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Time is money

Just read this.

It is very accurate.  But the title also got me thinking.  Time is money!  Why then do people not spend time trying to collect their money, construct and use correct terms and conditions to protect potential money income streams or take the time to see who they are dealing with in the first place.

People see opportunities and don’t want to waste time.  But how much time does it take to check out a prospective client?  A google search might horrify you in 30 seconds?  How long to correctly fill in your terms and conditions with the correct entity and get it agreed to and executed?  10 minutes if it is complicated?  How long does it take to ring that same client when the 7 days given in your terms and conditions has expired to ask when you will be paid?  Those calls can take 90 seconds.

So considering that you may put 4, 6, 8, 12 weeks (12 weeks would be 120,960 minutes) or more into a job that time is money, why won’t we invest 12.5 minutes as above as a minimum into many projects.  Debt collection and cash flow management also takes time. It becomes so much quicker to follow up a deal that a correctly executed document, contract or terms and conditions have been completed than being sent an invoice with partly completed details and a “this is 3 months overdue” sticker on it.

If you either don’t know how, are not sure, do not like to do any of the suggested processes above, get some one who will (that would be us – Collection Consultancy Australia!!) – just make sure you know what they are going to charge for their time – as time is money to them as well.  You can factor some of that cost into the deal if you know that you have not got time to do it.  If you don’t have time to invest or know that you would prefer a professional do it for you – give them that job.  You can then go about saving some of that time for yourself and getting on to some more work that generates money.

Cash flow management can be effected because you do not invest time to follow up what is owed to you.  If your cash flow dries up, you run out of time with your creditors and then time is your money but that money has become someone else’s!

So time is money – it is true – but if you are not prepared to spend some time, the cost of your time at a later date could be very expensive in comparison to outsourcing a fraction of your time.

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