Or how not having repeatable systems can cost you thousands in time, money & ultimately, happiness.
Being disciplined doesn't mean having to suck the joy out of life or business. Counterintuitively, perhaps, it allows you to have more control and time to do what you want to do.
"Discipline equals freedom." Jocko Willink, US Navy Seal (retired)
Discipline means paying attention to how you spend your time and create systems as much as possible to ensure you are effective. You can never underestimate the big importance of small things; by recognising oft-repeated tasks, activities, and processes, you can create a scalable business that doesn't require your last drop of blood and sweat.
If it's measurable, it's manageable
Having consistent systems means you have a repeatable and measurable methodology to follow. And as we all know, if it's measurable, it's manageable.
By removing the need to make micro-decisions continually, your time, focus and money can be put to work on the bigger picture of achieving your goals and targets. To use Michael Gerber's over-quoted cliche, you can be working on your business rather than in it.'
Repeatable patterns
Have you ever stopped to think your business will have repeatable patterns, processes and methods? If not, then chances are you're wasting a lot of time starting from scratch each time you carry out due diligence on investments, for example.
Better yet, if well-mapped out by someone who knows what they're talking about, systems empower others to exercise autonomy. In doing this, you free yourself to spend time on what you love. This time leverage is what nReal is all about.
What are you leaving on the table?
Firefighting
Imagine you embark on a 12-month project - an acquisition with added uplift through planning or refurbishment, for example.
You could lose two hours per week firefighting at a conservative estimate if you don't have a simple, repeatable system to take you from Acquisition to Exit.
If your time is worth £40/hour (roughly £65,000 p.a. at 1,730 hours p.a.), the above firefighting costs you:
£40 x 2 x 52 = £4,160
Tax
Not having a repeatable method to check stamp duty (SDLT) on investments and merely paying what your solicitor tells you is an expensive mistake I've seen a few times.
Let's say that you rely on your solicitor, and they miss a relief or exemption costing you one per cent on £500,000, then you're out of pocket by £5,000
NB, I'm not suggesting you become a tax expert. But have a repeatable method to check your SDLT and have that method carried out by an expert. The potential savings you stand to make by outsourcing this specialism more than cover the associated costs.
What's more, having a specialist (tax or otherwise) to turn to in your system means you outsource the stress and time cost, leaving you with more bandwidth for what you enjoy.
Education
How about a more mundane example? What if you find yourself watching YouTube videos, reading books or getting advice from multiple sources? It's likely to be generic content not suited to your specific goals and generally confusing.
If you're spending a couple of hours per week, that's over £4,000 a year (£40 x 2 x 52 = £4,160)! Not to mention the potential to lose time and money through inappropriate advice.
Bespoke planning
At nReal, we work with small-scale Property Developers & Investors and, help set up repeatable systems & structures and introduce professionals to cover what you hate doing.
By helping create bespoke systems with your goals and vision in mind, we aim to save you time and money. We are focusing on what's most important to you and removing the pain points.
With just the three simple examples given above, we are already saving close to £15,000. Our repeatable systems really can save you time, money and pain. Contact us to find out how to scale and systemise your business.
#property #propertydeveloper #PropertyInvestor #propertynews #propertyinvesting #scalingup #APExmethod