The most valuable asset you have is time. Everything you do in business, and in life, is based on the amount of time you have available. The more time you have, the more possibilities you will have available to you. Having time alone will not make you successful, however. How you maximize this time makes all the difference. There are certain things that successful people do with their time that gives them an advantage. They know there are only so many hours in a day, and it is important to use them wisely. Here is a quick acronym to think about when you are considering how to plan your business day.
(T)ake Action: The old expression, “don’t put off tomorrow what you can do today,” still rings true. As an investor, you are in control of your destiny. You can directly determine how successful your business is. The one thing that separates successful investors from everyone else is their willingness to do things that others aren’t. In most cases, this means making a phone call, setting up a meeting or doing some other easily achievable task. Part of taking action means setting up a routine to do so. The more organized and structured you are, the easier it is to accomplish your daily to-do lists. Before you go to bed every night, make a list of things you want to accomplish the next day. It doesn’t matter whether they are long or short term goals. Write down anything that comes to mind. That way, when you wake up you can hit the ground running. By the time you get up, make your cup of coffee and start your day you can lose precious hours. Anyone can take action, but not everyone does so.
(I)nitiate Meetings: Deals will not just fall into your lap. They say that luck favors those that are most prepared. To improve your odds of being lucky, you need to make things happen for yourself. This means that you need to take the next step and initiate meetings with the people in your network. Instead of saying that you had wished you had done this sooner, you will have no regrets. Setting up meetings and building your network allows you to become more efficient. If you have a good team around you, it is easier to delegate tasks instead of wasting time doing everything yourself. There are many investors who feel that they have to micromanage everything in their business. It is only when they learn to let go and trust the people around them that they take off. There is no easier time to stay in contact or meet new people. These meetings can not only help your business grow, but also save you hours in the process. The time you save meeting contacts can be directed into finding deals and generating revenue. Don’t wait for a meeting to come to you.
(M)ost Important: It can be easy to fool yourself into thinking that you are working hard. You can waste several hours making lists or doing busy work that really isn’t important. If you want to get the most out of your day, you need to work on the most important tasks first. This doesn’t mean you can’t find time for marketing or other projects down the road, but not at the expense of a pressing task. This task may be daunting, but instead of wasting hours figuring it out, attack it as soon as you wake up. You should make the items that are most important to you a priority. If you don’t, you will put them off to the afternoon. Before you know it, they have been moved to the next day. Most things in business are time sensitive. Even if you have bad news to deliver, it is better to give it as soon as you get it rather than making someone wait. If there are issues on a current deal, don’t wait until you have the perfect script of what to say. By putting things off, they will stay on your mind all day.
(E)xpect Results: Instead of waking up and making a list of things you would like to accomplish, start your day with expectations. By stating that you are going to accomplish these five tasks, you attack them in a completely different manner. Every minute of your day is spent on a mission to succeed instead of hoping that you do. Doing tasks just to cross them off your list is not the goal. Everything you do must be done with vigor and the confidence in knowing that you doing it for a purpose. If you expect actions and results you will end up getting the most out of your day. Seeing positive results often leads to increased motivation to work harder than before. Hard work leads to an efficient and productive day. Expect results instead of just hoping for them.
You only have so much time in business and in life. Don’t waste it on tasks that are unproductive or unnecessary. If you can make the most out of your T.I.M.E., you will have a more fulfilling life and a much better business.