Time is Money

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

 

Can charities look at other areas of their organisation to generate more income?

I’ve spent the best part of the last twenty years working in charities. Most of this time, except for the last three years where I’ve been CEO of a charity (and still am part time), has been focused on fundraising – bringing in money so that each of the charities could further their mission.

I have first-hand experience of how difficult it is to generate income year after year. How challenging it is to think of the next fundraising idea… I still love this challenge. In the past month I’ve started a new job which has opened my eyes to new areas of potential income for charities.

I’ve just started to work at Akoni Hub – this blog post is on the Akoni Hub site so you might have guessed that. Akoni is a fintech business founded by one of the Trustees of the charity where I am also CEO. When I first heard about Akoni’s offering I immediately recognised the huge benefits it could have for the nonprofit sector.

Using Akoni’s innovative, digital cash management platform, charities, and in fact all businesses, can find the best interest rates for their risk and term requirements and spend the extra earnings on things that matter. All at the click of a button – without having to set up multiple bank accounts.

This video sums up the simplicity and the effectiveness of the platform.

So I guess this is fundraising. But it’s a different kind of fundraising – it’s hassle free. It can be planned to your requirements. It utilises resources (cash in bank) which are not bringing in income. It’s guaranteed. Making your cash (think of those reserves in the bank!) work harder for you could be the easiest fundraising in your portfolio.

I’ll be updating this blog regularly over the coming months with news, views and insights. Please feel free to get in touch with me at Stephen.harvey@akonihub.com if you’d like to find out how Akoni Hub can help your nonprofit to maximise your cash.

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