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We never seem to have enough time. When someone has died, we often regret we did not spend more time together. When you started freshman year at college, you thought the next four years seemed to stretch out forever. When you looked back in senior year, you were amazed how quickly time has passed. If money is lost, it can be re-earned and replaced. If time is lost, you cannot get it back. Have you ever watched a really bad TV show and said: “That’s an hour I’ll never get back.” You feel those 60 minutes were wasted. Time is a currency.
1. Time is money. This has a couple of meanings. You might start an initial contact with a prospect by saying “I realize your time is valuable…” You communicate “I will not waste your time.” In your own practice, you should ask: “What is the best use of my time right now?” Organize you day so you start with the tasks that will ring the cash register.
2. You spend time like money. In sales, you might start a conversation with: “I need ten minutes of your time.” They negotiate you down. “I will give you five minutes. Recognize the importance of time. Start the conversation by acknowledging the time you have been allotted. Stay within the guidelines.
3. Plan your work and work your plan. You have heard ir say regardless of your age, wealth or status, everyone is allocated the same 24 hours of time in the day. Are you using it efficiently? Do you prepare a plan for the next day before you leave the office? Do you start each day by opening your plan?
4. This will only take a minute. How many times have you heard that one? I remember using it often when approaching the office Compliance Manager in their office. What does that really mean? “This will only take a minute if you agree with everything I say.” If there is disagreement or you need to go into deeper detail to get approval, this can likely take a long time.
5. Why you should guard your time. There are people who place a different value on time. Imagine you were in a profession where you charged by the hour and you had an unlimited amount of work at your disposal. That means every hour you are not working comes with a cost in lost revenue. There might be another financial advisor in the office with “noting to do.” They have time on their hands. They stop by your desk to shoot the breeze. This is why some advisors guard their time by removing the visitor chair or working with their door closed.
6. Can you find an extra hour in your day? Yes, you can. The easiest way is not the most practical. If you cross the Atlantic Ocean in the western direction by ship, your journey includes five 25 hour days. Why? Because you are gradually adjusting for the five hour time difference between London and New York. That isn’t practical. A better way to do it is to list the building block activities that make up your business day. This includes eating breakfast and lunch. Time spent talking with friends. Checking your personal e-mails on your phone at work. If you figure out how much time each activity takes, you can shave off five or ten minutes, arriving at a cumulative savings of 60 minutes. There is your extra hour.
7. How to make use of small amounts of time. Remember when people had piggy banks? How about that life insurance commercial where the guy says “I put the change left over at the end of the day in a big jar.” The idea is small amounts add up. You can do the same with time. You need a series of activities that can be chipped away at in intervals of only a couple of minutes at a time. Where does the time come from? You are sitting at your desk waiting for a client. They are late for their appointment. You are on hold waiting for a video call or conference call to start. How do you use this time? You are chipping away at getting your inbox of e-mails cleaned up or preparing Powerpoint slides for a seminar. These are projects you can pick up and put down easily.
8. The importance of financial independence. We have heard the expression “Your time is your own.” When you are working, your time belongs to the company. You come to work and they pay you. You are exchanging time and effort for a paycheck. Once you achieve financial independence, work becomes a choice, not a requirement. At that point you (or your client) own their time.
9. Why it is important to take time to relax. This might imply you should be working constantly to achieve financial independence. Many advisors have that client who thew themselves into work. They deferred vacations and quality family time until they retired. They died shortly after retiring. It has been said the average police officer dies five years after retiring. (1) You need to have a work life balance. Sometimes your best business ideas come to you when you are doing something different.
10. Enjoying the moment. Don’t always be looking at the next thing to do. You have heard the expression “living in the moment.” Another is “stop and smell the roses.” You should not be constantly looking to the next task you should be doing. While on vacation, you need to enjoy every moment. Stop to admire the view. Eat meals slowly. Walk at a comfortable pace alongside your partner. Taking time to relax is good for your health. (2)
Time should not be treated as a commodity in endless supply. If an investment loses money, another investment may be able to make you money. When you lose time, it is gone forever.
Related: Seven Reasons To Get Client Annual Reviews Scheduled Now