Time Equals Money

Time and money are 2 of the most valuable assets.

When starting a business entrepreneurs start implementing processes to track their money.

Get a business bank account with a debit/credit card to track all inbound and outbound business transactions using an app like Stride to categorize transactions in preparation for quarterly and annual taxes. Often people forget to keep track of the time spent running their business.

Often administrative tasks like creating invoices, researching the of filing business documents with the state and mileage are often part of the “hidden” costs to run your business.

For example, I needed to print a contract, but the printer was out of toner so I had to go to Office Depot to get a new toner cartridge. The time spent driving to the store, documenting my mileage, my time at the store, the ride back home, and setting up the printer with the new cartridge should all be documented as time spent working for your business.

I can decide to reduce the cycle time to get the toner by stopping at Office Depot while running personal errands, but there’s still time spent working that needs to be accounted for and documented correctly so that you have a true picture of how much time it takes to operate your business