Punching in long hours at the office doesn’t necessarily mean you’ll bring in high revenue.
When you work all the time and burn yourself out, your returns will eventually start to diminish, says Catherine Nomura, director of business development with Strategic Coach in Toronto. You need efficient business processes to create a strong and profitable practice.
Follow these tips to make your business more efficient:
> Consider your strengths
Take a few minutes to look at what you do best.
Think about the three top money-making activities you do for your business, says Nomura. Whether it’s meeting with clients or networking with centres of influence, you need to spend more time on those activities.
> Focus your days
Make better use of your time by assigning certain tasks to a specific day.
Nomura recommends dividing your time into three separate types of day: focus days, buffer days and free days.
On focus days, you work on those three activities that you do best for your business.
Buffer days are times when you handle the administrative side of the business, Nomura says. That is when you do your planning and preparation, or deal with any issues that have come up and need attention.
Free days are time off from work. In order for free days to work, Nomura says, you must be completely disengaged, she says. Don’t do any work-related reading, bring your laptop to the cottage or check your email. Completely disengaging will help you recharge and feel more energized for a focus or buffer day at the office.
There are no set rules for which days should be free days, buffer days or focus days, she says. Every advisor’s business will be different.
> Make a schedule
To get the most out of this system by scheduling your days strategically.
For example, scheduling a free day or two before a focus day can help make you more productive, Nomura says. You will feel more energized and creative.
> Involve your team
Get your staff on board to make sure you stick to the plan.
“If you involve your team it will work much better,” Nomura says, “particularly if you involve your direct assistant who does your scheduling.”
Your team needs to know your plan and why you are adopting this new routine, she says. Team members can help you to properly schedule your days.
Team members can also schedule their days according to your focus, buffer and free days, she says. Note that, due to the nature of their jobs, staff members may be able to schedule only a focus afternoon instead of a whole day.
> Stick to the plan
Create long-term success for your business by sticking to your new time-management plan.
Sometimes advisors stop taking free days, says Nomura, because they see an increase in revenue or they want to focus on a big client.
But in order to maintain your level of productivity, it’s important to keep taking free days and to properly schedule your time between focus days and buffer days.