There are many ways you can allocate your time but key to highly effective performance and profitable growth is to make sure there’s an appropriate amount for each of four broad activities which I allocate using the acronym, RISE.
R = Revenue. The time you invest to generate current income typically for this year, quarter or month.
I = Infrastructure. This is time spent on developing systems and processes. It’s making sure you’re fully compliant.
S = Strategy. I like to think of this as time spent on future revenue generation. It’s not about the here and now but next year and maybe up to three years from now.
E = Evaluation. It’s reporting, reviewing and analysing performance, customer satisfaction and employee engagement.
When an estate agency owner/senior director becomes a member of Property Academy I ask them how much time they spend on each of these four activities. In nearly every case it’s 90%+ on Revenue. Typically, they spend time on Infrastructure only when absolutely essential, i.e. a problem or crisis. To be fair some do invest an appropriate amount of time on Evaluation, occasionally too much – I’ve met several spreadsheet junkies in this industry who can suffer from analysis paralysis if not careful. Far and away the smallest amount of time is invested in Strategy, ie future income and opportunities. This results in short term thinking, highly reactive behaviours, a frequent change in direction and headless chicken management.
If you, the business owner and senior directors aren’t spending time on Strategy then who in the business is? (That’s rhetorical as we all know that no one else will be).
My standard prescription, which is proven to work, is to rule out two blocks of two hours a week. One session for Infrastructure and Evaluation, perhaps an hour each, and one block of two hours for Strategy. I find that Tuesday and Thursday mornings from 08.00-10.00 works well for many and the time must be ruled out in the diary, no other appointments are allowed, and it’s best if spent away from the office whether that’s at home or in “a third place” as Starbucks likes to call their cafes. I’m not saying that this is enough but it’s a good starting point.
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