The most important aspect of any business, organization, project, or institution is its people. When you get the people right, everything else becomes significantly easier to accomplish. Conversely, with the wrong people, even substantial investments in other areas of the business can feel like trying to fill a bucket riddled with holes—an exercise in futility.

When hiring, one essential principle must be acknowledged: time is currency; and while the saying goes, “time is money,” the truth is that time is far more valuable than money.

When you’re hesitant to spend money hiring the right people, understand that the deficit will likely need to be made up in time—time spent training, supervising, and correcting errors.

Sure, there are instances where you might find talented, diligent individuals willing to join your team for less than the market value of their skills and knowledge, but this is an exception, not the rule. For the most part, if you lack the money to hire top talent, you must be prepared to invest heavily in training and developing the talent you can afford.

The bottom line is simple: you’ll have to spend currency—whether it’s money or time.

The more money you invest in hiring skilled and experienced people, the less time you’ll need to spend on developing them.

The less money you spend on hiring, the more time you’ll spend ensuring they grow into the role.

It’s a trade-off, and the choice often comes down to what you can afford. Some have more time than money, while others have more money than time. Either way, you must be prepared to spend one of these valuable resources.

What happens when you choose to spend neither money nor time? This is the worst-case scenario. When you avoid investing in either, you not only waste opportunities but also risk wasting your existing resources—whether it’s your energy, your team’s morale, or your organization’s potential for growth.

Hiring the right people is not just about filling roles; it’s about understanding the trade-offs between money and time. Whether you’re bootstrapped and need to train entry-level hires or flush with funds to bring in seasoned professionals, what matters is making a conscious decision to invest. In the end, the success of your team—and your organization—depends on it.