How Much is Your Time Worth?

A question my dad used to ask me that all the time. Yet, I never understood until years after being an entrepreneur.

You may or may not know, I owned and ran a pizza and wine bar over 10 years ago. It was a small space that did a ton of business. I prided myself on being Front of the house, the busser, accountant, purchaser, and the marketing dept. Etc. My dad came in one day to have lunch, and I could only spare him 2 min of my time. Later that afternoon, when I was able to take a moment to breathe, I texted him and apologised for not being able to spend more time with him.

As a father, of course, he said it was ok, and always left me with sage wisdom. He said, “Think about how much your time is worth…and, are you making the best use of your time to move the needle toward meeting your goals.” I didn’t understand it then, and it took years before I did…long after I became an entrepreneur.

And still to this day, he says to me, “ remember, your time is valuable. Make it count”

Whether you are contemplating on when to bring on a CEO, CMO, CTO to when is the right time to raise capital, what kind of product to launch, when to launch, or even when is the right moment to outsource one, two, three, of the many hats you wear as a founder…. Timing is everything.

In Bill Gross’ study of over 200 companies in 2020, results revealed that timing accounted for 42% of the difference between success and failure in startups.

In a recent article written by Rachel Brown, Editor in Chief of Beauty Independent, she posed the question based on advise Rich Gersten,Founder of True Beauty Ventures, gave during last months Deal Summit in NYC. He advises 'emerging beauty brand founders to think about recruiting a CEO or GM for their brands sooner than their predecessors generally did…’ You can read the article here.

Yours truly, was asked and honoured to contribute. Below is a part of my insights, along with other beauty industry experts and thought leaders:

“Although there is no one size fits all answer, having the awareness to reflect and ask the hard questions about founders’ own skill set, strengths and weaknesses versus company needs will determine the next course of action.

One thing is for sure: The most successful founders always surround themselves with smart people who have the right skills at the right time to help elevate them as leaders and their business to meet their next milestone and strengthen brand equity. If you don’t know of any, find people who know. There are so many amazing ways to connect with consultants, advisors, mentors, merchants and investors who are passionate about helping founders, it would be negligent to forego their sage advice to help navigate next steps.”

Meaningful and thoughtful insights that stood out from industry colleagues and experts include:

💡 "There is no replacement for a founder's magic, and I prefer to keep the founder in the CEO/leadership role as long as it makes sense to ensure that the maximum amount of this founder magic is entrenched into the brand's DNA." - Deborah Benton, WIllow Growth

💡 "A strong relationship between founder and GM/CEO built on trust, transparency and collaboration is crucial for sustained success. The GM/CEO should be the founder’s strongest advocate and supporter." -Sarah Woelfel, Cult Capital

💡 "...the founder seat and CEO seat as very different, and someone who is a brand visionary and a super precise, ruthless and meticulous operator all in one is a rare breed... I think the earlier a founder/brand leader can cultivate self-awareness and build around their weaknesses, the better." -Ali Kriegsman, Scent Lab

💡 "Executing on a clear strategic vision in the early days of a brand will save you time and money and should more than offset the cost." -Paula Sutter, Provenance

💡 "Timing is everything, meaning don't make the mistake of hiring specialists too soon or too late and then don't make the mistake of hiring a sales and marketing head when you are in a serious scale- up or growth phase." - Rohit Banota, Jump Accelerator

Leveraging time, in various aspects of business strategy, enhances growth prospects, and when done properly, it is like riding a beautiful wave with momentum carrying you to the next wave, and next.

It is both an art and a science.

Having a pulse on the following allows you to navigate the the timing of your business growth and propel your business forward:

Market readiness: Launching a product or service when the market is ready and receptive can lead to rapid adoption and growth.

Competitive advantage: Being first to market with an innovative product or service allows companies to establish themselves as industry leaders and gain customer loyalty before competitors catch up. This early mover advantage can lead to faster growth and market dominance. To be able to ensure you have the advantage, listen and get to know your customers, their needs, desires, competitors, and their strengths and weaknesses. Anticipation of their future needs before they know they need it is the secret.

Seizing opportunities: Identifying and capitalizing on emerging market trends and consumer demands at the right time can give your business a significant boost.

Adaptability: Recognizing shifts in consumer behavior and adapting quickly.

Economic cycles: Understanding and aligning with economic cycles can impact growth. Each industry is aligns to economic cycles differently, and knowing the inflection point of when to launch, expand, and invest will be indicative to your business growth.

Funding opportunities: Although timing does affect which vehicle you use to secure funding, there is always dry powder. How you have built your business and how you position your brand will be a factor to identify which funding mechanism you will use that is best suited for your business.

Long-term planning: Your planning today should be for 3-5 years down the road. Where you are today should be the effect of your planning 2-4 years prior. Strategically timing product launches, expansions, or acquisitions can maximize growth potential. While long term planing is important, always make sure your assumptions are accurate with room to pivot without sabotaging your mission, ethos, and purpose.

Having the pulse on timing the activation of strategies can have a powerful shift in your business that catapults growth, increases community, and when nurtured in an authentic and meaningful way, becomes loyal customers.

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To your success xx

artist: Andy Warhol | ‘Roll of Bills’ |1962