If we asked who your biggest competitor is, you could probably answer our question pretty quickly.
“It’s Charles from across town!” or “It’s that guy who keeps stealing my bandit signs!” But you may be surprised to find out that they’re not your biggest competition at all. They’re not even close.
Your biggest competitor is actually inefficiency, and it’s stealing more time, money, and deals from you than any other wholesaler ever could.
Thankfully, this doesn’t have to be the case. We’re going to help you beat inefficiency right now so you can focus on growing your business and enjoying your life!
So here are 3 areas of waste and inefficiency that you should identify in your business today.
What’s wasting your time?
Everyone wastes way more time than they realize. And we’re not talking about the time you spend getting coffee or staring out a window either. We’re talking about the time that you’re wasting on bad processes.
Losing a few seconds here and there doesn’t seem like much, but those seconds add up. Before you know it, you’re losing days every year that you could spend closing deals or living life!
So here are some ways you can save that time and revolutionize how you work (and live) every day:
- Look for the parts of your workflow that slow you down. Then figure out how to improve them.
- Take a process you do every day, like cold calling or pulling lead lists, and break it down to its smallest steps. Then find which steps you can eliminate and which you can make faster.
- Look at the tools you’re using. Do they make you take unnecessary steps that waste time? Is there a better way to use the tools?
- Be willing to make any improvement, even if it only saves you one second.
Saving one second might not seem like much, but when you shave seconds off tasks you do all day long, they add up to minutes or hours of saved time.
Just imagine if you made improvements that saved you 30 minutes a day. You would save at least 130 hours a year! Can you imagine adding almost 5 1/2 days back to your life every year? It may be hard to imagine, but it’s easy to accomplish!
Where Are You Wasting Money?
Just like with time, we all waste way more money than we realize. The bigger your business gets, the more money you can waste without even realizing it.
Yeah, your competitor from across town may undercut you on deals, but she’s probably not costing you as much money as internal inefficiencies are.
So take a look at your business and identify:
- Services you’re paying for that you aren’t using
- Services you pay for that you could easily do yourself or that someone else could do better
- Materials you waste, like unused signs, mailers, or doorknob flyers
- Inefficient driving for dollars routes that waste gas money.
These are just a few of the ways you could be wasting money. Make sure you look everywhere, because every penny you save adds up.
Where are you wasting your effort
Wasted effort kills more small businesses than any other type of waste. Wasted effort is what makes you dread hearing your alarm clock or sitting down at your desk in the morning. Wasted effort is also what separates average wholesalers from good ones, and good wholesalers from great ones.
So how can you stop wasting your effort?
- Take a look at what gets on your nerves. That’s usually a sign that something is wasting your effort. Then figure out how to improve it.
- Ask yourself if you’re using tools that actually make your job harder. Could something else make your job even easier?
- Ask yourself if you’re doing things that tools could automate (dialing individual phone numbers instead of using a predictive dialer, calling leads before qualifying them, using multiple tools for one task, etc)
- Look at your numbers and figure out if your strategies are working. Is the way you’re chasing deals, cold calling, or pulling leads working?
- Always look for ways to make your job easier, and don’t be afraid to ask for help. Other investors may have ideas you’ve never thought of!
The Bottom Line
Wholesaling isn’t easy, but you don’t have to play on hard mode. You’re a member of the Batch Family, so we don’t want you to do that :). So if there’s a way for you to save time, money, and effort, jump all over it!
Just remember to fight waste and inefficiency wherever they pop up, and you’ll start seeing your business (and your life) improve.
Then the guy who’s stealing your bandit signs won’t stand a chance.