The Gift of Time

    Dec 26 2013

    Most people have heard the adage "You have to spend money to make money."  There is definitely some truth in that statement, but like most familiar sayings, it can't be followed blindly. The act of spending money doesn't automatically help you to make more money. You have to spend money wisely on investments that will pay off. Sometimes those investments will directly make more money. Sometimes they work in a more roundabout way. Any investment which enables you to spend less time on administrative tasks and more time in planning, networking, executing strategic changes in your business, or serving customer needs is potentially a good idea.

    A Simple Test

    If saving time on "adminis-trivia" is a good call, here is a basic challenge to give yourself: how quickly can you count a stack of dollar bills?

    Counting up daily cash totals is a vital part of keeping a business running. Clearly, this is a task worth spending time on. But it's not worth spending extra time on. This is not an area in which taking more time necessarily leads to a better product. As long as cash is still counted accurately, the faster the counting happens, the better.

    Any business owner can try this test. If you need to count money anyway, try timing yourself. Record how long it takes to count a standard-sized stack of bills. Calculate how many notes you can count in a minute. For greater accuracy, test yourself on multiple days and average your results. Be careful not to cheat for the sake of speed. Counting badly in order to go faster doesn't help anything.

    Man Vs. Machine

    When you have your notes per minute number, you have a real data point to check against. Many note counters can count well over 1,000 notes per minute with a very high degree of accuracy. Can you approach this speed by counting manually?

    Some business owners may assume it's not worth spending the money on a machine to do a job which they can do manually. In some cases it may not. But if you have to count a lot of cash every day, a money counter which will do the job several times faster than you are able to could literally give you back hours of time every week. Consider what you could do with even two extra hours every week to work on your business. That's an investment worth considering.

    The Right Option

    Money counters are not a one-size-fits-all solution, which is a benefit to businesses of all size. Whatever your business needs in a note counter or coin counter, there are machines at the right price point with the right set of features. More basic machines which count at lower speeds will still beat manual counting for speed and accuracy. Businesses which deal with larger amounts of cash can benefit from automatic sorting and strapping for even greater savings in time without sacrificing accuracy.

    If you have to spend money to make money, you also have to spend time to make money. Finding the right ways to spend both your money and your time is the key to finding the next level of business success.

    Gino Lombardi

    Gino Lombardi

    Gino Lombardi founded CashTech Currency Products Inc. in April 2003. Prior to establishing CashTech Currency Products Inc., dating back to 1993, Mr. Lombardi was a member of the management team at Datacard Canada. Mr. Lombardi’s hobbies include stain glass design and creation, travelling with his wife and spending time with his four grandchildren. He resides in Woodbridge with his wife of over 40 years.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3