Hi guys, welcome to this, our second week of your questions answered and today we are jumping into the topic of time management.
This week we had an interesting question so I’ll put it in, in this post as well.
So, “recently just had a baby.” Congratulations. “And I’m worried that with my workload, I’m not going to see her grow up. Or to grow as they change so much when they are a baby. How would you recommend that I manage my time better? So that I have time to spend with my new family?”
So this is a common question we get a lot from tradie business owners. Typically, and I don’t know, with this question whether you’ve got a team or whether you’re on your own. It really doesn’t matter, the solutions are quite similar. We’ll try and cover both of them here.
Let’s start with sole trader. So, you’re a sole trader, you own the tools, you’re doing all the paperwork, you’re doing invoicing quoting etc. Typically working all day on the tools and then spending your nights or evenings, catching up on paperwork. It’s a very common trait that we see with trades.
How do we change that? Time management!
Well it is all about changing your thinking around how you use your time.
Because you can’t do everything.
What is that saying?
“No one ever said I wish I’d work more when they’re taking their last breath.”
And it’s exactly right.
The reason we go into business is so that we have flexibility with our time. But what tends to happen is that we just get busier and busier. And work more and more hours for less and less money.
And quite often tradies end up, when we work out how much time they’re spending working and how much they’re being paid, they’re being paid less than their apprentices that they are hiring for $10 to $14 an hour.
So, it is about setting some priorities around our time management. It’s some priorities around how we break up our days to make sure we’re covering all the things that we should be.
Your Default Diary
One of the best ways of doing this, or there’s a couple, but let’s this start with your default diary.
Default diary is literally a structure that we put around our weekly activities so that we make sure that we’re covering all the things that we need to in our business.
But there’s other activities that we have to get done during our week to make sure that we’re running our business in an effective way.
One of those is obviously invoicing. If you’re not putting time aside to get your invoices done every week, you’re going to have cashflow problems. Because we can’t make any money until we invoice people. And then we still have to wait for them to pay us. There’s no guarantee they’re gonna pay us when you expect them to pay you. So we need to make sure that we’re doing this on a regular basis so that we’ve got that constant flow of invoices going out. Which will cause a constant flow of cash coming in.
You need to spend time on selling
Also, with any business, unless we’re spending a large portion of our time on sales. We’re not gonna be in business for very long. We can’t be in business if we haven’t got sales. So, typically 70 to 80% of your time should be spent selling.
Now, what I’m guessing is that at the moment 70 or 80% of your time is spent on the tools doing. Which, at the moment is pretty, it’s not so much of an issue because everyone is so busy. They don’t have time to do all the work we’re doing now. But we still need to focus on our sales and marketing. With this other areas of business we need to focus on our quoting. we needed to focus on the strategy in our business.
So, by setting up a default diary, you can actually set aside time in your week to focus on those activities.
Your Default Diary Can Help You Set Time to Focus on Goals
I had one client last week that I go into focus on calling his main suppliers on a Monday morning. So 5 or 6 calls, and put it in his schedule as an activity to do.
Now from that one activity for one day, making 6 calls. He created roughly about 3 to 4 weeks worth of work that he wasn’t expecting. And now he’s having to look for another trade to help him get through it. That’s just from focusing for one day. And I think overall it was about an hour’s worth of phone calls that up until now he didn’t do. And just by doing that he’s created another 2 or 3 weeks worth of work.
So it’s critical that we structure and plan our days to make sure we’re covering all the aspects of our business that we need to focus on. So that’s one part.
The other part is about planning. We need to plan out our weeks based on our goals.
So what do I mean by that?
So, at the Business Prophet, we focus on wildly important goals. We get all our clients to work on creating a 3 to 5 year goal that they’re trying to achieve in their business. And then we put together 12 month wildly important goals that are going to move them closer to that target, to that overall 3 or 5 year goal.
And then we break that down into:
- 90 day goals
- 3 months
- Monthly activities
- Weekly activities
That need to happen to reach those 90 day goals.
By structuring and focusing on what’s important for the business, on top of the general day to day activities that have been on the tools and doing invoicing etc. We start to focus on the long term strategies of what we’re trying to achieve in our business.
So, for instance for the question that was asked today:
Well, if you’ve got a young family, one of your main goals will be about balance in your life and creating the financial stability for your family.
So if your partner, I’m guessing, is going to be on maternity leave at the moment. But is she going to go back to work after maternity leave? Are you’re going to have more kids?
Look Into Your Longer Term Goals
So, these are things that we can start to look at in your longer term goals to say okay, well might not necessarily want your partner to go back to work. You obviously a few years off when the kids are younger. She might be working in the business.
How are you going to structure your business so that she has the flexibility with your baby and the children as they grow up? And also for you as well. So that you can be involved so you can take time out to take them to school or childcare in the mornings if they’re doing that. That you can pick them up from from school. You can make sure that you’ve got the time to do the school activities the sports etc.
What tends to happen is that we get so busy in our business and so focused, that that all gets left to our partners. And we’re almost sort of delegating all those activities to them. And you’re not you’re not part of that.
Set Clear Structures on Those Strategies
It’s very critical that we set some clear structure around the strategies that we’re putting in place to give you the lifestyle that you want. And no one has children so they’re not around to see them grow up and flourish.
We need to make sure that we do include the structure in our business and the goals in our business. So that you can see the enjoyment of them growing up. So, yes very clearly, we need to set some goals we need to set some shorter term targets and actions that are going to move as close to that. To those goals and targets.
So, those are two things that I’d highly recommend, and to manage your time.
We are offering free Time Management Financial Assessments
If that’s been useful to you, what I am going to do over the last few weeks. We’ve been offering our free financial assessments instead of our strategy sessions to find out how you can get the results you want in your business.
So what I’m going to do for the next week is, we’re going to offer a free goal setting session with me.
So for now, we’re going to sit down and I’m going to show you the structure and provide you the templates of how you can look at creating the type of business that you want. The reason you got into business in the first place. So that you can basically put that structure in place so that you got time to spend with family and friends. You’ve got time to enjoy hobbies, you’ve got time to just spend time with your loved ones.
If that’s of interest to you, I’m going to open this up to the first 5 people for the next week that would like to catch up with me. Face to face, one on one. And we’re going to put together the structure and strategies you need to get the results you want to help manage your time better. And to set your goals so that you can have the business and the life you dream of.
Get in Touch With Us
So if this is of interest to you, either put a comment below that you want, you’re in, and you want more. Or send me a direct message.
And for the next 5 people, I’m going to give you this free 1 hour, time management strategy session.
Typically I charge about 800 bucks for these with my clients that when we do it as part of that. So it’s a reasonable amount of value you’re going to get all the tips, tricks, workbooks that you need to manage your business and get the results you want.
So, comment below! And I look forward to catching up with you and showing you how you can change your life and change your business. Thanks guys.