Time is not money – VALUE is money

In this post by Certified Go-Giver Master Coach and Author, Dixie Gillaspie, she provides an excellent look at why the phrase, “Time is money” is not quite as true as it seems.

Enjoy Dixie’s wisdom. – Bob Burg

As a coach, I hear from a lot of people who want to have a coffee, a chat, or a minute of my time.

You probably get those requests too. And you probably wonder how to say “yes” to some without being taken for granted, and “no” to others without seeming arrogant and greedy.

Change your value equation.

Years ago, while managing the practice of a highly successful dentist, I faced that challenge with patients who felt that a few minutes in his chair to “just take a peek” at a tooth should not incur a fee.

What I WANTED to say was, “You think you’re paying for the time it will take him to peek at your tooth? Why didn’t you just have the guy across the hall take a peek and get it over with?”

What I COULD have said was, “We have to pay for staff, sterilizing the room and other overhead.”

What I REALLY said was, “I understand. I’m glad he was able to diagnose and give you peace of mind in such a short time. That’s one reason he invests so much in staying educated and honing his skills. It makes him better able to serve his patients in a shorter period of time while providing a higher level of service.”

Most of the time they’d pause, then realize that I was simply pointing out the REAL value in their appointment. And that value wasn’t time.

When you ask me for coffee, or a call or a Facebook chat, because you have a “little problem you’d like some feedback on” you aren’t asking for my time.

You’re asking for 30 years of accumulated professional experience and expertise, and over 50 years of lifetime observations and wisdom. You’re asking me to put all of that at your disposal and resolve an issue in as little time as possible because you think it’s my time that’s valuable.

My time is valuable to ME. But it’s my ability to get results that’s valuable to you.

And guess what.

The same is true of YOU.

I find that most people who ask for my time are treating themselves the same way. They’re valuing their services by the time it takes to deliver them, not by what will change for the other person as a result of that time.

Back in my medical management days I heard a fellow presenter tell this joke:

A dentist and an attorney were golfing together.

“I don’t know how I’m ever going to meet the expectations of my firm or make any more money,” said the lawyer. “I’m maxed out on billable hours, they won’t let me charge more until I get a promotion, but they won’t give me a promotion until I increase my billable hours!”

The dentist hummed in sympathy.

“Well, how do you do it? What do you charge for pulling a tooth?”

The dentist named his fee. The attorney said, “Wow! How long does it take you?”

“Oh, about three minutes, and another 15 minutes to chat with the patient. Why?”

The attorney about fell over. “Twenty minutes tops! How do you get away with it?”

“Well,” drawled the dentist. “I could make it take a whole lot longer if you wanted me to.”

If you’ve ever had a tooth pulled you know, the longer it takes, the worse it feels.

Most people would pay more for a dentist who could resolve that problem in less time.

Time is not money – VALUE is money.

Until you grasp that, Law #2 (The Law of Compensation: “Your income is determined by how many people you serve and how well you serve them) is going to be your brick wall of “impossible.”

Because it is humanly impossible to create more time.

But once you understand that value and time are not the same thing, and that the income equation is value-dependent, not time-dependent, your income potential has no limit.