Owner’s time; The cost of being cheap
A prospective bookstore client wanted to know the reason Pegasus Ventures Michigan charges $10 more in shopping than a competitor on a big order of sales books on the e-commerce website. The difference really came from location relative to the warehouse, but got us thinking about the inquiry.
Hey, owners are you making McDonald’s money?
Harry S Gross, a financial guru, certified public accountant and radio personality from Philadelphia, who passed away a few years back, suggested business owners calculate the time they spend working versus money left over at the end of the month.
Harry said owners need to consider the end result. For too many a McDonald’s job pays more than spending 60 hours a week running a business with little profit to show for it.
But it makes sense with a larger business to look at how one spends time.
Use time to create value
Viewing the customer’s business Facebook page revealed a well-beloved small town bookstore with over 1,500 followers and not one new post in over two weeks.
The time spent saving a ten spot put to use promoting the company on Facebook f missed a chance to sell books and expand the audience by engaging with followers.
Valuable owner time
Value your time as the boss. Maybe delegate saving that cash to an employee with some downtime if it matters so much.
Avoid getting caught in nickel and dime yick yack. Big ideas, not penny-pinching, make the business.
Pay check versus Owner’s draw
What sets many owners apart from staff? Skin in the game and the reward of turning an idea into financial success. For the business owner growing top-line dollars matched with smart efficiency reaps far bigger rewards.
The pie, just, gets bigger. It’s very different from the employee getting pretty much the same check every two weeks. Let trusted staff pinch pennies!
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