Having Business Systems that Will Set You Free
I have had the privilege of meeting literally thousands of real estate investors in Philly, where I’m from, as well as from all across the nation. I’ve met people far more successful than I am, and I’ve met people who have been blessed with far less success that I have been. There are many differences between these two groups of people, but perhaps the biggest difference is the presence of business systems that allow us more successful people to accomplish more, have a greater peace of mind, and have much more balanced lives than those who “fly by the seat of their pants.”
Why Having Business Systems will Make or Break Your Business
Brilliant ideas are a dime a dozen, but without systems, ideas will remain as ideas. Having a system for every part of your business will enable the many facets of your business to run on auto-pilot so that you aren’t constantly stressed out trying to remember if everything is getting done in your business that should be getting done! Just because you live your personal life by the seat of your pants and get along OK (although if that’s how you live, I am certain that right NOW you can think of at least 5 areas of your life that are lacking desperately), but that’s no way to run a business. If that’s how you attempt to “run” your business that way, before long, you won’t have a business, and you’ll be left in a pile of broken promises and financial ruin, all because you didn’t have the discipline to purposefully organize, manage, and lead your business.
Principles for Creating Systems for Your Real Estate Investing Company
1) Plan. Plan everything. This means setting specific and tangible goals. “I want to make $250,000 this year.” Is NOT a specific or tangible goal. “I will make $250,000 this year by wholesaling 25 houses with an average profit of $10,000 per deal.” …now that’s a tangible and specific goal, from which any mentor or YOU can derive an action plan.
2) Work Backwards. Once you’ve identified your plans and goals, you’ve got to determine how much business you’ll need to do in order to reach those goals. For instance, if your goal is $250,000 in one year, then you’ve got to determine your average profit per deal, number of leads/offers that turn into deals, and the number of mail pieces (or other marketing metric) it takes to create one lead.
3) Ask Questions. Once you’ve identified the needs in your business that are in support of your goals and plans, you must continually sit back and assess your business to see how you’re coming in working towards your goals. How many motivated seller leads did you get this week? How many buyers? How much and what kind of marketing did you do this week? Have you followed-up with all the seller leads that came into your business this week? How about the buyers? Do you know what kind of house they want and in what area they want one? What major or minor tweaks can you do to better capitalize on your marketing efforts? How many people did you talk to this week about being money partners in your rehab deals?
That’s Just the Beginning…
By asking those questions, you’ll identify a TON of things that need to be done in your business, but all of that is pointless unless either you or someone on your behalf gets those things done for you. In my next blog, I’m going to show you how to create specific systems that will set you free from the mundane and free from chaos management that plagues so many wanna-be investors.
Oh, I’m also going to share with you the single-most powerful tool in my arsenal that allows me to put my business on auto-pilot, “forget” about my business, build my business, and implement powerful marketing campaigns – all remotely! Stay tuned! 🙂
To YOUR Success,
Jim “JimmyZ” Zaspel