Dealing With Overnight Business Success
By Paul Esajian on April 26, 2019
In many respects, sustaining success is harder than achieving it.
Just when you think you have reached the top of the mountain you will find there is always another hill to climb. This isn’t to say that turning the corner in your business is easy, but it not the pinnacle of your profession. There is always something, everyday that will be a roadblock to where you want to go.
How you handle success often defines yourself, your business and your future. If you rest on your laurels you will see how quickly you can lose what you have worked to achieve. However, if you handle it the right way and continue to work hard you will constantly make steady improvements and enjoy long term success. Any investor can fall into a few fortunate deals, but not everyone knows how to deal with it. Here are five tips on handling seemingly overnight business success.
- Humility: The most important lesson for any investor, or business owner, is knowing that success is often fleeting. Unless you have a great system in place and have numerous contacts you can lean on, your success may be short lived. Having the humility to acknowledge this is a great skill to have. Real estate more than most businesses is a wild roller coaster ride. Some months you will feel on top of the world and almost have to turn away business. Other months deals will fall out at the 11th hour and nothing will go your way. When things are clicking it is important to know that it may not stay this way for too long. Don’t go spending money on expensive cars, trips and other items until you know you have a proven track record. As quickly as your pipeline is built, it can be gone all in the span of one bad week.
- Take Care Of Your Team: Never forget how you got to where you are today. In most cases, it is your strong team that helped you achieve your success. You may want to bask in the glory of success but always remember your team. Doing the small things can often have the biggest impact. Treating your team to a dinner out, taking them to a ball game or even simply saying “thanks” for a job well done goes a long way. This will help cement a relationship and push them to work even harder for you in the future. When you need a rush, or a favor, they will be quick to do it. If you need everything on a property to be perfect, they will give 110%. On the flip side if you dismiss, or disregard, your team you will see just how difficult it is to surround yourself with good people. The strength of your team often directly defines your personal success. The minute you forget this you will see the impact on your business.
- Protect Your Reputation: It is not hyperbole to say that your reputation is the most important quality you possess. You may be great with execution or communication but they both pail in comparison to your reputation. People work with people they like. If you are a jerk, deceptive or untrustworthy they will find someone else, regardless of what you think you bring to the table. It is important to remember this in your business dealings. There are times in almost every deal when your reputation is put to the test. You will be tempted to cross a grey area or act in a way that you will later regret. Just one outburst or aggressive email can change the way you are perceived. With the power of social media this may be all it takes. Soon enough, you will be branded as difficult to work with and you will have trouble changing this perception. You are better off keeping a positive reputation than trying to change a bad one of you.
- Focus On Finances: So, you are closing deals and generating revenue. This is, obviously, a good thing but far from the only thing. You need to constantly focus on expenses and ultimately your bottom line. It is not how many deals you close, but how much profit you generate. With more capital it is easy to get sidetracked on what is really important. You will be tempted to overspend on marketing or to add expenses your business doesn’t really need. You don’t think much of it when things are going well, but when the deals slow down you will be left with debt that can take your business down.
- Work/Life Balance: As busy as things may be, nothing is more important than what you have at home. Finding a work/life balance is always tough, but family should always win out. You will never get precious time back with your kids or with a loved one. Sure, making money is important but so is creating memories with your family. When you are old and grey you will never say that you wish you worked harder. You will regret not being there for little league, vacations or milestones. Creating the balance of working hard and providing for your family is difficult but is something you need to figure out before it is too late.
Experiencing real estate success is a sort of natural high that can’t be explained. If you are not careful it can quickly go to your head. Use these five tips to help keep you grounded and your business soaring.