How To Keep Your Business Moving In The Right Direction
By Paul Esajian on August 24, 2016
In business you are either improving or getting worse. Very rarely do you stay in the same place for any significant period of time. It may seem like you are stuck in the mud but all this means is that you need to move forward. Fortunately you can dictate which way your business goes. Most investors have the motivation to get better but aren’t exactly sure how to go about it. Getting better is about focusing on the little things which shape your present and even your future. To stay on the right track you need to constantly evaluate where you are, where you have been and where you want to go moving forward. Here are five tips to help achieve the business you have always desired and to help you work smarter not harder.
- Goals. If you are like most people you only think about your goals around the first of the year. You jot down a couple of things you want to change and by the middle of January they are forgotten about. To stay on top of your business you should make new goals at the start of every week. This may seem excessive but short term goals change all the time. Something you thought you wanted a few months ago may no longer be relevant. As you are updating your short term objectives you should look at what you are doing to fulfill your long term goals. By having a purpose for everything you are more motivated to work harder. The harder you work the more realistic your goals will become. It is this cycle that some of the most successful people in business practice.
- Narrow Focus. Where many people in business struggle is trying to wear too many hats. They want to be everything to everybody all the while taking on as many new tasks as they can find. To get the best out of your business work on less rather than more. This may sound counterproductive but it is the best thing you can do. Figure out what you are best at and make that your primary role. For everything else build a team or find people that can accomplish the other tasks. By doing this you will avoid being bogged down with mundane and unproductive items every day. The tasks you work on will be much more productive and you will find yourself enjoying your business much more. When things get chaotic and you are spread too thin narrow your focus to what is really important.
- Income Producing Tasks. To keep your business moving forward you need to generate income. You can only set the table for so long. At some point you need to generate income or risk having your business crumble. Because of this it is important that you always keep an eye on what tasks directly correlate with income. Every day 80% of everything you do should be on items that will give you a near immediate return. This doesn’t mean you have to be short sighted and ruthless but you need to focus on raising capital. Without income you will not be able to follow through with any marketing plans you have in mind. You may not be able to make the right offers or do the right work on existing properties. The more income you can produce the easier it is to do everything in your business you want to do. Setting up for the long term certainly has its place but you will never get that far unless you survive the short term.
- Systems & Policies. There should be a system for everything you do in your business. For many investors it is useless making systems that change so often. The savvy investor knows that strong systems lead to strong deals. They also greatly reduce the risk that you will get involved in a deal that you really don’t want. Along with your systems you should develop policies for every area of your business. Figure out which markets are off limits and how you will handle any incoming leads you get. Knowing which areas of the business to avoid is almost as important as knowing which to pursue. Not only will you save time but you will run a much more efficient business.
- Time Management. There should be a certain structure to every day. Without knowing how you plan on spending every waking hour you will end up wasting them. Before you go to sleep at night you should have clear vision for what you are going to do the next day. Write down what you want to get accomplished and when you are going to do it. Put your tasks into easy time blocks and go from there. As soon as you wake up you can high the ground running. Instead of wondering what to do next there will be no question. It is no secret that the more efficient you are the more successful you will be. Instead of spinning your wheels for ten hours a day you can accomplish everything you need to get done in eight. Accomplishing tasks every day will help keep you motivated and eager to do more.
One small step in the right direction is better than not making any progress at all. By keeping your business moving forward every day eventually you will get to where you want to go. There will be times when you get frustrated and even a little board but if you stick with it you will get there eventually.