted to grow her email list organically and not spend money on ads. Totally understandably and something you can definitely do.
After a few months of growing her business organically, she realized that doing it organically will take her longer to reach her goal. Nothing wrong with that.
This is where the time vs money topic came up - and where it comes up with all of us. Do we have the TIME to let our business grow organically or are we able to SPEND money on ads and things that could help grow more quickly?
Building organically will definitely take time. You have to be in it for the long haul. You have to be willing to spend the time building relationships.
Organic growth is a lot less risky and can still allow your business to attract new customers and develop new products at a pace that works for you.
5 Simple Ways to Grow Your Business Organically
1. Invest in your website. We live in a digital age and your business needs to be able to keep up with today’s customers. For many would-be clients, your website will be the first experience they have with your business and brand.
2. Leverage social media. Social media is an affordable way to grow your business, provided you use it correctly. Firstly, identify which social media platforms your target audience is likely using and then work toward building your business’ presence on that site.
3. Host events to promote your business. Workshops and seminars can help you to reach out to new customers while also bringing in a little bit of extra income for your business if you charge for them. In addition, hosting events should lead to increased brand awareness and recognition, so they really are a fantastic opportunity to get your name out there.
4. Network, network, network. You don’t have to spend hours each day networking. But it’s worth taking some time each week to catch up with your industry peers or seeing whether there are any important events coming up that you could attend. Networking is something that a lot of people avoid because it takes them out of their comfort zone, but it can be really beneficial for your business because it gives you access to potential new customers and mentors. What’s more, networking can also give you the opportunity to learn tips and tricks from more seasoned business owners.
5. Refer a friend. One of the cheapest and quickest ways of growing your business is to make use of a referral program. When you offer a client a discount off their next purchase when a friend they’ve referred makes a first purchase, it’s a powerful incentive. So for very little effort, you can reach even more potential customers who have already heard a good word about your company, which is always a win!
If you have money - even a little bit - to invest in growing your email list, then spending it on some Facebook ads may help grow your list quicker.
Here are some tips if you are looking to do some Facebook ads…
1. Do your research. You need to be absolutely sure you know the pain points of your ideal clients. Don’t assume. To find their pain points, look at competitors’ reviews on Google, Amazon and Yelp, study forums for your niche and of course, simply ask your ideal client.
2. Get creative. People are going to miss your ad if the creative is boring. It needs to stand out and make Facebook visitors stop and take action. Keep in mind, whatever type of ad you create, the creative style needs to be uniform – from marketing copy to the website to your emails.
3. It’s all about the headline. You basically have less than three seconds to engage someone and make them decide to read the rest of your copy. To do so, you need a powerful headline. It should be addressing your ideal customer and calling out their largest pain point.
4. Have enticing ad copy. Understand what the pain point is, entice with a solution and include an offer.
5. The irresistible offer needs to be there. your ad should have an offer, one that is so enticing the customer can’t pass it up. Make it easy for them to download or buy.
6. Keep it simple. When we are looking at our Facebook feed, we don’t want jargon, complicated words or long-winded explanations. The best ads are written at a fourth-grade level – meaning people don’t have to think when reading it.
You will find in business that the time vs money will always come up. That’s why I think we need to stop the competition between the two.
There is a time and place for each of them.
When I started my business years ago, I was time-rich and money-poor - not that I wasn’t extremely busy with life - I just knew that time was what I had to work with, so I put in sweat equity. Maybe you’re doing that too and there’s nothing wrong with that.
There are so many ways to get scrappy in the beginning of your business to help it grow without spending tons of money.
But, when you’re working hard to make the most of your money, you don’t want to lose sight of the importance of your time. It’s easy to calculate the cost of hiring a virtual assistant or spending money on an automated service, but what about the time those expenses save you? What at first seems like an extravagance could actually be a smart money choice.