How do you value your time? Some say time is money while others want more time to spend with their family. We must value time because it is something in life that is quite literally irreplaceable, so we need to put a value to it. With this being said, today I want to discuss how I maximize my time by being able to manage a full-time job alongside my investment business.
Here are 5 ways I maximize my time:
1. Pay for Software and Systems
When you start your business, it is only natural to attempt to minimize out of pocket expenses. However, as your business grows, you will reach a point where you need to bring on additional staff or start using the tools available to you. Many other note investors think I am crazy because I spent $20,000 on software that major servicing companies use. However, the benefits this software brings to my business makes the investment well worth it.
Using this software allows me to efficiently manage my portfolio which is 10x larger than other investors who choose to bring on asset managers to assist them. If you reverse engineer, the numbers paying an asset manager $20/hour part-time is $1600 a month. In the span of two years, I am ahead of the game. I also do not need to worry about training, someone calling in sick, or someone quitting and having to scramble to catch up on the status of my portfolio.
2. Hire an Assistant
While software and systems are a crucial part of running a successful business, working on your business versus in your business is also extremely important. This is where a virtual assistant comes into play. A virtual assistant can handle tedious and time-consuming tasks for you such as research, due diligence reports, and sales comps. While this will cost you initially, it is likely to save you time and money in the long haul. If you value your time at $50/hour and you can get a virtual assistant at $5/hour overseas, even if it takes them 2x as long to complete the task, you are still saving significant funds and spending more time to focus on growing and running your business.
3. Plan, Plan and Plan
I cannot stress enough how important it is to stay organized and plan ahead. Every Sunday I spend about an hour to sit down and map out my week. I have standard tasks each day of the week that need to get done, (for example, I always spend the last week of the month focusing on my financials and books). I also leave every Friday open and schedule no tasks for that day just in case there were tasks I could not get to during the week.
Leaving an open day to catch up on work that may have slipped through the cracks is crucial, because as human beings with busy schedules this is bound to happen occasionally. How many of us on the 9-5 have gotten an email at 4pm that someone needs something by first thing in the morning, but you need to leave at 5 to take your child to their extracurricular activity? So you spend later in the evening finishing that work vs. working on your side hustle. If this has not happened to you yet, it is only a matter of time.
4. Set Realistic Expectations
Sometimes as business owners we can get ahead of ourselves. It is easy to get excited without considering factors that are out of our control and could potentially throw us off course. While we may have one plan, life may have another that prevents our day from going as expected. For example, I work in the real estate and construction industry, and if you ask anyone in the business about schedule accuracy, they will most likely laugh. The schedules are typically inaccurate and unrealistic because many do not include weather days, work repairs, or other delays we often run into. Therefore, it is so important that you leave adequate time for sick days and other life events that are bound to come up as expecting to spend every minute of free time on your side business is unrealistic.
5. Schedule Phone Calls
Using some type of scheduling tool to schedule phone calls with clients is crucial if you want to stay organized while balancing your 9-5 and business simultaneously. As my 9-5 keeps me very busy, I avoid scheduling phone calls during these hours. I use a software called Calendly to schedule my calls and appointments which allows me to put specific openings in my calendar as well as block off the times which I am not available. By doing this I can be certain that nothing will get booked during my work hours and I will also receive a reminder, so I do not forget when I have a call. I highly recommend getting a scheduling tool that works best for you so that you can keep track of your calls and plan accordingly.