Every quarter my team does their “PLAY BOOK” for the upcoming three months. After evaluating the result and metrics of the preceding quarter, I ask them, “What are your going to STOP doing?,” This can mean one of two things…DUMP OR DELEGATE.
We do many tasks and spend a lot of money on things and activities that are either not producing income or are not adding to our efficiency. They also tend to accumulate over time and something that worked 2 years ago may not be as effective as it once was. I recently got rid of a virtual tour program that I had on auto payment even though my new photo plan includes it. I also downsized my monthly Zillow exposure from $1000/month to $250/mo. The leads it was producing for me were of low quality and thus I decided that that money could be spent better elsewhere. I have also delegated more and more tasks and responsibilities to my part time admin. I will note here that my admin works when I need her. Sometimes it is not at all and sometimes it is 30-40 hours. Find an intern or someone who can be flexible to start. I have a theory that before you put more stuff on your plate you need to take something off. You only have time/resources for a finite amount. You need to make sure your plate is loaded with the RIGHT stuff.
My other theory is that you should delegate as much as possible as quickly as possible. Again, I tell my team that they have to KNOW the process before they delegate it because otherwise the delegation becomes abdication. You need to be able to understand and review what you delegate. You need to know what your VITAL tasks are and delegate all of the rest. Begin by understanding what you are worth on an hourly basis. If you take a NORMAL week (say 50 hours..be realistic) multiplied by the number of weeks you work (imagine 48 or whatever you feel is correct) and divide it into your annual income you will get your hourly worth. Now ask yourself, would you pay someone that amount to do various tasks that you do? Would you pay someone $200/hr to prepare flyers, input listings into the computer, or whatever tasks you have in your own job or in your life. Use the same metric to determine if you should be cleaning your own house or cutting your own grass. Now, a caveat, if it is something that you truly enjoy…like I do weeding my gardens or baking…then is serves a recreational and recharging function. Otherwise you should be going from doing everything to doing nothing. You need to turn LABOR into LEADERSHIP.
Sometimes I hear that I can’t afford it or that I don’t trust anyone to do it as well. First, I feel you are depriving yourself of OPPORTUNITY TIME. Who could you be meeting or what could you be learning during that time. If you don’t QUIT on some of these things, you are quitting on other things..like interests, hobbies or relationships. Financial success without a life is not success. It is failure. Secondly, it doesn’t need to be as good as you would do it. Perfection is the enemy of financial success and happiness. Truthfully and bluntly get over yourself. You may find that, with a little LEADERSHIP and training, it is done better than you were doing it.
I hereby give you permission and power (the rationality) to LEARN TO QUIT.