Get Your Free eBook

GET IT NOW! Rory Vaden eBook

Sign up to receive my Daily Discipline blog posts via e-mail and get a copy of my popular e-mini book of quotes FREE.

Get a free Rory Vaden e-book!

How to Save Your Company $1.5 Million in 3 Minutes

million

People often say that “time is money.”

They are wrong.

Time is not money.

Time is worth way more than money is.

In fact, via compounding interest, time is the one thing that takes money and effortlessly turns money into more money.

Money that is lost, can be earned back. But time that is lost is gone forever.

Which is why our team at Southwestern Consulting believes that the next generation of cost savings scrutiny in organizations will not be as focused on saving money as it will be on saving time.

Think about this… almost every organization in the world has an entire team of people whose job is solely dedicated to counting the financial costs of a business. This is the accounting department of course.

Yet almost no organizations have even a single person who monitors, tracks, and manages all of the different ways that people throughout the organization lose time every day.

Not even one person whose full effort is dedicated to figuring out detailed ways to save everyone time.

Why is that?

Especially given the fact that one of the most expensive financial costs to any business is human capital and the money we spend on our labor force in wages.

The Money Value of Time (MVOT) from Procrastinate on Purpose teaches us that regardless of how we derive income, we all have a calculable hourly rate of pay. And that we are always either paying someone else at their rate of pay or we are paying ourselves at ours.

Which means that every single task and every single moment costs money. And anything that wastes even a second of your time is a waste of your money.

So that means there is opportunity throughout the organization to save massive amounts of money by saving massive amounts of time.

But where might we find these massive time savings?

Is it in cutting insignificant projects and unnecessary meetings? Sure.

But an overlooked area – with perhaps even more opportunity – is cutting mere minutes or even seconds spent on repetitive tasks that recur on a frequent basis.

For example let’s say you have a task that a team of 50 people each do 10x a day that takes them 180 seconds each time. This could be something like copying and pasting and then sending an email to a prospect or client with an attachment or something.

That’s 1500 minutes total for the team each day x 250 working days in a year for a grand total of 375,000 minutes each year spent on that one recurring 3-minute task.

If the average person on the team makes $50k a year then that person has an MVOT  of $24.04 per hour or $0.40 per minute.

Which means that a recurring task that takes 50 people (who make $50k) just 3 minutes a few times a day could be costing an organization $150,000 a year!

Plus, keep in mind those are hard dollars being paid to real people which means there is a legitimate opportunity cost of using that money.

If a company could save that time, and instead invest that money then (using a simple investment calculator) we know that $150,000 invested one time at an 8% rate of return for 30 years would be worth $1,509,398.53!

Think about that…

A task taking people 3 minutes could be worth over $1.5 million in the long run.

Now think about this…

If you have a team bigger than 50 people…

Or

If you have regular recurring tasks that take longer than 3 minutes…

Or

If you have more than 1 recurring task a day that everyone does…

Or

If you have people in the organization that make more than $50k per year…

Or

If you could do better than an 8% return on your money…

Or

If you invested that money for longer than 30 years…

Or any combination of these factors…

Then losing that time could cost you even much much more than $1.5 million of opportunity cost over the course of time.

So, what’s the point?

The point is that we should place as much value on saving time as we do on making more money.

The point is that we are potentially missing out on millions of dollars in cost savings by looking at things differently.

The point is that we should potentially apply even a higher level of scrutiny to how we spend our time than we do with how we spend our money.

But most companies don’t.

Most companies track every single penny spent on paper clips and pens and completely ignore the question of “what recurring tasks are sucking up our people’s time?”

It’s a massive opportunity for profit growth in the future of business.

We believe that the future of cost savings is going to be more focused on saving time then it will be on saving money.

Which is one reason why we believe that there is going to be a continued boom in the world of workflow automation.

We believe, as mentioned in my Ted talk, that “automation is to your time exactly what compounding interest is to your money.”

Saving salespeople time by training them on the best communication strategies and interpersonal skills has always been a space that Southwestern Consulting has been known to specialize in.

But when it comes to saving salespeople time by coupling it with automating things like lead generation, lead tracking, workflow, pipeline management, customer follow up, CRM and content marketing, that’s also a service we provide for small and medium sized businesses.

If you’re interested in more on that, you can check out our free 1 hour training on turning your business into an Automated Revenue Machine.

But no matter who you are or what type of company you have, what we all need to know and understand is that time is not money.

Time is, and will always be, worth way more than money.

Make sure you’re valuing it accordingly.

Painless Prospecting and Conquering Call Reluctance with Dave Brown – Episode 195 of The Action Catalyst Podcast

Prospecting

Dave Brown is a Founding Partner of Southwestern Consulting and one of the driving forces in making Southwestern Consulting what it is today. He is a world leader in training people to eliminate their call reluctance through his award winning speech and book Painless Prospecting. He lives out the 160+ year Southwestern Principles in all he does. Dave is a sales and sales leadership practitioner first and everything else second. When he is not on stage or on the phone selling something he is spending time with his wife, kids, friends and dog. He is still very active with sports around his community and is a wine fanatic that is preparing the soil on his land outside of Nashville for their family’s future Tennessee Winery already named “Brown Family Sellers.”

Show Highlights:

Learn to say positive things about rejection. @davebrown_SWC

Pray for your nos. @davebrown_SWC

Asks everyone, even if they reject you, for referrals. @davebrown_SWC

When you’re rejected, you are intercepting the negativity for someone else. @davebrown_SWC

There are massive opportunities out there for us if we just reach out. @davebrown_SWC

You have to ask for what you want or you’re not going to get it. @davebrown_SWC

The reason we don’t ask is because we don’t believe we deserve it.  @davebrown_SWC

Be pleasantly persistent. @rory_vaden

Act your way into healthy thinking. @davebrown_SWC

It’s hard to be nervous when your hearts on service. @rory_vaden

Fear is self-centered. @rory_vaden

Change the way you think about “no.” @rory_vaden

 

The Action Catalyst is a weekly podcast hosted by Rory Vaden of Southwestern Consulting every Wednesday. The show is regularly in the Top 25 of Business News Podcasts, has listeners from all around the world and shares “insights and inspiration to help you take action.” Each week Rory shares ideas on how to increase your self-discipline and make better use of your time to help you achieve your goals in life. He also interviews special expert guests and thought leaders. Subscribe on iTunes and please leave a rating and review!

Creating an Income Producing Schedule Lifestory with Jamie Hourahan and Jeff Keen – Episode 190 of The Action Catalyst Podcast

income

Jeff Keen is a registered loan agent for Ideal Home Loans, LLC in Denver, Colorado. He has been in the mortgage industry for 17 years. Jeff is in coaching with one of Southwestern Consulting’s Certified Coaches, Jamie Hourahan. Jamies’ experience is vast, but what sets him apart is his innate drive to achieve, excel, and exceed expectations. He’s an expert in helping people realize their potential and boldly deliver it to the world. He has a love for systems and operations and is constantly working to make strong existing systems better and more effective. Jamie is a relentless pioneer when it comes to finding sharper and more efficient ways of conducting business. He understands what it takes to start a new business, and has the energy and enthusiasm needed to be a top producer himself while leading teams to success.

Show Highlights:

Discipline creates freedom.  – Jeff Keen

I had to create new habits that make for a more productive day. – Jeff Keen

If you start your day in reaction mode, it takes over your entire day. @CoachHourahan

Jeff surrendered immediately and completely to the process. @CoachHourahan

Now I run the day instead of the day running me. – Jeff Keen

@rory_vaden shares 4 buckets to create an income producing schedule.

Routine. Reactionary. Revenue. Recurring. @rory_vaden

 

Click here to request a free call with one of Southwestern Consulting’s Certified Coaches!

The Action Catalyst is a weekly podcast hosted by Rory Vaden of Southwestern Consulting every Wednesday. The show is regularly in the Top 25 of Business News Podcasts, has listeners from all around the world and shares “insights and inspiration to help you take action.” Each week Rory shares ideas on how to increase your self-discipline and make better use of your time to help you achieve your goals in life. He also interviews special expert guests and thought leaders. Subscribe on iTunes and please leave a rating and review!

Navigate: Advanced Selling Systems with Dustin Hillis – Episode 162 of The Action Catalyst Podcast

Navigate

Dustin Hillis is an entrepreneur and the Co-Founder of Southwestern Consulting. He has a degree in Psychology and is the author of the book Navigate: Selling The Way People Like To Buy and Co-author of newly released Navigate 2.0. He is the co-creator of the sales training curriculum Top Producer’s Edge & Manager’s Edge, which has been fully integrated by more than 5,000 sales professionals worldwide.

More than just a teacher of sales, Dustin is a Top-Producing practitioner.  As a rookie dealer at Southwestern Advantage, the oldest direct sales company in the US, he finished as the #1 salesperson among over 3,000 salespeople worldwide. A few years later, Dustin broke the over 160-year-old all-time sales record earning a profit of over $100,000 in a 14-week summer as a Junior in college. He is currently the #1 salesperson out of over 150,000 salespeople in the history of the company.

Show Highlights:

  • It takes working hard, studying and being coachable. @dhillis
  • Psychology is rooted in the essence of sales. @rory_vaden
  • Remember, don’t sell the way you want to sell, sell the way people like to buy. @dhillis
  • It doesn’t matter what industry you’re in, if you’re a top seller you have these for traits:
    1. Attitude and Self Talk
    2. Work Ethic
    3. Problem Solving
    4. Student of the game
  • You must be able to put the blinders on, put your head down and go to work. @dhillis
  • Top Producers are willing to invest in their own minds and think of learning as a journey. @dhillis
  • Navigate is Broken into 3 parts:
    • Solidify
    • Identify
    • Modify
  • The reason people buy is because they like you and trust you. @dhillis
  • Our resistance to identify with selling often is the result of the negative stereotypes associated with selling. @rory_vaden
  • Selling is nothing more than a conversation about someone’s needs. @rory_vaden
  • Closing a sale is bending over backwards to help a customer figure out what is best for them. @rory_vaden
  • The very first step in selling is being completely convicted about what you’re selling. @rory_vaden

 

Click Here to get the Navigate Advanced Selling System FREE Training Webinar.

The Action Catalyst is a weekly podcast hosted by Rory Vaden of Southwestern Consulting every Wednesday. The show is regularly in the Top 25 of Business News Podcasts, has listeners from all around the world and shares “insights and inspiration to help you take action.” Each week Rory shares ideas on how to increase your self-discipline and make better use of your time to help you achieve your goals in life. He also interviews special expert guests and thought leaders. Subscribe on iTunes and please leave a rating and review!