Nov. 27, 2018

Ep77: When Time Does Not Equal Money

Ep77: When Time Does Not Equal Money

Time is a valuable commodity, and we hope all of our listeners properly value their time.  We also know that our time does not inherently have the same value to others, including our clients. And that’s why we ask the important question: does...

Time is a valuable commodity, and we hope all of our listeners properly value their time. 

We also know that our time does not inherently have the same value to others, including our clients. And that’s why we ask the important question: does time really equal money?

 

Why is that important for business? 

Just because you invest a precious asset - your time – into work for someone doesn’t necessarily mean they will equate it to value. The idea that time equals dollars is very misleading. For instance, if they were charging by time, iPads would cost $10k. Instead, they have to price according to the value to the buyer. Because of this, you have to make sure that when discussing value, that you have determined and discussed your expectations well in advance. 

 The question of value is especially confronting when you talk about raising your prices. If someone that has never worked with you balks at a price, you can dismiss that as them not understanding your value. But it can be hard to not attribute it to your value when an existing client – familiar with the work you do - hesitates or gasps in response to a price raise. 

Dollars really are an arbitrary assignment – they don’t have their own meaning. Acknowledging that the important thing isn’t who is right about value, but as early as possible agreeing what something is worth, is the key to these discussions and agreements. 

 

 

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