The only real scarce resource is time

Scarcity is a word that is often used in business. It makes your product sell. But what is the scarcest resource on earth…? My belief is that there is only one true scarce resource. There is only one thing that cannot be replaced by anything else, and that is time. It is the only thing that we are 100% sure we will run out of. One day, it’s gone, game over. Your time is finite, so use it well!

I want to make you aware of ‘time’ in public speaking.

Let’s say you speak to an audience of 100 customers. Let’s assume that you speak for 45 minutes. This means that you ‘use’ 100 x 45 = 4,500 minutes = 75 hours! If you do your job well, you can actually squeeze 75 hours into 45 minutes! This saves you 74 hours and 15 minutes. That’s three whole days, more than nine eight-hour working days.

However, if you fail to get your message across, if you don’t have impact, you waste 75 hours of other people’s time. I don’t even want to talk about the economic impact of those 75 hours, in terms of how much these people are getting paid by the hour.

When you have the chance, the wonderful opportunity, to spend 45 minutes with your customers, make those 45 minutes work. It will save you 100 visits to each individual customer. What an amazing way of using your most scarce resource effectively!

Every speech is a once-in-a-lifetime opportunity that won’t come back. If you miss it, that time is gone! If you do the maths, you will think differently about your 45 minute speech.

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