The time value of expertise is a concept that the knowledge and skills acquired by an expert over a long period of time significantly enhance the value of the time they spend on a task or consultation. Quite simply, the velocity at which they can apply their knowledge and skills to produce a high-quality output or solve a complex problem is highly effective in terms of time.
When you’re paying an expert for their time, you’re not just paying for the hours they spend with you. You’re also paying for the years of study, experience, practice, and skill-building they’ve accumulated. This expertise enables them to provide insights and solutions that are more effective and valuable. A highly experienced consultant might be able to identify and solve a problem in your business within an hour, while a less experienced professional might take several days or weeks to achieve the same result. The consultant’s higher hourly rate reflects the value of their accumulated expertise and the efficiency they can provide due to their extensive experience and knowledge.
How to apply this concept in your context :
When engaging with experts, it is important to compensate them adequately for their extensive experience, which often spans decades. Compensation should be determined on their terms, not yours, and not merely by the amount of time you spend with them. Never resort to being stingy; the quality of service you receive often reflects the amount you pay.
Respect their profession and refrain from asking them for their work or templates. It’s also crucial not to exploit their time without compensation, unless they offer it voluntarily. Treat them with the utmost respect, as the brief moments you spend with them likely embody the culmination of their years of dedicated work. Every minute you spend with the right expert could potentially represent months of their professional value.
Therefore, careful planning is essential when setting up these vital interactions, whether they’re in-person or digital. It’s not an occasion to improvise.
Finally, acknowledge their contributions by sharing the successful outcomes achieved as a result of their valuable time and energy. This not only conveys your appreciation, but also demonstrates how their insights have helped you fulfill your needs.
Making the most out of a meeting with an expert
Making the most out of a meeting with an expert requires careful preparation. Here are some steps you can follow:
- Identify Your Objectives: Clearly define what you want to achieve from the meeting. Whether it’s solving a problem, gaining insights, or seeking advice, having a clear objective will guide the conversation effectively.
- Do Your Homework: Research about the expert’s field and their work. This will help you ask relevant and insightful questions.
- Prepare Questions: Based on your objectives and research, prepare a list of questions or discussion points. Prioritize them based on their importance to ensure the most critical ones are addressed.
- Share Context: If possible, share your questions or relevant information with the expert in advance. This allows them to prepare and make the meeting more productive.
- Set an Agenda: Create a timeline for the meeting. Share this agenda with the expert beforehand. Stick to the agenda during the meeting to ensure all points are covered.
- Respect their Time: Start and finish the meeting on time. Keep your questions concise and listen carefully to their responses.
- Follow-up: After the meeting, send a thank you note and a brief summary of what was discussed. This helps to confirm your understanding and keeps the communication line open for future engagements.
By preparing and structuring your time effectively, you will not only show respect for the expert’s time but also make the most out of their expertise.
Shailosophy 