Today I am here to answer the question about what the most valuable resource is in both business and in life. Let me ask you something—if I were to turn to you and say, “What do you think the most valuable resource is that you have in your business?”, you might say, “It’s the money.”
You might also say that it’s the product or service you’re offering. Or, maybe it’s your team or your staff. The truth is, as important as all of those resources are, they are actually not the most important resource in your business.
Here’s what we’re going to cover in this post: first, I’m going to tell you what the most valuable resource is. Second, I’m going to give you three different examples of how I use this resource myself in my business and in my personal life. Third, I’m going to tell you things that you can do today to best use this resource yourself.
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The Most Valuable Resource Is…Time
The most valuable resource that you have in both your business and in your personal life is pretty simple—it’s time.
When it comes to business, your money, product, service, and team are all very important. Yet, time is the one thing that you can never fully control. You can get a better team, you can get a better product, you can make more money, but you can’t control is time.
It’s really important in business, because business is a race against time. When you’re starting out, you’re racing as fast as you can to get to the point of profit and the point of revenue, so you can sustain the business. Then, you can start cutting yourself a paycheck.
If you aren’t able to adequately get your business up and running and profitable in time, then what happens? You go out of business. But, if you’re able to use your time effectively, you will be a very productive individual and have a very productive business.
You’re going to learn a lot in a very short period of time, which will obviously allow you to stay ahead of your competitors, and to ultimately be successful and create a sustainable business.
Now, I need to remind everybody just how much time is in each day. I feel like a lot of people don’t use their time effectively, so let me talk about it.
There are 24 hours in a day. Let’s assume that you get eight hours of sleep every night. Most people don’t, but let’s assume that you do.
Now, I know most people don’t work Saturday and Sunday, but let’s say you do. Now you have eight hours of work gone from your 24 hours and you’re down to 16 hours.
Then, let’s take four hours out for your commute and errands/life. That puts us at a total of 20 hours gone in a 24-hour period. So what will you do with those four hours?
Really ask yourself what you’re doing, because many people don’t realize that those four hours are usually wasted. It might be Netflix. It might be playing video games or computer games. It could just be staring at a wall because you hate your job—it could be anything.
The point is, a lot of people waste time during the day, and they don’t even realize it. I know some people are going to be like, “No, my schedule is super busy. I have another part-time job.” Even still, let’s say that you still have two hours a day; there’s still time.
For easy math, let’s backtrack. Let’s say that 20 hours of every day is used for all the activities I just listed, and you always have four hours left. In a full week, that means you have 28 hours to work on your business.
You need to spend that time working on your business in order to be successful, but it doesn’t stop there. Let’s say we take 28 hours a week and we multiply that over a whole year. That gives you a total of 1,460 total hours to work on your business for a year if you were able to dedicate four hours every day to that business.
This might sound impossible, but if you look at your schedule, it may not be. You just have to make it a priority. For those who are thinking, “I don’t have four hours a day, Ron. I can’t do that. I have kids,” stay tuned because I’m going to help you understand how to best utilize your time in order to grow your business and make your life better.
Three Examples of How I Use This Resource
Before I do that, let’s look at three different examples of how I use time as a resource, and how I am able to buy more time for myself, even though I’m a very busy guy.
Right now I have a portfolio of seven different websites. I am married, and my wife and I obviously have to have some hangout time. I also have family that’s close to me, so I visit them pretty frequently.
I still teach as an adjunct at three different colleges, and I still do some consulting as well. So, if you’re going to sit there and tell me, “Oh, I’m too busy,” then you’re just lying to yourself. Don’t do that; you owe yourself more than that.
First, in terms of business, I use Upwork.com. If you aren’t using this to outsource, you are absolutely crazy. I outsource a team of writers, an editor, and somebody who does all of my blog posting and formatting.
Therefore, I don’t spend my time doing those things. Instead, I spend my time on things that are higher-level. That is a much smarter way to manage your time, which is the most important resource.
Anything you can do to get your time back is always worth considering, no matter what. That’s the one rule that I live by.
If you hate something, or even if you’re good at something and you’re like, “This really isn’t a high-level thing,” then by all means, just outsource it. If you don’t have the money in the beginning, I get it. You may have to do it yourself.
But once you do start making money, you better put that right back into the business and outsource the low-level activities. If you do that, you’re going to buy yourself more time, and with more time, comes more production and more time to spend with your family and loved ones. The next thing I do to buy back some time and use this resource more effectively is to automate my investing. This goes back to an app that I’ve mentioned before called acorns.com. I love the app and I’ve made quite a bit of money with it.
Basically, it is a robo-investing platform. Every time you spend on your credit card, it rounds your balances up and puts a little bit of money into your account. It automatically invests money into the account and then puts it into diversified index funds and ETFs.
My advice is to never touch that account. If you get into an emergency and you really need to, you can. But generally speaking, try to stay away from it. This will automate your investing, so it’s one less thing to worry about. Plus, you don’t have to spend your time in your headspace thinking about it.
The last example that I want to mention (that I haven’t actually talked about before, but I am absolutely in love with) is an app called Instacart. You may have heard of this before, or you may not have.
My wife and I are bargain shoppers, so we shop for our groceries at Aldi. Aldi is a low-cost grocery store, and they have great products. I’ve shopped with them for years. Instacart is a platform that will actually send someone over to Aldi for you.
They will pick out all of the items you have chosen online and then deliver them directly to you. The cost is about $15-$20 for this whole thing, to which you might say, “Well, that’s lazy. I should just do that myself.”
But how much do you really enjoy grocery shopping? How much does anybody enjoy grocery shopping? I don’t really enjoy it. What’s really great about Instacart is that you have all the grocery items you usually get in one area, so you can very easily re-order the same things.
You can save yourself about an hour and a half to two hours, which doesn’t sound like a lot, but there is no better feeling in the world than having someone come to your front door with your groceries.
I usually only do this with major grocery shopping. If I have to go get salad dressing, I’m not going to do use Instacart, but when it comes to the major stuff, you may want to check this out. It will help you buy your time back.
If you’re busy working a nine to five job, and grocery shopping is one of those things you always roll your eyes at, definitely check that out.
Things You Can Do Today to Best Use This Resource
Let’s talk about how you can better use time, and have time on your side. The thing to understand is, you can’t. There are always 24 hours in a day. It doesn’t matter who you are; that’s always true.
What you can do is leverage your income to buy more time by buying other people’s time, so you can take care of tasks that you don’t want to do yourself. Even if there are things you do want to do yourself, they may not be a good use of your time.
I outsource plenty of things in my business that I’m pretty good at, including writing. I do it because it’s not the best use of my time. If I really want to grow my business, I need to be trusting and outsource different things.
By leveraging other people and paying them for their own time, they basically become employees, but most people don’t think of it that way. Just think of it as literally buying time.
The anecdote I always give is, when you’re sitting on your death bed, you’re not going to look up at all your loved ones and say, “I wish I would have edited more blog posts.” That’s never going to happen, so make sure you understand you can buy time by paying others.
Next, you need to get comfortable with outsourcing your business activities, to make your business better. It’s not easy to do, and I know many people are saying, “I’m the best one for the job,” and they’re scared of letting go.
However, they probably have skills from other clients already, and they’re probably going to be better than you are at this. Oftentimes, once I have that line of communication open I am astonished at the things some of my freelancers come up with, and I absolutely love working with him.
Most people will say, “I don’t want to spend a lifetime training. It’s going to take so long.” It will take a long time to get it right, but once you have them trained really well, they’re going to be able to take that training and expand on it to make it even better.
For instance, on the YouTube channel for the video above, you’ll notice that the videos get progressively better, which is thanks to my editor. Thank you, Dan, for doing all that. The point is, once you get them trained, they will do better and better as time goes on.
Next is that you need to stay organized in order to use your time efficiently. One of the things that drives me nuts is people who aren’t organized, especially with their calendar. If you are all over the place with your calendar, you can’t possibly be effective with your time, because you may not even know when you have meetings.
You may not know when certain tasks need to be done. You have to get organized in order to have time on your side. If not, you’ll end up spending a lot of your time trying to find things and trying to understand what’s next. When you do that, it makes it much more difficult.
Next, and I already touched on this, is to outsource your investing and savings. As I said, you can click here to learn more about the Acorns app, which helps you automate your investing.
If you’re not doing this already, then start now, even if you just invest a small amount every week or every month. If you click on that link, you get a $5 bonus for joining, and I’ll get $5 as well. I appreciate the support.
The app automates the process, so it takes it out of your headspace, which is the key to the whole thing. Basically, you’re not going to have to worry about it anymore.
Instead of thinking, “Man, I need to invest in my future and get a savings account,” you already have it in there. You choose some numbers that you’re comfortable with, and it does it takes it out automatically.
My next and second-to-last piece of advice is when you’re focusing on something, make sure you are giving that one thing all of your attention. When you really focus, you are much more efficient. It is also a better use of your time in general.
Take your phone, turn it over, and turn it off. Turn off the TV. If you have music playing, lower it or turn it off. Whatever you have to do, just make sure you are focused as much as possible on the specific task you’re doing, because that will make you as efficient as absolutely possible.
The last thing you can do today to better use your time is to outsource your grocery shopping. I know I just talked about it, but if you do this, I promise you are going to thank me so much. As I said, it is $15-$20 so well spent to get that time back. It’s an incredible feeling to have that stuff delivered right to you. Also, they do more than Aldi; they go to Walmart and many other stores as well.