Home locked Image credit: Morgan Housel Expert Featured Let's Talk Expert Let’s Talk – Time is money: how & where should business owners spend their time? Guillermo Troncoso May 5, 2021 The classic phrase ‘time is money’ is one that heavily applies to those running businesses, where every minute has the potential to push a company forward or hold it back. As many will no doubt attest: it can be an arduous juggle. Focus too much on one area and another can be neglected. Focus too much on the process or the product and you risk neglecting a customer, staff member or business partner. So, how and where can your time be well spent? Let’s Talk … Gordana Redzovski, Vice President, APAC, Vend “The retail industry is built on two core principles: delightful experiences and beautiful products. Successful businesses are those who can unburden themselves from the time-consuming, non-revenue generating tasks and focus on the bigger picture and foundational principles. After all, if not managed effectively, running a business can be an all-encompassing commitment. “Retail business owners should hire a trusting team and implement technology to automate tedious tasks, such as inventory management, internal administration and data analytics. When time-consuming tasks are automated or entrusted to others, retail business owners can begin asking and answering questions such as: Where do we want to be in five years time? How do we convert leads into sales and customers into regulars? How can we provide more in-demand products and meaningful customer experiences?