By: Molly Grubb, AIF®
Whether you own a business or run a household, time is the one commodity that is scarce. Have you ever completed a 12-hour day only to ask yourself, “Was I even productive?” When you ask someone how their week has been or what they have planned, they normally respond with “Wow, I don’t know. I have just been so busy.” Why is this? Why does everyone have the same problem, and no one is making a conscientious effort to resolve it? We are too busy with being busy to make time for how not to be so busy. My personal problem is that I am a master at having a vision for creating systems and have a team to execute it, but once the new system starts saving me time, that time is filled with a new project I want to conquer. Creating repeatable systems and teams in your business and personal life will create more time. You can choose to spend that time with your family, or on hobbies or, like me, on something that will grow your business even further????. If you have the right repeatable processes, you will be able to run your business or household (minus taking care of your underage kids) in two or three days vs. the whole week.
Step 1 is to benchmark where you are today. To do this, use free software from Toggle.com. Use this system or a system like it to time how long it takes you to respond to emails, work on a project, etc. Measure the smallest things.
Step 2 is to know what your hourly rate is (you can calculate this in a number of ways, but put a value to what you do, whether it is saving household money by not having a housecleaner, how much money you are bringing in and take out how much your overhead is.) This is a very simplistic and broad approach, so please use other formulas if you are in a more specialized occupation. The reason it is so important to know your hourly rate is that it then makes very clear what you should delegate to someone else or to another software.
Step 3 is to review what small tasks you are doing that are the biggest time sucks for you and then to begin outsourcing to other people or create a system that will replace you. For example, if you are constantly chasing people for appointments and reminding them of appointments, use a scheduling system. We use Acuity Scheduling (there is also Calendly and Timely) as a major time hack. We just have professionals and clients go to our website to pick a time that works for them, and then we use ReminderCall to send a text before the appointment to confirm it. Our total time investment is less than one minute to send out the blast text to confirm the 10-12 appointments that we have the following week. The old 80/20 rule provides a good rule of thumb: Spend 80% of your time on the 20% of activities that are most likely to increase your revenue.
Being able to take a step back to really assess the feeling of going nowhere fast is one of the greatest activities you can do for yourself. Make these 3 steps a practice every three months, and then watch your business grow and your time become abundant. However, step 3 is the most important… Take action so you can gain control over your time and life.
This blog is a publication of Grubb Wealth Management. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of any subjects discussed. A professional advisor should be consulted before any investment decisions are made. All expressions of opinion reflect the judgment of the author on the date of post and are subject to change.