RACHEL MCMICHAEL:Time vs. Money: How To Decide Which Is More Important When Investing In Your Business
You may have heard me say in the past, “You can invest your time or you can invest your money…”
… And when it comes to growing your online business, you have to choose to invest something. Investment is required. But which is worth more? Your time or your money?
This is a question that comes up a lot. It's a question that we answer a lot. And it's a question that we've had ourselves as we make assessments in the business.
Do we want to outsource this? Do we want to bring it into the business? Do we want to take the time to learn the skill or do we want to hire for the skill?
These are the questions we ask in our business… and if you’re anything like us, these are things that you probably talk about a lot in your business, too… right?
So, on today's episode, I'm really excited because we're going to dive into what this looks like in our business and how we make those decisions.
At 5:23, we talk about the areas in our businesses where we are frequently making the decision: Should we pay for this? Or should we spend more time learning this?
At 12:26, we talk about the areas in our business where we don't invest money until we've put in the time. I think it’s important to talk through these things because I hear so many misquoted talking points in the business world. For example, “Hire before you're ready.”
At 17:57, we end the episode talking about some other big considerations for you to think about in your business when it comes to time vs. money. Considerations like knowing where your revenue is coming from, knowing when it’s the right time to hire, and so much more!
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