Time is becoming a problem again, it seems. Not really time itself, more the lack of it.

And, it was not just me noticing this, this week other people were reporting the same observation too. Things are getting busy.

It is all too familiar. You have a list of things that you need to do and all progresses well at the start of the week. But, by Friday (and earlier sometimes), you suddenly realize that not everything is going to be done, you are running out of runway on the week and some of the list is going to have to get carried forward to the following week. It is frustrating.

The same dynamics seem to happen just before a vacation too. The mad rush to get everything done, to have a week off, followed by a mad rush to get caught up again when you get back…. it can be all very stressful, sometimes feeling you need a holiday just to recover from taking a holiday.

All cake no filling

Of course in the world of business, it is money, rather than holiday, that is a key driver. Getting stuff done helps generate revenue and controlling spend reduces cost, all to maximize profit. The bigger the difference the better goes the thinking.

This approach is dominant in everyday decisions and no where more so than in areas for investment. “Can I get a good price?”; “Is there a cheaper supplier I can use?”; “Can we shave features off to save money”… all without noticing any impact on quality of course!

Vendors, often do their best and try to react, often offering lowering prices to get the work. It can cut into margins, forcing them to then drive economies themselves; reducing work detail, time dedicated to a project or spending less on finishing touches. It can sometimes be a false economy.

We all seem to know of projects/implementations that have gone live without reporting, controls, or features, that with hindsight would have added value… we often get just enough, no more. Sometimes it feels all we get to eat is the cake, without the icing (or the filling for that matter).

Time is money or is money, time?

But is money for investment really the limiting factor here? Money can after all be printed, borrowed or diverted from other projects to deliver the funds you need. Money however is a common currency, one we can use to trade time and resources and get stuff done.

Time is a different matter. More time cannot be created. We can borrow time, by getting others to help, but their time is limited too. It is fixed, there are only so many hours in the day, days in the year, and years in a lifetime.

Thinking about projects differently

So may be we have everything back to front. Time, rather than money, is the fundamental resource, limiting factor and universal currency instead. Time is what we really have to manage closely to get stuff done.

So bringing all this back to the problem of the week, the mad Friday dash to get things done…

Could it be we need to think differently about our week, not thinking just in terms of financial efficiency, but focusing on time instead. Using the same rigor and zeal we have for financial control, but this time on time. (Is time accounting a thing? maybe it could be!)

As a fundamental driver of value, getting the timing right will mean more projects on deadline, faster delivery, better features and likely more money too… not to mention getting everything done by Friday! One to think about this week.

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Other stories this week

• Two more energy companies go bust – continued pressure in the energy sector
• Consumer spending grew 13.3% in September – consumer spending is rising again as we return to more normal dynamics
• Bitcoin could trigger financial meltdown, warns Bank of England deputy – Bitcoin reached new highs this week, despite mining restrictions in China, due to ETF launch in US. I had an interesting demo of a FX/treasury settlement system… will we settle FX via Bitcoin/Crypto rather than USD… certainly possible in the future
• Consumer car finance market fell by 10% in August – there are only so many cars you can buy I suppose and plenty were bought during lockdown. Will be interesting to see the data on electric car sales the last few weeks mind you.
• Over half of credit providers planning to implement Open Banking this year – Seems to be a rising trend of discussion.

Have a good week everyone

I was feeling a little under the weather much of this week. Normally this would not be a concern, I would just soldier on, keep going.

In the current environment, with COVID cases rising again locally, everything seemed different. So despite not showing classic COVID systems, I pretty much spent the week stuck indoors my days filled with taking lateral flow tests and feeling sorry for myself.

Despite being isolated at home however, in some ways it was even easier to carry on working. If I was in the office, my colleagues would, quite rightly, tell me to get out, go home and stop infecting everyone else. There are no such concerns working remotely, there is no spreading on Zoom or Teams meetings and when you are sitting at home… bored… the computer beckons… then just one email, just one spreadsheet and you are hooked in for the day.

So what started out as good intentions to have a lemsip and get some rest, somehow seemed to evaporate by about 10am… and the day was done. Need to be stronger next time!

But, this time off, or slow down at least, did give me a bit of a chance to catch up with a few folks on affordability and some of the current trends. A few factors do seem to all be colliding at the same time.

• End fo furlough. This finished at the end of September. Impacts appear to be slightly lower than some of the expectations at the start of the pandemic. It will however take sometime to flow through to businesses and cash flows and could impact employment, especially in some sectors
• Universal credit cut. The £20 boost for universal credit, made during the start of the pandemic, has now been removed. It is a 25% drop in income support for some. Against a background of increasing prices this has the potential to further squeeze affordability for those impacted.
• Increasing fuel costs. The price of natural gas has more than doubled since the spring, and reportedly an expected increase in oil prices on the way too. This will increase expenses for many consumers, especially heading into winter and put pressure on costs for businesses, which will also be passed onto the consumer. (I was reminded that with the price cap mechanism in GB, the price increases will be lagged, albeit this does not help the energy supply businesses, bit impacts there – could be only 10-20 left is the thinking if this continues).
• End of pandemic restrictions. Pandemic restrictions seem to have been pretty much ended here now and certainly looking at the traffic (jams) on the road, people are getting back to the old ways of doing things. This may be good news for many, no-one misses home haircuts I am sure, but during lockdown, with remote working, a lot of people saved money. Getting back to the office now means extra expense on commuting, coffees, sandwiches at lunch. And, if oil prices do increase, commuting is about to get a lot more expensive too.
• Supply chain issues. Supply chain issues in the UK have been widely reported. Whilst this is also a global phenomenon, a combination of factors apparently means the UK is more affected than most. Shortages now will likely translate to price increases in the future… inflation is now expected to increase. All this continues to put pressure on the consumer and costs (especially if you do not have a job, or your wages (or pension) do not keep pace with inflation), reducing affordability

The impacts of all these will not, of course, be seen suddenly and indeed will be different in different segments of the population. However, the factors are there, and there is a risk they can combine to stretch affordability for an increasing segment of the population, resulting in increased arrears and for those already there, more financial difficulty. It does not all seem very cheery, I agree

What is more optimistic, however, is just how much customer-focused infrastructure has been put into businesses the last few years to help with these situations. Yes, I know there is probably more on the way with the FCA focus on outcomes with customer duty, but we have come a long way already. The tools are there, we just need to make sure we use them and build on the progress to date.

So back to work then… now where is that Bacon sandwich.

Have a good weekend everyone.

Lockdown has changed us in many ways, apparently some we don’t even realize. A new example recently came up during the weekly supermarket shop.

Converting to online

Online delivery has really taken off over the last few years. Stuck at home, locked down, it has been a lifeline for many folks, reducing the risk from contact for customers and employees alike. However, despite these initial drivers, many of us have also found it, well, just really convenient.

Now I have always been a user of online, preferably mobile app, shopping. Travelling quite a bit for work in the old days, many was the time, when I would be shopping (normally on the 18:40 from Manchester). It added extra hours to the day to get stuff done.

However, at the time, shopping for milk, eggs, flour, butter, baking powder, sugar, blueberries and maple syrup never really crossed my mind. (Blueberry pancakes btw, if you are culinary-minded!).

Supermarket shopping was always something I loved to do. Yes, getting there was a chore, but once there it presented me with a shop full of combinations and possibilities. Not something I thoughts of giving up until I had to.

But now I have, what a time saver… click, click, click and it is done.

How things have changed

And, this brings me on to what I noticed has changed. Yes, online shopping has been great, but what struck me, is how this has also changed our expectations and perceptions of time too.

Only last week I was in the middle of something, the doorbell went and the supermarket shop had arrived.

My reaction, not “how convenient, this saves me so much time”, but more “sigh, the supermarket is here, I have to put it all away”…

I mean listen to it… I now get the food, selected for me, packed up and actually delivered to the front door… probably saving me 2 hours in my week and I am still grumpy about it… what do I need next? Do I need the food actually put in the cupboards, have it cooked for me… seriously what gives! Are we all getting lazy?

Actually, I think it all comes down to our ever-changing expectations. As our world accelerates and becomes more convenient, so the bar of expectations raises too.

Transformation acceleration

Back at the office we have also been through massive changes too.

Remote working, use of video calls, file sharing, instant collaboration across borders, the world has become a more online, instant and smaller place. There is no doubt this has been great and saved us a huge amount of time too.

However, has this also changed our perceptions of time too? Are we more grumpy about the lack of instant response to our messages, slowness in making decisions, speed in booking meetings or having the technology not working perfectly when you jump from one meeting to the next? Okay I admit it, maybe I am, sometimes!

Quick, quick, slow

More and more as things open up, we are going to be back out and about again. It will be part wonderful and part stressful especially the later if we don’t reign in our expectations a little I fear…. if you have ever tried joining a conference call on the train, you already know that a video teams call is just not going to work!

And, sometimes, things just take time. Time allows events to pass, ideas to percolate and even thinking to happen. Just like making dinner, sometimes if you want something great it cannot be rushed…

We just need to be conscious of our behaviour, taking it fast when needed, but also respecting our (and each others) time when it can add more value.

As I get out and about, it will be something to reflect on… likely looking out of the window on the train… in between online shopping on course!

Have a good weekend everyone.