Have you ever heard someone say “You need to spend more time on STRATEGY if you want to build a great business?” – it might have been me you heard say it!
But what does this ACTUALLY mean?!
I know the word ‘Strategy’ can seem a bit vague, or maybe intimidating… or dare I say it, just like a generic business buzz word which means very little (and an excuse to go somewhere glamorous to clear your head and focus!)
Whatever you think of it… let me help to give some clarity about what STRATEGY TIME could mean for YOU.
Ultimately, Strategy time will help you to get out of being an operative within your business (i.e.working IN it) and help you get on with organising the business from a much higher level where you have a great team working alongside you to help to deliver your Vision. So it’s all about getting you from working ON to working IN. Imperative if you want to have a Business AND a Life!
Below are some specific examples of what that STRATEGY TIME could entail
(NB. The specifics will vary wildly depending on where you are at in the process of building your business (i.e. how big it is) and what your main challenges / frustrations / time-drains are):
Researching, selecting new / better Systems that will make what you do work more EFFICIENTLY.
Recording your methods of operating within a specific area so someone else can follow these instructions and do it for you
What takes up a lot of your time? This will often give a good indication of which area of the business is a priority for getting some systems in place.
Then start documenting how you do things so that you can get someone to help you.
LEVERAGE & OUTSOURCING
Reviewing your current team, and making plans for your next hire…
Writing a Job Spec
Working out a system for getting reports on various important parts of your business e.g. arrears and void levels, management accounts, Number of viewings/offers per month vs. Offers accepted
Briefing another Team Member to create these reports for you moving forwards
Reviewing these reports and taking appropriate action based on the data
Reviewing how much effort it is taking you to find potential projects/clients and creating ways to reduce your effort or involvement
Reviewing your marketing methods to check its working and is the best use of your time/money
Time-blocking your weeks/year to ensure you are using your time efficiently
Reviewing how your time management has been going, do you have enough time for everything you want to be doing?
Make new plans for managing your time better
KEY PERFORMANCE INDICATORS & BUSINESS GROWTH INDICATORS
Checking in with your targets to make sure you are on track…
If you are not, taking appropriate action to get things back on track!
Assigning KPI’s to team members to take responsibility for
REVIEWING YOUR STRATEGY
Checking back in with your Business Plan to make sure you are on track and seeing if you’ve met your targets. Ensuring you are following through with any plans you’ve made for your business growth
It all comes down to creating the systems so that you aren’t personally operating your business and having the time to review the efficiency of your business to make sure it’s as profitable as possible.
Strategy time is about making time for the IMPORTANT work within your business (usually in no way urgent). To be honest you could go for years only doing the urgent stuff and not realising the potential risks and pain you are building up for yourself in the future. The sooner you can make time for this the sooner you can be sipping cocktails on a beach somewhere whilst the business ticks along without your constant involvement!