The ‘70:20:10’ strategy can help you allocate your time and effort to 3 distinct areas within a set process to allow you to make better use of your time.
The strategy works as follows: 70% of your time is spent on your main activity, 20% of your time is spent on your second activity and 10% of your time is spent on a third activity/ area. (This methodology was suggested by the speakers at Progressive Property).
The strategy allows you to find and focus on your three key result areas (KRA’s) and your income generating tasks (IGTs)*. Once your three activities are clearly defined and written down, it provides you with a focus and clear strategy. This stops you following every shiny penny which presents itself as a new opportunity, as you already have a defined path. This will help you stay focused on your goals. You are more likely to achieve these goals once they are written down as they seep into your subconscious and helps you to develop your self belief. Tony Robins brings this concept to life and highlights the importance of having goals/ why these should be written down: https://www.tonyrobbins.com/ask-tony/can-create-compelling-future/
Tungsten Management Group’s activities are split as follows: learning and networking with peers (70%), working on HMO (Houses in multiple occupation) projects and opportunities (20%) and research, viewings and securing investors (10%). As Tungsten Management Group moves forward, the aim is to shift the balance of the 70:20:10 split so that the main focus is on HMO investment (moving from 20% to 70%). Tungsten Management Group are working hard to achieve this shift, and will have its next HMO property to add to its portfolio in 4 weeks. The 20% will be finding Joint Venture (JV) partners who can invest with our future plans. I have recently obtained a diploma in Internet Marketing, and using my new skills I aim to seek JV to invest assets such as capital, time and expertise. The 10% will be a venture into commercial conversion and this will involve research, learning and building contacts. By outsourcing research and viewings (low IGTs) via online platforms, this will facilitate this shift.
With the spectacular weather and summer on the horizon, take the time to reflect on what you want your end outcome to look like so you can create a strategy and visualise your three KRA so you can achieve this end goal. Once you have systemised your 70%, you must mark the achievement and celebrate!
Take Away Points
- Set your 70:20:10 so you have your goals written down and that are now measurable.
- Use 70:20:10 to move your 70% to systemised activities, so your 20% becomes your 70% and you can then create a new 10% activity.
- Writing down your goals will increase your commitment to achieving these – “set your goals, write them down, now you’re one step closer to achieving them” (Richard Branson).