There is an old adage that most of us have heard; “Time is money.” If you ask a blue collar worker what that means, the reply is usually something to the effect that their boss wants them to work longer hours and to do more work, so he can make a higher profit.
If you ask a business owner what that means, you are likely going to get a completely different answer. The business owner will reply that the adage means that a company must be productive. Financial prosperity is no store of luck. Building wealth will take so much more than spreadsheets and bricks – but take it one step at a time! Whether he sells, ping pong balls, or is a highly paid surgeon, the adage remains. Whatever you do in life, you must do it well and efficiently, which reaps the owner a good return on his investment.
In This Post:
The one investment every person in business has
You may not have an office. Maybe you mow lawns. You may be a mechanic, a CEO or an attorney. We all have one thing in common. We all have a specified amount of time to produce. A business owner has a lot of overhead expenses that must be met. He has to learn the art of time mastery. He may have plenty of jobs working, but if his crews are not producing, the payroll will not be met, and the electric company really doesn’t care if crew number three is a week behind on their assignments.
The crew on the job-site as well as the office staff and management carry the same responsibility. Everyone from the janitor to the owner invests their time into the business. If you invest your time well, complete your duties correctly and on time, you are providing the company a good return on the investment of hiring you.
There always seems to be one or two people in the company that grumble about their hours or the amount of pay they receive. If someone accepts a job at the salary agreed upon. They have an obligation to do that job in a timely manner. If their situation has changed they need to make a change. He can get another job, speak to his boss to find out if the company is willing to pay him more. However, if he chooses to keep his job, but not give it 100%, he is a problem.
He is not just a problem for the company. He is a problem for you and every other person (even customers) that come in contact with him. If any person in a company is non-productive, he costs the company money. He also cost the other employees money.
When a slacker doesn’t do their job, it slows down productivity and that means less money for the company and promotions, and raises.
Combating the problem
The fact is, with the right tools. There are tools that allow employees to be tracked. There are computer programs that they would have to use, which would keep their friends from clocking them in. Technology allows you to know who is working and who is late or leaving early.
This same technology can track inventory orders, and will flag you if inventory is walking away. For the honest employees, this makes their life much easier. The dishonest employee will feel the heat quickly.
Tips for saving thousands of dollars
- Invest in the software that tells you where your people are when they are away from the office.
- Be understanding to good employees, but do not allow abuse of your kindness.
- Make sure your software helps you track your inventory
- Be good to your employees but have a zero tolerance for gossip
When you have employees that are working correctly, and you keep a close watch on where your cash is flowing, you will immediately begin saving money.
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