Time vs Money – What Is More Important?

Time vs Money – What Is More Important?


We spend a large portion of our lives earning money; but what is more important, the time we spend or the money we earn? Many people, especially in this modern competitive world, spend a significant amount of their time working and earning money. Some sacrifice their weekends on important projects while others burn the midnight oil. There's nothing wrong in giving up your free time to get critical projects done but if you do it too often, you need to organise your time better and prioritise your tasks accordingly.


What is More Important?


You can't survive in this world without money so you do need to spend some time earning it; but time is an extremely limited resource, and you should keep that in mind. There are only so many hours in a day and so many days in a week that you can work before you exhaust your body and mind. It's important to strike the right balance between reasonable effort and too much work.


Most business owners fail to find this balance because they value money more than their time. They aim to save money on different tasks and aspects of their business by performing those tasks themselves. That only serves to add to their stress and doesn't really save them any money in the long run. For example, you might save money upfront if you don't hire an accountant to handle your books and handle the task yourself, but do you really save money?


An accountant will charge a fee for their services but they'll provide relatively error-free work and finish your books in a shorter amount of time. You will be able to focus on your other projects instead of wasting time on a task you're not professionally trained for. If you do the books yourself, you might spend twice as much time on the task as an accountant would.


This isn't effective money or time-management because you will have to take time away from projects that actually make you money. You need to keep in mind that even if you lose all your money today, you will earn it back tomorrow. However, all the time you waste today is gone forever and will never come back.


Zones of Time


Some business owners and professionals plan their day down to the last minute in the hopes of keeping everything on track. However, that's an incomplete way of looking at time management. You need to understand how you spend your time during a 24-hour period and then organise your schedule based on that. We recommend you consider the concept of zones of time. Here's a brief description of these zones:


Zone of Distraction


As the name implies, people are distracted during this time zone. They focus on things that don't contribute to their work, such as social media, phone calls, online shopping, etc. Most people don't realise that the seconds and minutes they spend in this zone of distraction can add up several hours at the end of the week. Once you enter the zone of distraction, you don't realise how much time passes by and only come out of it when something or someone warns you that you've spent too much time being distracted.


It's important to understand and identify these zones of distraction and slowly eliminate them from your schedule and habits. If you're constantly distracted by your phone, lock it away. If you're distracted by social media, block those websites on your computer. This will help you minimise the time you spend in this zone.


Zone of Delusion


The zone of delusion consists of time spent on tasks you think are urgent, but they aren't as important as some of the other projects you need to be working on. Most people linger in this zone when they want to avoid a task or are faced with an unpleasant project. For example, you might focus on a task that's due in a week rather than a sales call that you need to get through within the day.


Instead of performing the unpleasant task and getting it out of the way, you create an unnecessary urgent situation, and that can be a waste of your time and energy. You'll have to perform that unpleasant task eventually, so the zone of delusion only messes with your schedule.


Area of Demand


This is the zone dedicated to tasks you actually need to do. It's usually divided into urgent and important tasks. Important tasks are scheduled in advance so you know how much time and effort they might take. You plan your day around these tasks and manage the time accordingly.


Urgent situations pop up unexpectedly and rattle your schedule. You need to move things around to fit these tasks into your area of demand and arrange other tasks accordingly.


Once you identify these zones, you'll have a better time organising your schedule and saving both time and money.


About the Author


Ben Fewtrell is a sought-after Business Coach, Keynote Speaker and trainer who has featured in Virgin’s Inflight Magazine and Entertainment Portal, SKY Business and “Secrets of Top Business Builders Exposed”. He is also the host of the popular Business Brain Food Podcast where he interviews leading experts on anything and everything business.

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

Leave a Reply

Your email address will not be published. Required fields are marked *

business plan template

Get Instant Access to the Business Plan Template that has helped thousands of Business Owners in every sector plan and grow their business.

Learn More
fees and benefits

Our Programs start from as little as $10 a day making it affordable for all business types.

Learn More

Top Rated Articles

The History of Business Coaching

The Inner Series...   In order to understand the history of business coaching, it’s important to go back to t


How your company can adapt to the Digital Revolution

Over the last couple of years, technological innovation has brought about a rapid change in the customer service landsca


7 Biggest Challenges Facing Your Business

It is kind of inevitable that businesses will face challenges at different stages of their growth and development. So, p


Recently Viewed

9 Time Management Tips to Manage your Time Effectively

Remember the old saying.. "If you need something done, ask a busy person to do it!" Why is that?   Well in many c


How Promotional Items Can Enhance your Business Marketing?

Promotional branded items are an important tool in the modern marketing business. They are used mainly as a means of for


Benefit of Increasing Your Prices

I’ve been a business coach for about 12 years, and I’ve coached hundreds of businesses in dozens of industries. No

  • Over the past 6 months the incredible team at MMP have supported us to shift our attitude towards our business & month on month our revenue is increasing to the point we will be able to employ additional staff to support our business goals long into the future. Do not regret our decision one single bit!

    • Emma Reece

  • Working with my coach has enabled me to see the areas where my business is failing. This was pretty confronting to me to be honest. MMP has the tools to improve these areas and the guidance on how to implement them.

    • Sharon Robinson

  • I have been working with Max My Profit for approx 3 years now, and over that time I have learnt a lot of things about not only what it takes to run a business, but I have also learnt things about myself. I don't believe i'd be the person or have the business I have today if it wasn't for Max My Profit and our Business Excelerator. Great team to work with if you want to take your business serious!

    • Ben Choy

  • As a new client for Max My Profit (MMP) it has taken no time at all to realise the benefits of business coaching. Despite many years of senior management experience starting a new business requires best practice systems and processes built on a solid platform of detailed planning. I look forward to the benefits of adopting the formula being shared by MMP.

    • Campbell MacLeod

  • Max My Profit Are truly awesome at what they do. They have helped me over the past 12 months to get off the tools in my business and start working on my business. I am looking forward to 2019 with enthusiasm not concern. Thanks so much.

    • Aaron Kemp

  • If you are committed to Growth the Max My Profit Team has the tools and expertise to excelerate all areas of your life. They Care, They Listen, They Understand You as an Individual first then they focus on Your business. Thank you Max My Profit my rating is a 6/5 - Kindest Regards The Mr Handyfix Team

    • Catherine Kavadas

  • The team at Max My Profit are an absolute pleasure to deal with. I love working with a team who is on top of what they are doing and have a clear view of what they are working on with you and helping ensure you get to the end goal.

    • Lauren Watts

  • I have been working with MaxMyProfit over the years and what they do for SME's in growing their business is fantastic. Also due to there knowledge and their supporting material for companies across the 5 lifestyle stages and assisting them through this process day in day out is extremely comforting as a small business owner and have referred them many businesses over the years.

    • Steve Laingy

  • Working with a business coach from MaxMyProfit has been one of the best things I have done for my business. I had several other coaches before MaxMyProfit but these guys are a step above the others. I have seen a significant increase in sales, now have a business that can run itself and the coaching program has paid for itself many times over.

    • Matthew Kitchin

  • Much more than just business coaches. There is an absolute treasure chest of business knowledge in their members site.

    • Iain Campbell

  • Max My Profit are unique as they really partner with you to develop and implement a plan that will drive success for the business. I was hesitant to proceed as previous business coaches tell you what to do and rely on you to implement.

    • Michael de Haan

  • I attended one of Max My Profits introductory events in Melbourne. Having been an accountant for almost 30 years, I was somewhat sceptical. Boy was I wrong. I not only enjoyed the presentation, but I gleaned so much from just that session.

    • Daniel Odd

  • These guys are an absolute wealth of knowledge for Small Business. The programme and support networks they have set up ensure learn more every day and can take your business from good to great. Thanks so much.

    • John Butler