Hi friends and welcome to the last day of July! Today also happens to be the last day of my ‘Expert Advice’ series. Before I share our final guest post, I want to take a minute to thank all of my extremely talented and amazingly insightful friends. WOW! You guys really have some great advice and I have been taking note all along the way! I appreciate your willingness to share with all of us!

For our final guest post I’m excited to have Erika Ward of Atlanta-based Erika Ward Interiors here to share some insights on the delicate balance between time and money — don’t we all need some insight on this topic!! Erika is a genius at creating affordable interiors that are super chic and are a true reflection of their owner. Sit back and take in this last piece of expert advice — it’s one you will not want to miss. Enjoy! xo, Tobi

Before I experienced my first economics lecture in Sanford Hall at The University of Georgia my late Grandfather, an architect, taught me his version of the time and money principle. In his lecture, time was always more important than money, “You can always recoup costs, but you will never regain time lost.” Part two of his lesson simply stated that you have either time or money, “Whichever you have more of will dictate your actions.”

His words have always stuck with me and drive my business decisions on a daily basis. In the beginning I had a disproportionate amount of time versus money and performed necessary tasks to get my business up and running. True enough, start-up cash would have made it a lot easier, but the time I spent at the foundation has been an invaluable asset for me. Now, there are specific tasks that I delegate so that I am efficient in my client work, but I can proudly say that a task will not go undone because I don’t know how to complete it myself.

His lessons in time and money also dictated how I handled by business’s profitability when the phone calls became fewer. With more time on my hands, I learned how to resuscitate sales with writing opportunities where I could share my knowledge about design with other design enthusiasts, potential clients, and whoever else happened upon my article via internet searches. The decision to do so has been time well spent because the information I provide remains accessible on the web and works for me even while I’m asleep.

Now as a wife and mother (expecting baby number 4), his time and money lessons are the measuring sticks I use to maintain work/life balance. Knowing the intrinsic value of both helps me to decide which design jobs I will accept or reject in order to effectively serve my family and business.

Whether you are a solopreneur or have a fully staffed office, reassessing your attitudes about time and money will help to correct existing imbalances that exist in your business and perhaps even in your personal life. A decision to value one over the other is strictly a personal decision; there really isn’t a right or wrong answer. Careful examination of these two factors combined with necessary changes will lead to a more satisfying business experience and will simplify your decision-making process.

Are you reaping optimal benefits in how you manage your time and money?

Live Well,

Erika

[Images courtesy: Erika Hollinshead Ward]

P.S. While I’m sharing some insights from one of my favorite Atlantans, I want to mention I will be in Atlanta with my good friend Kathryn Greeley on Wednesday, August 1. Kathryn and I will be sharing a presentation called DecorEAT: Designed to Dine at America’s Mart. You can find all the details here. Hope to see you there!! -Tobi