The value of time
How much is your time worth?
If I asked 1000 people that question, I’d probably get 990 different answers. And, if I asked the same 1000 people that question a week, month or year later, I’d get 990 different answers. In business, the question can be answered by taking your salary and dividing it by the hours you work to arrive at a value of your time. Interestingly, your perception of time changes with your workload. If you’re twittling your thumbs, you probably would not have as much sense of urgency as when you’re swamped.
As a vendor of promotional products, corporate apparel, signs and print marketing, I often run into buyers who invariably buy the cheapest products they can find. Those customers, unfortunately, do not understand the value of time. Case in point: I recently built a custom website for a customer to order all of their embroidered shirts from. In addition to building their personalized e-store, we gather the individual orders by employee, embroider the items with the correct logo (they have 2 color variations, based on the color of the item), bag the item and label it with the employee name, split the orders into 16 locations and ship them out.
Sure, they may be able to do all of this work themselves, but is it worth it? To save a hundred dollars by shopping around apparel companies, embroiderers, freight companies and ecommerce brokers, they would wind up spending thousands of dollars in labor, invoices, checks and other expenses.
The moral: when planning a major job, consider all of the time that will be involved in implementing each solution. Quite often, the penny you save in product may cost you more money and headaches than you realize.
Then, call me. 🙂
I’ll save you the most precious resource you have.
Accurate Forms & Supplies
Posted on March 28, 2013, in Business, Marketing, Organization, Promotion, Sales, Uncategorized and tagged advice, business, marketing, money, Print marketing, profit, Promotional Products, sales, Success, tips, www.accuratesupplies.com. Bookmark the permalink. 3 Comments.