11 Time = Money

BONUS Tip # Eleven: Time is money

Ever heard of the age old concept that "time is money"?

Well, it's true. And it's important not to waste it.

Too often we forget that managing a successful business means taking a more strategic approach; prioritizing, delegating, and staying focused on the big picture.

Your vacation rental business is no different.

For example;
Let’s say you own & manage 5 properties, renting out at an average of $250 per night booked, and netting 5k per month in revenue. 

How many hours per month are you ACTUALLY working on; 

1) focusing on building value, upgrading your interior design
2) managing/optimizing your advertisement listings
3) following up on inquiries / confirming reservations
4) creating the best guest experience possible
5) researching & implementing new strategies or tools to improve how you manage your business
6) researching & implementing new strategies or tools to improve how you market your properties
7) expanding/finding new ways generate more revenue?

The Point Is;
Every single one of these tasks will help you make more money and grow your business. - But do you really have time to do it all, all the time?

It's probably safe to assume that no, you don't.

And to think, we didn't even mention all the other things, like accounting and dealing with contractors! 

So the next time you think of taking on a new project, ask yourself; 

- What is your ultimate goal for the project?
- How quickly can you realistically achieve that goal?
- What are you best at?
- What are you not so great at?
- Where is it most important - and most logical - for you to be focusing your time & energy to achieve said goal?
- Are you even the right person for the job?
- If not, what should you delegate to someone else in order to achieve said goal?

KEEP IN MIND:

Not everyone is good at marketing, building websites, promotion, etc...
Very few people should handle renovations, plumbing, electricity, etc...
Not everyone has the right eye for interior design or staging a property.
Not very many people like cleaning or restocking bathrooms and kitchens.
And not everyone is organized enough or has the patience to stay on top of all the admin work required for this type of business.

And that's OK!

NOW:

Whatever your answer is, it shouldn't stop you from getting what you need done in order to keep moving ahead.

But if you’re honest with yourself, and properly evaluate the benefits of the project, without underestimating the time necessary to complete it, you’ll be able to see exactly how much it will end up costing do the work yourself vs. delegating or contracting it out vs. not doing it at all. - Keyword here being “honest”.

Just don't waste time trying to do something you shouldn't be doing.

The amount of horror stories we’ve heard from owners who completely sabotaged themselves by undertaking projects they shouldn't have is ASTOUNDING. 

Horror stories like owners spending literally months of their time, trying to learn how to build websites, using inflexible templates, and it just ends up looking unfinished and amateurish. 

Another one we get often is when owners who spend full days, weekends even, literally pissing away family time because they're uploading photos, playing around titles, descriptions or promotions on all the different websites they’re listed on, until they realize they probably aren’t the best person to be doing that sort of thing in the first place.

NOW, these sort of things don't tend to be the kind that will kill your business. But they'll definitely put a fork in your spokes, slow you down and make you miss out on some serious cash you could have been making otherwise. 

Hence, time is money.

A logic you MUST apply to all aspects of your vacation rental marketing plan as well to your business as a whole. 

Whatever the project may be, evaluate it thoroughly, prioritize your energy on what you’re actually good at, and delegate the rest.  

Just make sure you choose the right people for the job. Professionals that are going to get the job done right, the first time, so that you don’t end up wasting any more time or money.  Or you might just end up sabotaging yourself like the people in the stories we just described.