There’s an essential question that entrepreneurs and business owners must answer: do you value time or money? They are both necessary resources, but the one you find most important has the power to dictate your level of happiness, and show where your priorities lie.
Valuing Time
Several studies have shown that workers who value their time over money are happier. Their priorities lie with creating time in their life for what they enjoy, like being with family and friends, and time at work for meaningful projects.
In a business environment, people who prioritise time use it to the best of their ability. Their value motivates them to do what they believe matters most. They maintain that the best use of their time is working on the big picture, instead of the small, detailed tasks that come up every day. These people understand the worth of their time.
Furthermore, valuing time means you know when it is being wasted. You’re far more likely to spend money to save hours of work that could be used for bigger things. Engaging with a business services company or hiring additional employees shows that saving time takes precedence, not money.
In prioritising time, however, it’s possible to lose track of your finances. Bringing on an extra worker to handle your smaller tasks may seem like a good idea, but your wallet will disagree. If you don’t keep a close eye on where your money is going, the upcoming EOFY will be a new kind of headache.
Valuing Money
Money makes the world go ‘round. We need it to eat, sleep, and exist in modern society. Having stable finances and a good income is proven to increase happiness, but only to a point. Contentedness plateaus once someone begins earning over $50 000 a year.
The value of money lies predominantly in financial freedom. It allows you to do all sorts of things, like a nice holiday, buy presents for yourself or your family, or even retire early. It can provide a business with the freedom to hire more experts with critical skills, or fund an office-improvement venture. Money often opens doors that nothing else could gain you access to. Financial freedom is the goal for many people. It represents stability and success, and these are strong values in our society.
However, there are a lot of drawbacks to focusing solely on finances. It can isolate you from your friends, family, and employees. You’re more likely to believe money can sate needs, or solve any friction within the company, instead of taking the time for proper employee engagement. You may overlook critical parts of your business in favour of profit-producing opportunities.
Ultimately, money and time are necessary values to have, both at home and at work. However, one will always be more important than the other. Valuing time is believed to foster happiness more than valuing money does, but it all depends on where your priorities lie.
