The Cost of a Question – When 2 Minutes Turns into $45k

How do we use time to make money?

How many times have you heard, “time is money”? It’s a saying everyone knows, but we rarely reflect on its true meaning. If time is money, what changes need to be made to the way we do business? How do we use time to save money? Further, how do we use time to make money?

Think back to your first day of work – when questions arose, how did you find the information critical to your success? Most likely, you stopped and asked a question. We’ve all done it, turned to someone within the company – perhaps a colleague, mentor, or boss – for instructions or guidance. However, in the time it took to find the right person, ask the right question, and receive the right answer, how much time and money was lost?

Here’s an example scenario based on a company of 150 employees with average salaries of $70,000 annually. How much money is wasted if each employee stops for a mere two minutes a day to find the answer to a common question?
Efficiency Calculator
$46,500 wasted due to inefficiency. Hours lost simply because someone couldn’t find an answer when it was needed. The solution to this problem comes in the form of better structure to your organization’s resources. An investment in an enterprise-level community enables employees to work more proficiently with easy access to accurate information, correct historical answers to questions, and a place to share their knowledge and ideas surrounding the company’s products. So, consider this, if time really is money, what’s one unanswered question costing your company?