This week I want to talk about the importance you should give to certain aspects of your business to achieve your full potential. Now I know sometimes when we start a business we get occupied with how to maintain it, that we don’t even have time to set our financial goals.
That being said, I suggest you start building a plan, including setting some financial goals and… like we’ve talked about it in previous articles financial security and low stress go hand in hand.
Whether you have been working in real estate for decades and you have decided to go out on your own or if you completely new to investing, there are a few tips to keep in mind to ensure you achieve success. Ensuring the financial health of your real estate investing is a way for you to maintain stability.
Create a Branded Image for Your Company
Creating a branded image for your business in today’s competitive environment is essential. Having a consistent image helps potential customers associate a picture, image, or name with you and your business. When you can stand out from the competition, you’re more likely to get more business! For those who work with me, we brand ourselves as AAH and NPC (you know what those acronyms stand for).
Great organization when handling potential sellers is crucial to not lose great opportunities and not have leads fall between cracks. You need to create a system to manage your lead flow. When I started I used “tickler folders”, today I use our automation tool ProfitGrabber. Being organized when managing your properties is another aspect that is very important from the stand point of rent collection, repairs, inspections, etc.
Planning ahead is a way to create a financial safety net while also focusing on set goals you need to reach financially each month of the year. Think of your business as a road trip; you need to know where you’re going (and have plans on how to get there) if you expect to someday arrive at your destination.
Technology is a great way to not only save time and automate part of your business, but it can also help in producing consistent and reliable outcomes. There are many different aspects of your business which you can automate with software – many which I’ve spoken about before in our talks. Everything from lead management mentioned above, to automation of your marketing, deal analysis, property value calculations, paperwork automation, task organizations, etc.
Work with a Mentor
Just recently I spent an entire article on the importance of having a mentor for your business, and it’s important enough I wanted to make sure to mention it again. Mentors are often seasoned and experienced investors who can help you and your business in a variety of ways as they both grow. We have one of the best mentorship programs available, but it is not for most of you at this point. You need to start your business with a minimum cost, so I suggest our group coaching thru our monthly memberships, that most of you are part of. This way you have a way to get help when you get stuck.
Stay Productive, Not Busy
Many people I run into at my seminars speak about how busy they are with their real estate investing, yet they often struggle to accomplish their goals. While being busy is more common than being productive – you need to know the difference between the two and always strive to stay as productive as possible (which requires focus and discipline). If you’re productive, there’s nothing to do in our business for more than 10-15hrs/week.
Implementing these simple yet powerful strategies into your investing business is going to put you on the path towards success. Many of these things seem simple, almost too easy to equate to a profitable business. Time after time the failure to grow comes back to the basics – and missing even one of these key elements is likely to hold you and your business back from its full potential. No matter how experienced you are, focus on the simple things and you’ll be surprised at how much they impact your bottom line.