It’s all about eliminating mistakes, saving time, not wasting resources. In construction, if you are framing a wall, do you place the bunk of studs as close to the wall as possible and mass-cut right off the top of the stack? When you sheet a wall, do you place the bunk of sheeting as close to the wall as possible or do you walk all the way around the house one sheet at a time?
If you are a subcontractor, and you are working on a set price, you’ve learned how to minimize your movements to maximize your production because it means more money in your pocket in less time.
This holds true on the business side as well. Money is nothing but a measurement of energy. The amount of work you do for a paycheck. Let’s say you’ve accumulated nail guns, framing saws, impact drivers, drills, sanders, planers, table saws, compressors, and the likes over time. Let’s assume that if you added up what you spent on all your tools, it came out to an even $10,000.00 And lets assume that you were making $30.00/hr while you accumulated all these tools. Taxes aside, (Thank you, Uncle Sam.) that means that you have spent 333 hours of your career, over two months worth of your wages on the tools you rely on. That’s quite an investment you’ve already made in yourself, your current and your future ability to earn money.
Everyone faces the risk of theft. Doing nothing to protect the investment you’ve made does nothing to reduce your risk of loss. Ask yourself, would you give your tools away to a complete stranger if they asked you for them? No? Then why would you do nothing to stop a thief? Are you willing to work for another two months to replace everything you have? Are you willing to spend another $10,000 to replace everything you’ve already accumulated? Simple risk assessment. You’ve already invested that energy in yourself, why not safeguard it to protect the business you are building.
THE VALUE OF TIME
If you take 30 minutes to photograph your tools and add warning stickers to your job box, work truck, or job trailer, and a potential thief cases your tools, sees your warning stickers, and decides to hit a trailer belonging to someone else who is less prepared than you; then you can assume the value of that thirty minutes spent protecting your $10,000 investment is equivalent to making $20,000.00/hr.
Running a business is no different than working on a job site. Success is built by maximizing the value of your time while protecting the energy you invest in yourself or your company. Risk management is directly related to profitability.
It’s exactly the same reason you hear, “Measure twice, cut once.” Avoid mistakes, understand the risks you face. Maximize the value of your time, and don’t waste resources. Protect the investment you’ve already made in yourself, your business and your future. After all, what do you have to lose?
Except all your tools….
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