We all have a finite amount of time. We all use this time differently and place completely different value on it. When I coach, I find it helpful to show my clients where their time is going, and how much of it goes unaccounted for! One thing for sure, if we aren’t using our time to earn money, we are going to be spending money! It’s just a fact, life costs money. Every minute has a price. Every action has a cost. Far too often we don’t take the time to understand what those costs are. We just go out and try to earn more money than we spend; and for the most part, that system isn’t very effective!
Part of the strategy to gain control of the time we lose is to identify it. I know it sounds silly, but far too many people have no real idea how long things take to do. They also don’t place a specific value on their time. Think about it this way, if you had to bill for everything you did, wouldn’t you have a much better idea how much time you spent doing things? Why does it take some loan officers five hours to take a contact all the way to closing, and some use ten hours or more? Could there really be twice as much work from one file to another? Or is it more likely that one originator has a better understanding of the process and spends less time wasting time on the file?
Part of the problem as I see it is that we don’t set specific hours of specific work. We also don’t set expectations of how long things will take to get done. In fact, I just had a call today with a client who was upset because she had a file that is supposed to close next Monday and the CD hasn’t been sent yet. The file was cleared more than ten days ago! The loan officer asked when the CD would be done and was told it didn’t need to be done yet! Ten days sitting doing nothing and my originator sits everyday looking to see if the CD was issued or not? What a complete waste of time! When I asked her why she didn’t say something sooner, she said because it wasn’t urgent! Well, it’s urgent now! So get in front of the issues and schedule task completion from the time you turn it over, not just to get it done under the wire!
A wise man once said that each task takes either the time it takes to do, or the time you allow it to take! You have to know. You have to understand that there is no reason to waste your time. There is no reason to work longer hours than needed, and there is no reason not to develop efficiencies so that you are doing the best possible job in the shortest period of time. Everything else is missed opportunity. Missed opportunity to do more business and earn more money; or an opportunity to spend the money we have earned with the people we love spending our time with! Think of the words: “Spending your time!” Just like money you spend time and spend money and it’s gone! Unlike money, you can’t go out and earn more time!
So think about it. Know where your time is going and how you are spending it! What is the value of each minute, day, week, month, or year once it has passed? Did you get what it was worth? Are you earning the most you can in the time you have committed to working? Only you can answer that question for yourself! If you need help, we have the systems and the tools to help you get to where you want to be! The beginning to your new life could be as simple as the “Fast Start 180!”
Questions or comments: Mike@IMTCoaching.com
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