Time or Money: What Currency Are You Spending on Your Business

Time or Money: What Currency Are You Spending on Your Business
Chris Lonergan
Chris Lonergan May 12, 2017

All businesses must exert their resources every day to continue to operate and grow. When you think about your spending on your business, consider both your wallet and your watch before you make your decision.

Most contractor start-ups are not funded by venture capitalists, so how you spend on your company depends greatly on the stage of your business growth. If you are a fledgling company, you like have more time than money to spend, even if that means taking withdrawals from your time committed to friends, family, and sleep. If you have a few years on the job and a couple employees or vendors helping to grow your business, your success has dictated that you can spend more money to make money.

We've got some suggestions to help allocate your resources appropriately – to make sure you are spending your time and your money efficiently.

Where to Spend Your Money

  • A Professionally Built Website – Of course we have some skin in the game on this topic, but is it a basic truth nowadays that your business must have an online presence. How much you spend on your website may depend on your market / your industry / and the type of website you're getting. The key here is the "professionally built" part – While you could use Wix, SquareSpace, or any of the other countless "web builder" platforms out there, none will look as good or work as efficiently as a professionally built website. If you are a tradesman, people hire you because you have the years of experience and know-how to do the job. Sure, someone could YouTube for how to replace a light switch – but they call you because they want the job to be done right. For the same reason, you should find a reputable design company for your website.
  • Cohesive Branding Design – Everything related to your business should fit a cohesive marketing design. From your work vehicles to your website and everything in between – your brand should be clear and consistent. Work to develop your brand early, so that you don't have to worry about paying for a rebrand unnecessarily early in your business lifetime. This will save marketing money and avoid NAP conflicts in the future.
  • Getting Your Business Protected – Financially and legally, more than just your business accounts can be on the line if something goes awry with your business. Whether it is worker's compensation or litigation, protect yourself by making sure your business is in the clear. Find a legal and financial expert you can trust – this is definitely not a place to skimp out.

Where to Spend Your Time

  • Taking Pictures Of Your Work – We've talked about taking pictures and IPP a lot here, but the message is important so it bears repeating. You have a smartphone in your hand or in your pocket all day at work. At least once a day, take your phone out and snap a picture of what you're working on. Where you are every single day is an amazing source of quality content – with a unique story and one-of-a-kind perspective. Sharing this content on social media and your website on a regular basis is incredibly simple and has the potential for great ROI compared to the few moments of effort it takes to take a digital photo.
  • Getting and Monitoring Your Reviews – All of your reviews, good and bad, are worth your time. Good reviews help to identify what's working and bad reviews shine on light on what could stand to be improved upon. All online reviews deserve a reply – it demonstrates that you are active in maintaining your company and that you truly care about what your customers have to say.
  • Maintaining Customer Relationships – Your business is nothing without your customers. Common courtesy and honesty can go quite a long way, and can turn a one-time customer into a lifelong advocate of your services. Staying in touch with your customers doesn't have to cost an arm and a leg – simple phone calls and thank you notes are great personal touches that maintain top-of-mind awareness and leave your customers very happy with your services, even after the bill is paid.

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