TIME VERSUS MONEY MANAGEMENT DECISION IN BUSINESS

We may be more inclined to invest time to salvage lost money than invest more money, or vice versa.

Money you can replace. Time is gone for ever.

Be careful! The slogan ‘time equals risk’ should remind us that while quick fixes based upon an injection of cash may be defensible, we should be wary of extending timetables, as we may discover that by the time the venture is complete, it has been overtaken by events. In 1993 the London Stock Exchange abandoned project TAURUS, an IT-based venture designed to facilitate electronic settlement of stocks and shares.

 The Stock Exchange had spent over £80 million on the venture, and banks and investment houses an estimated £400 million (1993 figures). Even so, 18 months into construction they decided to cancel the project and start again. It was not the money that was the deciding factor but the time. The then chief executive, Peter Rawlins, hammered out his message to the board: Of course we can carry on if you are prepared to vote the money, but I am telling you the issue is not the money. It is the time… The only way to go forward now is [that]… we say, ‘Stop! Spend not one further penny.’ The Stock Exchange is going to finish building the central infrastructure… It is going to be fifteen months… In the meantime, all you guys out there stand down your entire teams with no certain knowledge as to what you have still got to do. Are you going to vote for that?

It is a matter of record that the board did not vote for this option. More recently, the UK National Health Service’s electronic patient record system has fallen so far behind schedule that it seems destined either never to appear or, if it is ever completed, to have been overtaken by events.

Losing money is bad enough but money can be replaced. Energy too can be replenished. In contrast, a moment of elapsed time is gone for ever. In thinking about whether or not to discontinue a venture, consider the value of your own time. Significantly, advertisements for Breitling watches carry the slogan ‘Time: our greatest luxury’. The dying Queen Elizabeth I of England made the point more directly: ‘All my riches for a moment of time

In running day to day successful business the duo are both important but one is most important than other one. In real life situation, if you must succeed in anything, you need to understand that “time is non replaceable factor” out of all what is needed to run successful business career time management must not be taken for granted. Ensure that, decisions and actions are taken as at when due because a minute pass out of your time is a minus period out of your productive years in business even in ordinary affairs of life. The bottom-line is, do not allow any minute, seconds, hour or day to go by without investing it on activities that can enhance your business strength

Therefore, do not trade off your time for money because there is always opportunity out there for you to recover your lost money if you can work things out but loosing time is inimical to personal and business development because a second gone is gone forever. That means in your effort to reach career or business advancement stage, “be time conscious but not money”. Good time management will surely bring the money. For questions and enquires contact slybizinfobank@gmail.com