Business

For Business Owners, Time is Money

Published

3 years ago

January 15, 2022

There’s plenty of truth to the old saying ‘time is money’. The adage is especially applicable for business owners who often have to ration the minutes of each working day in order to accomplish a specific set of tasks. But the idea of time as having specific monetary worth goes further than that. When it comes to a company’s investments, for example, interest-bearing accounts yield more the longer they’re held.

Likewise, owners who use efficient fleet management systems can make deliveries on strict time schedules. Every corporate accountant knows that paying vendors early can save money, and getting tax payments to the government before due dates helps avoid costly late fees. Why does each passing minute on the clock represent monetary value to entrepreneurs, owners, and managers of so many types of companies? Here are some concrete examples that demonstrate the age-old principle and offer food for thought to anyone who operates a business in an ownership or managerial capacity.

Investing

Every business that maintains a savings or investment account has an inherent understanding of the time value of money. For instance, very large corporations typically hold investment portfolios for decades to maximize interest accumulation. The principle is the same one individuals use for retirement savings but on a grander scale.

Vehicle Fleet Management

Fleet management systems deliver efficient results in multiple areas of endeavor. In addition to helping create ideal routes, advising drivers about dangerous road conditions, and keeping track of driving hours, fleet programs use advanced telematics to track location, fuel use, mileage, and other essential parameters. Transport supervisors know that late shipments mean unhappy customers, which is why they rely on fleet programs to maintain on time schedules and keep tabs on dozens of statistical data points.

Paying Bills

In nearly every industry, vendors offer one or two percent discounts to companies that pay bills within ten days or the invoice date. For busy organizations, these relatively small amounts can add up to major savings on an annual basis. The same principle applies to tax payment but in a different way. There’s no discount for paying early or on time, but there can be significant penalties for late tax remittance. That’s why so many corporate accountants advise management to take advantage of early vendor settlement and timely tax payments. Even medium-sized businesses stand to save thousands of dollars yearly through diligent accounting practices.

Training

It’s costs plenty to train a new worker. Typical estimates range from a few hundred to many thousands of dollars for standard onboarding procedures. However, investing in the development of your team and creating a culture of responsiveness, productivity, and inclusion is worth it. Because the expense related to training is so high, businesses work hard to design efficient, fast teaching materials and systems. The most common method in current use is the hybrid technique, in which new hires independently work through several volumes of text material and watch a few hours of video tutorials on their own time.

Alongside that component of the program, they receive in-person instruction from a member of the staff with whom they’ll soon be working. Keep in mind that once the new person is fully trained, there’s always the risk that they’ll quit within a short period of time. For owners, this risk is nearly impossible to avoid and one that often takes its toll on smaller organizations.

Business

Exploring the Transformative Impact of Tailored CXO Events on Business Growth

Published

7 hours ago

September 20, 2024

Matthew Wiles

Photo Credit: CXOsync UK

Byline: Katreen David

Business success hinges on the strength of relationships and the speed of innovation. In line with this notion, CXOsync UK has positioned itself as the architect of the future of executive networking. It is worth noting that this company doesn’t curate your typical networking event where attendees exchange Linkedin profiles with little follow-up. This is a thought leadership-by-education model. Their sponsored packages are relationship building exercises in addition to brand awareness.

Moreover, this is a space where the right conversation can ignite the next big idea. CXOsync UK, under the strategic leadership of Sulai Saloojee, is rewriting the rules of engagement for top executives across industries. Their event model is in full flow across EMEA and the APAC region with a multitude of ABM campaigns taking place weekly in different cities within these regions.

Picture a dimly lit room in one of London’s iconic venues, where the hum of conversation reflects the energy of business leaders not just networking but genuinely connecting. Here, the team meticulously plans every detail—from the seating arrangements to the flow of discussions—to guarantee that each interaction has the potential to be metamorphic. This is the magic of CXOsync UK, a company that understands that the power of an event lies in its ability to bring people together in meaningful ways.

“We’re not in the business of throwing events; we’re in the business of creating catalysts for change,” says Saloojee, whose vision for CXOsync UK extends beyond the grandeur of gatherings. Saloojee and his team are building a foundation for long-term success in an era where business scapes can shift overnight.

Beyond the Conventional: Innovating for Impact

In executive events, staying ahead means more than just keeping up with trends; it means setting them. CXOsync UK has embraced this philosophy wholeheartedly, reimagining the boundaries of what executive events can achieve.

With the rise of digital platforms, it has seamlessly integrated technology into its offerings. To that effect, it creates hybrid experiences that merge the intimacy of in-person events with the accessibility and reach of virtual ones.

Whether a high-stakes boardroom discussion or a relaxed dinner conversation, every element maximizes engagement and fosters genuine connections. “We’re utilizing data to understand our audience and to anticipate their needs. This way, we can deliver timely and impactful solutions,” Saloojee explains.

Shaping a Global Community

In a post-pandemic world, traditional business models are being upended, and remote work is becoming the norm. That said, the need for meaningful, results-driven networking has never been greater. CXOsync UK is meeting this need head-on, offering a blend of traditional and innovative solutions that cater to the busy schedule of the modern executive.

As the world becomes increasingly interconnected, the ability to connect and collaborate across borders is more important than ever. Through its carefully curated events, the brand facilitates conversations that transcend industries and geographies, enabling executives to learn from each other and grow together.

However, beyond the immediate benefits, CXOsync UK is laying the groundwork for something bigger: a shift in how business leaders think about networking. It is no longer about who you know but how you connect.

“Our mission is simple: to inspire connections that drive progress,” Saloojee says, summing up the ethos that has guided CXOsync UK’s rise to prominence. Its mission resonates in every aspect of its work, from the careful selection of event participants to the thoughtful design of each session. With a focus on quality over quantity, CXOsync UK is a seal of quality, and every connection made through its events has the potential to lead to something greater.

Building Bridges to the Future

With an eye on emerging trends and a finger on the pulse of the global business community, Saloojee and his team are poised to continue leading the way in creating impactful networking experiences. Moreover, they’re setting the stage for a new era of synergy, where the right connections can unlock unprecedented opportunities.

“In a world where the pace of change is only accelerating, our role is to provide the platform where leaders can come together, share ideas, and find the inspiration they need to move forward,” Sulai Saloojee reflects.

As businesses worldwide adapt to a new reality, CXOsync UK keeps up without missing a beat.