So much has been written about time management, but how do you effectively manage time, talent AND cash? As scarce resources, you have to determine the proper balance to achieve real value.
When you tackle a problem, you first determine if you have access to the talent. If you don’t have a way to use your own talent or gather the right resources to solve the problem, then no amount of time or cash will help.
Given that you now have access to the talent, how much time do you have? It is the one resource that you cannot increase – it is a steady resource that moves at the same pace, even though it sometimes seems to stand still. It is often difficult to be realistic in estimating how much time a task will take. Men, in particular, tend to underestimate how long a project will take, including the 5 extra trips to the hardware store!
And finally, we arrive at the cash portion of the equation. How much cash do you have and how much will you need? If this is related to a work project where you are trying to make money, it is important to make sure you will make more money than you are going to spend. If it is something like a home improvement project, then you need to make sure you have the money in your budget, including a 20% allocation in case you exceed the budget.
Good business owners and managers know how to take inventory of the time, talent and cash they have at their disposal. The great people have figured out how to effectively allocate those resources to gain maximum achievement. It is not easy to do, but if you can set up a process so that you understand how you have used these scarce resources in the past, it will help you develop patterns that will help you move forward more effectively.
That is why you have to review your inventory of time, talent and cash if you want to succeed. Of course, this is very closely related to the “Good, Fast or Cheap – Pick 2” concept. When you understand both of these formulas, you have a tremendous advantage over everyone around you. Go out and use them to achieve success!