What does “time is money” really mean?
Time is Money meaning
Find a person who do not know famous Benjamin Franklin‘s saying: “time is money“. It will be a hard task. Many people know this saying, but how many understand it?
Understanding of this sentence is very important thing if you want to be a successful freelancer. Do you know what is the main difference between managers and employees under their hands? The difference is that managers understands that time is money. They manage time to gain money.
But how exactly time affects money? I will give you an example.
Last time my friend messaged me at 11pm – he said there is a critical situation. Something happened to advertisements server and all ads disappeared from websites connected to it. The problem had to be solved as soon as possible. No matter that was 11pm. Why? Because… time is money.
The websites affected by this problem are making money by displaying advertisements. No ads – no money. The more time the ads was not displaying, the more money was lost.
This example was quite simple, so let’s go with another example:
Let’s say, a customer orders from a freelance programmer a custom programming service. It is a content management system for his new website. The customer asked the programmer how long the project will take. He said, that it will be done for X.
The customer upon hearing that X is deadline, accepted it. He hired people for creating content, webmasters and designers. The system should be ready by X, so he signed contracts with employees to start work by this date.
The X time came, but… the programmer has not finished the project. Moreover, he did not know the time when it will get finished. The customer became angry and threw his computer out of window. Why?
The customer hired the employees, but they was not working. They was unable to work, because the software ordered by the customer was not finished. Every day of the delay was making bigger costs to the customer. The more time the employees was unable to work, the more money the customer was loosing.
Time is money. In every single time unit you can earn money. Every wasted time unit are wasted possible money.
that is what “time is money” means
Now print “time is money” sentence and put it in frame on your desk
If you want to be a successful freelancer, you have to remember this very important sentence and it’s meaning.
We are living in capitalistic world. Success of every business is counted in numbers at bank accounts. Time is passing, so do not waste it.
Respect your own time, respect your customers time and soon you will get more projects – because people will know that you understand, that time is money.