As hard as it is to believe we are already almost a quarter of the way done with the year. Think back to where you were New Years Eve and all the business proclamations you made. Hopefully, your year is going just the way you planned, and the resolutions have worked to perfection. However, if you are like most people you probably had some setbacks along the way. What is great about running your own business is that you can change course any time you please. Today, you can shift gears with where you invest, how you market and who you have around you. In just a few weeks you can have the business you envisioned back in January.
There is still time in the year to achieve all your goals, but you need to set the wheels in motion now. Here are five things you should stop what you’re doing and implement in your business now.
- Establish a roadmap. Everybody has good ideas. Some of the best ideas come from people you never hear about. The reason you don’t hear about them is because they never take the next step from idea to implementation. Back on New Years Eve when you wrote out your goals and your action plan you probably had several good ideas you never did anything with. The biggest thing that separates average from excellent is action. Before you do anything else you need to sit down and map out how you are going to take your business from where it is now to where you want it to go. This roadmap should give you a clear vision and help get rid of any outside distraction. All you need to do is follow it.
- Daily routine. Human beings are creatures of habit. We do the same thing almost every day and when faced with any situation. Think about what you did this morning. There is a good chance you woke up the same time you did the day before, got coffee, showered in the same pattern and left the house the exact same time. Doing the same thing can lead to monotony and a slew of bad habits. Fortunately, you can also change your habits for the better. If you are struggling with efficiency you should examine your daily schedule and routine. Ask yourself if you are getting the most out of your day? You should always hit the ground running as soon as you wake up. Waking up an hour earlier allows you to finish all the busy, unproductive stuff that clogs up your morning. It is a good idea to set times for actions and stick with it as much as possible. After just a few weeks you will establish a new routine that should help you get more work done.
- 1 New Relationship per week. Real estate investing is a contact sport. The more relationships you make the easier it is to find and close deals. If you are in a rut with your business, there is a good chance it is because you have stopped building contacts. As much as you may not like networking, it is a necessary evil in real estate. You need to commit to attending one live meeting per week. At that meeting you need to connect with one new contact. Making small talk over coffee or donuts isn’t sexy but if you do it enough times they will consider you the next time a deal comes their way. If you focus on making just one new contact every week you will see the impact in your business. Instead of constantly searching, or paying, for leads that don’t close you will have a steady flow of prospects.
- Evaluate debt. One of the biggest items that cripples businesses is debt. You can generate massive income but if you have too much debt you are like a boat taking on water. Nobody likes to pour through numbers and expenses and gauge the temperature of their business. However, you should stop what you are doing and get a feel of your current debt situation. In most cases, there are things you can do and items you can pay down that will completely change your bottom line. It is no uncommon to blindly pay credit cards or other expenses for years without knowing the interest rate or exact fee. Get into every bill you have and put all the information on a spread sheet. From there map out a plan for which items you are going to pay down and how you are going to do it. This exercise alone will make you feel much better about your business.
- What is holding you back? There is an excuse for everything. If you are not having the success you desire it is easy to blame it on your market, your lead generation, lack of capital and a dozen other built in excuses. The reality is that real estate investing is hard, but the rewards are great. Find out what it is that is holding you back from getting where you want to go. Better yet, if you have a partner or someone close to you ask them. Hearing the truth can be difficult but it can also be the best thing to ever happen to you.
There is still time to reach your goals for the year and to get your business where you want to go. You can always change the path of your business at any time, you simply need to do it.