This question may be nonsense to you. You might think “Of course, we can’t buy time. You must be out of your mind”.
But what if I say, we can? This question is so important to think about, since we are now in the middle of covid-19 pandemic and economic fallout.
Covid-19 has unfolded many chapters that tested us on our understanding and relationship with time.
The Lockdown and Time
One of the important chapters is the lockdown. Some people thought that lockdowns are done to cure the spread of the virus. While medical professionals say it is to “flatten the curve”.
But when you translate this into simple terms of time, lockdowns are actually done to give more time for hospitals to successfully treat each covid-19 patient. Thus, slowing the spread. If there’s not enough time, there won’t be enough hands. And if there’s not enough hands, more people will die in a short amount of time. You can say that the lockdown is like a pause button for death.
The Moratorium and Time
This brings me to the next chapter: the moratorium.
Following lockdowns, many businesses have quickly closed their business, downsized their office leases and laid off their employees to restructure. Restricted movements of goods, services, and the workforce have slowed down the rate of making profits. This has made a lot of us unable to pay outstanding debts. Hence, the moratorium. It is granted by banks until December 2020, to delay and suspend any loan payments as a relief for financial hardships.
So you can say that the moratorium is also the pause button! Banks are helping the economy by giving us more time to save, restructure our financial plans, regain some income.
Here, business, too, is taking advantage of time to save businesses and relieve financial hardship. What a relief! We don’t have to pay any debts for now.
But what’s going to happen once the moratorium time is over? We all might be in a deeper crisis.
We generally thought the basic solutions to manage this economic crisis will be enough to save us:
- Reduce Cost & Expenses
- Increase Revenue & Profit
But being disciplined with money is not enough as we’ll only starve and not live in the moment. The solution is not elsewhere, but it is already within the crisis itself.
The important solution that we should add to this list – yet is often overlooked solution – is to:
- Buy Time
Buying time to create more time
We’ve seen how time is being slowed down through lockdowns and the moratorium, now why don’t we buy time to create more time?
Many businesses have long been stuck with the traditional idea that business working hours should strictly be from 9 am to 6 pm and sleeping time be 9pm to 6 am. So, the movement of goods and services to run a business is already set to be limited to only 12 hours a day. Many employees are overworked to create more time and more money. And once the lockdown happened, no movement could be done during those 12 hours. Hence, no profit gains.
So as an entrepreneur, you must be wishing you don’t need to sleep because you want to make more money by working more hours. To b able to work while you sleep and earn throughout 24 hours. But you know you’re not a superhuman who can work 24 hours a day.
Creating more time to earn more money
You can buy time when you automate your work with technology or pay others to do your work while you’re sleeping at night. When you buy time, your business can generate sales and profits while you’re dreaming away in your sleep. And while you’re sleeping at night, your work is still in sync with your partner that’s awake and working in a different time zone. This also means taking advantage of the crisis from lockdowns. Rather than looking outside the crisis for a solution, we should look inside the crisis itself. Like how a virus can kill the virus, a crisis can solve a crisis.
This is why there’s so much hype on e-commerce, virtual office, copywriting, digital marketing today. These services can run any time and anywhere without much cost and geographical barriers. With automated e-commerce technology and payment gateway methods, customers and sellers can buy and sell at their fingertips at any time of their choice. Online stores are open 24 hrs unaffected by lockdowns. The same goes for paying freelance writers to copywriting for generating leads when you’re too busy to do it. And also the virtual office that does all the administrative work when you are working from home. These services can help your business succeed because they buy time to create more time. Hence, create more money.
Now,we can see how time makes so much sense whether it comes to saving lives, businesses or the economy. In absolute terms, we can’t buy time –of course. But in business terms, we can buy time. Managing a business in crisis is more than just restructuring, downsizing, laying off employees.
If we know how to take advantage of 24 hours in a day, then we can manage this crisis, start earning again and pay our debts once the moratorium period ends!
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