In my article, “Are we allocating our work time effectively?” I segregated daily time usage into 4 categories to best accomplish your stated goals and objectives. Focusing on the actions that derive the most result is paramount. Time spent in each category has a different value and corresponding importance to the overall success of your endeavor. You may want to review “Are we allocating our work time effectively?”.
“A Time” is the most valuable. This is time that consist of face-to-face or one-on-one communication with a targeted buyer or seller. This contact may be in person, by phone, or email, but must specifically contain “a request” that the party, or prospective buyer/seller, work with you or commit to purchase, or allow you to sell, your product, goods or services. The average sales person does not apply 10% of their actual work day in an “A Time” mode.
“B Time” is the time spent to prepare to move your activity from B to A. A phone call, email, or email reply is generally a “B Time” activity, until such time that the request is made to purchase or commit. “B Time” can also include time spent in setting, making, and attending face to face contacts with a new potential client.
“C Time” includes all administrative activities, which may appear necessary, but will not directly generate monetary result. “C Time” most likely consumes 50% to 80% of your work day. The key is to delegate to support staff. I am not suggesting that activities that support you are unimportant but may be effectively be handled by another person specifically trained for those activities. Whether it be an employee or independent contractor, a form of shifting or leveraging your resources will help you to make the most effective use of your time. “C Time” has value in driving your organization forward.
“D Time” are the catch-all activities that produce minimal or no results relating to achieving your goals. In other words, time wasted, and time cluttered. These activities may consume a significant portion of your day. It usually involves time spent on miscellaneous conversations with staff and associates, checking emails, reading news, web searching, calling friends, family, and time spent surfing on social media.
In an internal combustion engine, the most important function is that of creating a firing spark that ignites atomized gas in the piston chamber. The ignition of the atomized gas creates an explosion causing the piston to thrust downward with force. When done in sequence, a multi cylinder engine creates enough thrust to drive the automobile forward. By using technological advancements, the sequence of accelerating the engine can accomplish higher revolutions per minute and greater thrust forward. Although the spark is a minor component of the entire engine system, it is the most important and necessary event. The engine would not start, nor could it accelerate, without both the fuel, atomization of the fuel and the spark.
The same would apply to “A Time”, it may be a small percentage of time allocation, but absolutely the most necessary function to accomplish your economic goals. Expanding the amount of “A Time” in your work day will create the highest success outcome. If one practices increasing time spent in an “A Time” mode and develops corresponding success, then this process will create what will become known as your “Unique Ability.” It will become a self-feeding system like accelerating your internal combustion engine to higher revolutions per minute or, in your case, higher economic and self-satisfaction.
The real estate loan business is characterized by chaotic daily activity. One hundred different things can go right or wrong, all creating a stressful environment and therefore limiting a potentially successful outcome. We have all heard the expression, “Thriving on Chaos.”
Where I am going with this conversation? For the successful person to attempt to function as much as possible within the scope of their “Unique Ability”— “A Time”—and delegate everything else. The highest economic value of your time is spent getting a buyer to say “yes.”
Why does everyone not become an “A Time” junkie? Directly pursuing a potential buyer/seller automatically creates stress. Commonly salespeople equate “no” as a personal rejection. A “no” is simply a rejection of the request—nothing personal. Most people have a hard time handling rejection and do end up taking it personally. Many unsuccessful requests, or rejections each day can be exhausting and can easily affect one’s self worth, some people cannot handle constantly being turned down. The people who are deeply affected by this are better suited to functioning in a support role engaging, in “B Time” and “C Time” activities.
When a potential buyer/seller says “no,” the possibility is that they mean “not now “or, “maybe later.” That brings us to an important learned concept. You locate a buyer/seller; you do not create a buyer/seller. If you ask for a commitment of “yes” each day, you will eventually earn success. The concept of “unique ability” then becomes one who possesses the skill set to engage in many “A Time” events each day with vigor and energy. Practicing this strategy will develop into a what could be called your “unique ability.” This requires a lot of practice to become a master level competence.
The task is to organize your day into specified periods, such as 10: am to 12: pm, and 2: pm to 3: pm, of which you attempt to only engage in “A Time” activities. If you cannot delegate “B, C, Time” activities, then defer them, into possible designated time segments such as 8: am to 9: am, and 3: pm to 5: pm. Effective time usage is easy to suggest, but difficult to do.
Each of us must create an overall marketing and data management system, whereby we keep in touch with our friends, prospective customers, whether buyers or sellers. Our job is maintaining their awareness about you and the possibilities that you bring forth. Today’s strategies using social media outlets, web-based marketing, target marketing, direct mail marketing, cold calling, networking, are constantly evolving.
If you need a discussion or have feedback about developing a system to help you grow your “Unique Ability” please contact me!
Business and Private Money Finance Consultant
Bus. 949 521 7115
Cell 949 533 8315
If you find that this article provides value to you and your associates, please forward it to others that may benefit from its contents as well. Please refer your friends and associates to go on-line to danharkey.com and subscribe to my future business, finance, and real estate related articles.