Knowing where you are going and then trusting in your skills, connections and abilities to get there are the cornerstones of great business and confidence.
Are you on track in reaching your personal, business and investing goals?
First, in which direction are you headed? It’s like planning a trip. You decide on the destination and then figure out how to get there. Our businesses are the same. Have a goal and then break it down into what it takes to arrive at the destination. Then schedule the trip.
What to ask yourself to find the way.
It’s a New Year and time for a plan. (Biz planning session on Jan 18). Digest the past year and the results of what truly happened. Analyse to understand where income was derived and if there is any cost cutting to implement for better results and profits. Use the data to benchmark and make revisions to goals. Gotta love Quickbooks (tracking real estate investments using a class for each property gives you the proper details to know your cash flow).
In most businesses, markets change, clients move on and money may be saved with new processes or adding technology.
For me, as I mature, my focus has shifted now into doing more of what I love and delegating anything else. Last year I did more consulting and coaching investors on their personal real estate wealth strategy. Then executing the strategy by listing their property or finding great deals. In 2016 that meant digging up non MLS properties, as the inventory is tight -squeaky tight – so much that I found and executed many off market deals for my clients.
Certainty is needed to feel confident enough to pull the trigger on a first investment property or any real estate deal. We all want to KNOW that we are making a wealth building investment decision.
Don’t let this be you – the hesitator. The real estate market is rising almost everywhere, the longer you wait, the more you pay. I love being a resource and sharing my vast experience gained as I built a personal $14 million real estate portfolio. There were plenty of mistakes, and as you follow me, I hope to share them so you can learn what works and what doesn’t.
Has your business shifted? It’s a great time to take a look at what the market is doing in your industry. The world-wide web has made significant changes in the way we connect and the size of our markets. Are you capitalizing on all that is available to grow your own business?
Planning is a key to wealth. This means having a business plan, yes, write it down. What are your three main goals for the year?
It can be elaborate or simple as Who, What, Where, When, and Why.
Who is your target market?
What are you offering?
Where will people know how to buy from you?
When are you telling others what you are doing?
Why will people choose to do business with you and not your competitors?
Take the time NOW to answer these questions. Then just quickly decide on three main goals to fulfill on these questions. Put it in a separate document and call it your business plan. Then, as new ideas appear simply add them to your plan.
A few easy places to search for business planning tools are:
www.Score Templates for Start-ups, established businesses, balance sheets, bank loan requests, breakeven analysis, cash flow statements, competitive analysis, financial history and ratios, personal financial statement, profit and loss projections, sales forecasts, and startup expenses
www.Bplans.com Over 500 business plans. Look under real estate, Real estate brokerage, real estate management, mortgage broker, real estate broker, home inspector, real estate website, rental remodeling, retail property plan. For $12 a month can buy the Live plan software.
My favorite method to KNOW with CERTAINTY and speak with CERTAINTY about my business is to put the answers on index cards. Then read them once a day out loud. This grounds the information so you can say it when needed in conversation. It also gets your mind set on these goals. Why not help yourself along with these simple tools?