There are dozens of ways to run a business. What makes real estate investing so appealing are the limitless options of getting from point A to point B. With the right mindset and a little bit of good fortune you can go from part time investor to having more deals than you can handle in no time at all. As you continue your ascension you will be confronted with new challenges every day. There will be plenty of times when things will seem overwhelming and almost too much to handle. It is important to carve out some time to take a step back and think about what you have accomplished, where you want to go and how you will get there.
The best ten minutes of your day should be after your work is finished. Use this time to reflect and analyze your business without the pressures of the day. A few minutes of clarity can help put your business on the right track. Here are four important items you should spend ten minutes reviewing every single day.
- Mistakes. Running a successful business is all about mitigating mistakes. If you notice, I didn’t say eliminate. Every investor is going to make mistakes from time to time. As much as you may try to avoid it, it is the nature of the beast. As you take time to reflect you need to be honest about what has worked and what needs tweaking. Getting to the root of your mistake will hopefully help you to never make them again. A mistake can be as simple as having a conversation at the wrong time, choosing the wrong materials for a project or not reacting the right way to a phone call. Not all mistakes are catastrophic, business altering blunders. The longer you are in business for the more you will get out in front of these and know what to avoid. You may not make mistakes every day, but there is potential for errors with everything you do. This should be the starting point for your daily reflection.
- Time management. Simply put, how did you spend your time today? Did you waste it on projects or problems that didn’t help grow your business or solve an urgent matter? Time management is one of the easiest, and most obvious, differences in successful investors and those who struggle. Instead of focusing on what you are going to do, focus on what needs to get done. By starting with the end goal in mind you can work backwards and knock of the truly important items on your list. Real estate investing can be a tough transition if you aren’t used to the freedom. There is nobody telling you what to do and when to do it. If your time management tactics are poor you can be working hard, but still not have the results you anticipated. Think about what you did for your business from the moment you woke up until the end of your day. If you are not happy with your results, don’t wait to make dramatic changes.
- Systems/processes. We are all creatures of habit and repetition. Probably without even knowing it you do the same things, at the same time almost every day. If your habits are positive, this can be a good thing. However, if they are poor they need to be changed immediately. The same can be said about your business systems and processes. When is the last time you reviewed your system for reviewing new properties? How about your rental property policies? These are not something you regularly think about, unless there is a problem. With any problem it is always better to be one step ahead, rather than trying to play catch up. If you did something today with a system or process, dig a little deeper. See if it is still applicable in this ever-changing world of real estate. As with almost everything in business, a few small tweaks can make all the difference.
- Support staff. We are a byproduct of the people around us. This isn’t just the case in your personal life, but your business practice as well. Is there someone on your team or in your inner circle that you only work with because you have for years. This could be something as seemingly minor as your snow removal company or as attached to you as a business partner. Everyone on your team should create some kind of value. If you don’t trust, enjoy or feel they add value, you need to truly consider finding someone else that does. Severing ties isn’t the easiest thing to do but consider the alternative. If you dread dealing with your attorney every day, wouldn’t it make sense to find a new one? You may have to go through process of talking to a handful of people, but once you do and you have a good fit it will change the way you feel about your business. Don’t work with people you don’t like being around. Life, and business, are too short not to like the people you surround yourself with.
These ten minutes can be found on your way home from the office, walking on the treadmill or riding a bike in your neighborhood. By giving yourself some time away from the everyday grind of business you will see things more clearly and ultimately make some important, and necessary, changes.
