I majored in finance in college and I remember many occasions setting in a lecture hall listening to professors explain the time value of money.  There were and still are today two basic measures of time to money.  One is present value and the other is future value.  Without going into great detail (which I am sure you will be thankful for), these formulas could help determine what money is worth given a time parameter and a stated rate of return or rate of inflation.  You used these valuations to help determine what would be the best use of funds both now and in the future.

I would like to apply these principals to what I believe to be one of the most highly overlooked assets each of us possesses…time.  I heard a great philosopher (my barber) once say to me; “We sometimes forget what matters. We focus on money, and take time for granted.  You can find ways to make more money, but you can’t make more time.”  Wow! Deep isn’t it?  He is right you know.  Each of us are given the same amount of time.  Time plays no favorites.  Regardless of who you are or what you do, your allotted share of time is exactly the same as the next person.  It is what you do with time that makes the difference.

I believe the greatest way you can convey to your customers their value is the way in which you honor their time. Take a look at how you do business.  When working with a customer in a transaction setting, are you efficiently taking care of them or are you passively performing duties at a lethargic pace.  Does your energy level show your customers you are glad to help them and make their business experience the best it can be?

If you schedule appointments and conduct meeting or if you make promises to meet deadlines, do you make this a top priority?  One of my pet peeves is to have someone schedule a meeting that begins at, for example 9:00 a.m. and that person for not other reason other than just not considering it important enough, arrives at 9:15 or later, and does so without calling to let you know! Please do not get me wrong, I know things happen and sometimes you are late.  The key is sometimes.  What I am saying here is you show your customers and clients how much they are worth to you by the way you value their time!  Never forget this. When it comes to business development, fashionably late is unacceptable.

Now let’s look at how prioritizing our customers’ time emphasizes value.  Just as we evaluate the time value of money based upon what it worth now and in the future given specific parameters, we can evaluate honoring our customers’ time both now and in the future.  What time value affords now is that it insures the customer sees NOW, today how important they are.  Efficient service in the transaction, arriving 5 minutes early to a meeting and following up and meeting deadlines, unconditionally proves to the customer they are valued!

The future value to the “time value of time” is simple.  By consistently proving your commitment to valuing your customers’ time, you are insuring they will keep coming back and continue to do business with you in the future.  Why would they go elsewhere when they see that the best use of their time regarding the services you offer is to spend it with you?

I submit to you, the best use of your time both now and in the future is to honor the time of those you serve. No formula can adequately calculate the value this will bring you and your organization.