November 30, 2016 in Investing In Real Estate
It’s time for your annual business checkup. Are you ready? I have 5 Steps you need to take before the end of the year.
Have You Started the Process?
If not, now is the time. There is just about a month until the first of the year, and the holidays (AKA big distractions) are right smack in the middle.
You can still have fun, enjoy the holidays and make sure your business starts the year strong, but you have to plan for it. You need to schedule the fun along with the work.
You know that I’m like a broken record when it comes to putting things on a calendar. Trust me on this one. Just do it, and your life will be different. You will finally be able to ditch the guilt when you take time off because you know you’re getting the really important things done on schedule.
Here We Go – 5 Steps to Take Before the End of the Year
1. Plan the Rest of the Year on Your Calendar
With about 4 weeks left in year, we all have plenty of time to nail some of the goals we made at the first of the year. Take one or two big things that are unfinished and finish them. Turn your phone off, shut down email and Facebook, and just focus on your “thing”.
When you look at those goals you set 12 months ago, is there anything you need to let go of? Is there something that is no longer useful for your business? Just let it go and move on.
2. Take a Look at Your Marketing
You already know you need to keep marketing through the end of the year. Another thing you need to do is to look back and evaluate all your marketing efforts.
- What’s working?
- What’s not working?
- Do you know your numbers? It’s important to know how much money you spent on marketing, and how much those marketing dollars earned you in income. Once you have that information you will know what changes (if any) need to be made.
3. Set One Stretch Goal for Next Year
I believe that you shouldn’t have more than 3 or 4 big goals for any year. However, one of those goals should be your big goal; your stretch goal. This is the one thing that you must get done. It should also be the one that will make the biggest impact on your business and your bottom line over time. Maybe it’s one of these:
- Do you need to add another investing strategy? Maybe one of your current strategies no longer serves your business.
- Is buying more houses or setting a much bigger money goal your stretch goal? Make it big!
- Do you need to add another profit center to your business?
- Is this the year to write your book? If so, you need to plan to come to Branding, Books and Beaches this year in April.
Whatever it is, once you have decided on one, you need to figure out the steps you need to take to make it happen. Then take steps every week toward that goal.
4. Analyze Your Mix of “Profit Opportunities” in Your Business
For most real estate investors, buying and selling houses no matter what your investing strategy is will be you big profit opportunity. There are always other things you can do to get money in the door. You can add other profit centers.
Those will be a little different for everyone. Maybe this is the year to write a course or mentor others. If you are a landlord, how about managing properties for other investors? This is the time to look at possibilities.
5. Take a Hard Look at Your Business Strategy
What needs to be tweaked, overhauled or possibly even thrown out?
Once again, look at the big picture. What’s working now? What’s not working? Do you need to go in a different direction altogether? Businesses evolve and change over time.
You Have to Plan for Success
Success doesn’t happen by accident. It is ultimately created by you. Once you have a plan, take steps to implement your plan. It only takes a little time for these 5 steps you need to take before the end of the year.
I have one final tip for you. Remember that one of the benefits of being an entrepreneur is being able to make changes quickly; change; to go in a different direction.
It’s simple, but it’s not easy.
Have you ever completely changed the direction of your business? You must be an entrepreneur!
If you’re not already subscribed to the blog be sure to do that today so you don’t miss any of the business building tips I have coming your way. I want this year to be your best year ever! And if you enjoyed this article, please share it.