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Time: A Wrong Incentive
At some point in your life, you’ve probably heard the expression: time = moneyand you’ve probably even used it before. As iconic as this equation is it poses a huge problem for creatives or anyone who exchanges a product/service for money. Below are two reasons why you should stop using this phrase and encourage your clients to do so as well.
Time becomes the product
When time = money you become a merchant of time. That is, your client ends up paying for time, rather than the commodity they need. Consumers ought to be concerned with the value the product/service has to them and pay for that, not the time it takes. To put an emphasis on time is to incentivize the provider to spend more time than necessary on a project to justify its price. That is not to say that everyone you meet will deliberately bill you for more time than necessary. However, when we privilege time and not value, it benefits the provider to spend the amount of time you think is equal to the amount of money you’re being charged.
Experience becomes undervalued
Imagine you are sick and in need of life-saving surgery. You call a couple of doctors and tell them you have a fixed budget and need a one-hour surgery stat. You also let them know you have options on the table and will go with the best offer. What do you think will happen? The most experienced doctors will probably laugh at you and move on with their lives. While the least qualified will bid away or perhaps also not take you on. Now apply this to any product/service you need. If you have used the time = money mindset, I am willing to bet you weren’t satisfied with the final product. Experienced people call the shots! It’s okay to ask, “What can I get given this budget?” or “How much will I need to get this product/service?” It’s not okay to say this is what I want and this is my budget and I will take the best offer.
Conclusion
Be extremely careful not to incentivize time. Focus on product/service value. It’s okay to turn down a job if a client cannot afford your price, you won’t be missing out. It’s also okay as a buyer if you cannot afford a product/service. I’m not saying you can’t negotiate, after all, that is what business is all about, what I am saying is don’t incentivize time.
