Money Likes Speed

Money Likes Speed

In business there’s a saying that “money likes speed,” meaning that taking action rapidly can attract money faster.

That makes a lot of sense to me.

Choose Quickly

When I’m faced with a decision, especially when I’m choosing between several options, I can get bogged down with comparing every alternative, weighing the pros and cons, checking my gut, asking advisors, doing research, and so on. I can spend hours trying to determine which is the best choice when my time would be better spent on moving forward.

Sometimes we spend way too much time coming up with and comparing our many options when we really should be making a quick decision and then investing time on next steps.

All that research and weighing of options is a form of procrastination.

Go With Your Gut

I recently decided that it was time to update my website, which hasn’t changed in at least five years. It's really outdated.

Since I’m not a web designer, I asked a couple of colleagues for the names of designers they had used. A client also gave me the name of his designer, who had the added benefit of being familiar with information marketing.

I got quotes and was surprised by how much higher my client’s designer was. I was sure he’d do a great job but paused when I saw the number presented.

I considered going back to my circle of friends for more web designer contacts and starting the process of gathering more quotes but realized that was not the best use of my time.

I knew what I wanted – I wanted my client’s designer to do the work. My gut was confident in his ability. So I hired him.

Focus on Action

In the last week we’ve had a kick-off call and strategized what my site needs, what it should look like, I’ve sent over materials for new features, and they’re working on the design. It should be done shortly.

Now, if I had opted to try and save a little money, I would probably still be gathering names and quotes, researching every possible approach rather than actually making a decision and moving forward.

And my site would be done in six months, not six weeks.

The result of that delay is potentially thousands of dollars in lost revenue and new business opportunities.

So instead of trying to save a few dollars, I opted for action.

It’s very possible that some other firm could have done just as great a job for less money, but the time required to identify them, get a quote, and then compare them to all my other options just wasn’t worth the wait.

What I mean is, I may not have made the best choice. But in making a decision quickly and moving ahead immediately, I opened the door to new opportunities sooner.

And that’s worth a lot of money.