Posted by tungstenmg Last updated 11th August 2019 reading time
As I sit here at the end of the first quarter of 2018, I feel that it is an optimal time to reflect on what Tungsten Management Group (TMG) have achieved and learnt. The past few months have been slower than expected, but we have learnt some invaluable lessons.
Due to elements out of our control, the house we are purchasing will complete 7 weeks behind schedule. We have learnt to manage our contractors’ expectations and workload so they do not lose out on work and still have time for our refurbishment. We have also learnt the importance of liaising with all stakeholders, to keep TMG focused and stay on track with our other projects. We realised that sometimes you need to rethink your approach and how you have been dealing with others to ensure that you achieve your end goal. After the other parties in the chain missed the agreed deadline by nearly 7 weeks we threatened to pull out of the deal if the new deadline was not met. I am pleased to confirm that by the end of Q1 we will have exchanged and will be set for completion in early April. We are now busy getting the ‘power team’ ready for when the green light is given.
We have managed to stay on track and get this purchase over the line by never quitting and reviewing our goals each day when we wake and just before we go to sleep each night. Remember that failure is feedback on your actions and it allows you to readjust in order to achieve your visions and goals.
Where TMG are at now
As we enter Q2, our goals have adjusted from where we thought we would be at the start of the new year. By following the ‘12 week year’ methodology (see January blog) we have remained nimble and work with goals that maximise our success, now. Right now TMG are finalising the details on the refurbishment and setting actions steps with the management team, who are finding and then managing our HMO tenants. We have told everyone we know what we are doing so this makes us accountable, committed and focused. The authors of the ‘12 week year’ say that of the average professional’s time, 11 hours of a 40 hour week is spent on distracted tasks. That’s almost a third of your productive time. To overcome loss productivity we have learnt to block our day into sections: ‘Strategic blocks’ for 3 hours of strategic activities; ‘Buffer blocks’ for 30 minutes of lower level activities; and ‘Breakout blocks’ for free time. If you section your day in a similar manner then you can ensure you are productive when focusing on your strategic activities, and have downtime too!
We have started to look outside of our core team to outsource activities. Our property sourcer provided a list of thirty potential properties and last weekend we viewed seven from the list, of which four are suitable for our business. Outsourcing the lower level, time consuming tasks provides me with more time to focus on and undertake high level activities. As the famous proverb says ‘he who walks with the wise grow wise’ so by outsourcing we can spend time with influential and experienced peers.
You need to ensure that you live the life you want and achieve what you are capable of…and never settle for less!
Take Away Points
• Use the teaching from the 12 week year to ensure you remain nimble and relevant to what you are going through now
• Take ownership of your business outcomes and remain committed and accountable
• Use your time strategically. Focus on high level activities and outsource time consuming, low level tasks to maximise your productivity.