Time is Money

Stephen Harvey
Posted by Stephen Harvey
Posted on February 01, 2018 Leave a comment

A quick google search tells me that the phrase ‘Time is Money’ is credited to Benjamin Franklin, one of the Founding Fathers of the USA, who of course now appears on the $100 bill. He first used the phrase in his 1748 essay ‘Advice to a Young Tradesman’.

Nowadays it seems fairly obvious that time is money… in our daily working lives we’re encouraged to think like that – how much did this advertising campaign cost? What’s the return on investment? What is the transactional cost of administering x, y and z?

Over the past few months I’ve spoken to a number of charities about how they run their operations and finance, and when introducing Akoni we’ve talked about how they manage their cash. The common response I’ve had is ‘our cash sits in a bank, we don’t get much (if any) interest; the hassle and transactional cost of managing cash isn’t worth the returns’.

Benjamin Franklin would agree with this logic.

But time is variable… if you can reduce the time taken to do something, then it might be time for a different approach. Time taken to manage cash is one of the problems that Akoni solves.

Our innovative platform means you can move cash to higher yielding accounts without hassle, working on both sides of the time and money equation. The transactional cost is taken away and your returns are increased. So with not much time you could make more money.

It is innovation like this that changes the way charities (and businesses) work… challenging assumptions that things (like managing cash deposits) take too long or aren’t worth doing. Akoni are helping charities to innovate and access cash returns they’re missing out on.

As one of the great innovators of the 18th century, we think Benjamin Franklin would agree.

Please feel free to get in touch with me at Stephen.harvey@akonihub.com if you’d like to find out how Akoni can help your nonprofit to reduce the time and hassle it takes to maximise your cash.

Akoni helps businesses make the most of their cash. Register free at panel.akonihub.com and follow us on Twitter

 

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