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For Business Owners, Time is Money

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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.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

Jobs That May be Under Your Radar

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According to the U.S. Bureau of Labor, the average worker can expect to sit nearly 45% of the work day. On the surface, that doesn’t sound so bad. However, what isn’t considered is the effect that having a college degree has on that percentage. 

Despite lengthy research, there simply isn’t much data on how much people tend to sit at work if they have a college degree versus not having one.  However, looking at specific occupations does show data. 

Jobs including accounting, business, and tech tend to lead to workers sitting anywhere from 70-80% of the time. 

In fact, with an exception to a few areas where a degree is required, most of the post-college workforce appears to be in a position where they spend most of their day at a desk. 

For some, this is not an issue. For many others, it can lead to increased stress, dissatisfaction at work, weight gain, and a repetition of tasks that get old after a few days. So why do people continue to work in these environments? Part of it may be our tendency to follow the crowd, and college programs often funnel their graduates to these kinds of jobs. 

What if someone wants to break away from the norm? There are certainly options, and here are just three of them. 

Coaching

Coaching a sport can be one of the most satisfying and productive jobs that exist. On top of the satisfaction of helping athletes improve their skills, depending on the coach, it can also serve as a workout and a way to stay active. 

This option can be especially good in unique sports such as rowing, pole vault, or Irish dance. Many potential clients/athletes may not know about these opportunities, but once word gets out, there may be a lot of interest. Moving up in these specific fields is much easier than trying to go the route of a football or basketball coach. If a rowing team is looking for a coach, and you’ve got the experience, you may end up in a small candidate pool for a great job. 

Run an Excursion

Everyone loves excursions while on vacation. It’s a market that’s growing every year, and with the right equipment and skills, it’s very possible to have success here. The best part is that almost no matter where you go, the market will be there. 

In a tourist area like Orlando, Florida, so many people go that despite a lot of excursion options, opportunity is still there. On the flip side, in a small town in Kansas, the market may be small, but there won’t be any competition. 

The key is to be unique. If close to a desert, a dune buggy adventure will catch a lot of people’s attention. If there are already a lot of those excursions available, have a romantic candlelight dinner under the stars. The possibilities are endless. If you decide that you want an excursion that will keep you up on your feet and active, that’s totally up to you. 

Start a Business

Starting a company can be stressful and overwhelming, especially with zero experience. One key is to utilize resources and not pretend that you know how to do everything. Just as you wouldn’t have a plumber frame a house, a dentist perform brain surgery, or an engineer file your taxes, running everything for your business alone will likely not be successful.  

Odds are, you may be able to do the business part, but utilizing resources for other areas can help make a business successful. 

What does this have to do with not sitting all day? Similar to the excursion idea, starting your own business means choosing your hours, and the work style. You may decide that 7-10 AM is a great time to do all the paperwork and desk-related tasks, take a break from 10-11 AM, and then spend 11-4 PM doing active tasks related to the business. You can decide to work late at night and keep the mornings open. 

With few exceptions, a self-business allows you to work when, where, and how you want.  

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