2020 is your year for achieving your property goals!
Here we share eight essential ways you can improve your chances of success with your property business and your property goals.
2020 will be no better than last year unless you plan!
Ensure you have a plan – such as an overarching 12-month plan which is then broken down into daily, weekly or quarterly goals.
Once you have a plan, don’t file it away – follow it! Our brains need to feel progress, and that progress translates into happiness. And we want to be happy in our business.
Without the plan that we just discussed above, it’s hard to know if you’re going in the right direction. So, not only do we need a plan, but we need to then act on that plan. The plan will not magically work without that direction.
In nature, there is no inertia – things either decay or grow. Don’t let the fear of complexity make your business stagnate – follow Mother Nature’s lead.
With planning and direction, an activity doesn’t have to be complicated; it can be relatively simple. It does, however, need to be consistent.
Don’t put things off because they seem complicated – your business will suffer. Get outside help, get a mentor or take a training course. Keep the energy in your business moving.
If you’ve read anything around goal setting and motivation, you may be familiar with the SMART abbreviation. The first part of that is ‘Specific’. To allow ourselves to achieve our property goals, we must be specific in those goals and understand how to get to them.
- If you are growing, then expect expenses to grow too (that could be part of the plan as you are scaling up)
- If you are buying more property, then expect to find cash or raise more finance
- As your business grows, so will your overheads
- Do you need more people to help you?
- What investment into systems do you need to manage your business to free up your time?
All these things are specifics you need to be aware of.
A lot of people believe they can do this all themselves, and that they can hold themselves accountable — this rarely works.
One way of removing this as an issue is to have an accountability buddy who can be honest with you about your successes and your failures. This can just be a friend, mentor or someone else in the business.
Without this accountability, it can be quite challenging to achieve your property goals. If you become more accountable and have an accountability system in place, success should follow.
6. Surround yourself with success
You need to build the right success team.
Many of your friends and family may not run their own businesses – they may work for other people, and they may have done so all their lives. They won’t understand the unique challenges you face as a property investor.
Because they don’t understand, they may not be as supportive as they possibly could be. And in some cases, some people are just downright negative.
Remove the negativity and surround yourself with people that are on the same journey as you. Look at people that are successful in the space that you’re going in to and align to one mentor.
We say one mentor because with different mentors they could have different strategies. This could confuse you, creating potential challenges and internal conflicting advice – that’s not going to help.
You’ve got your plan. So, what method are you going to use to achieve your goals? Perhaps you want to invest in HMO’s? Or you want to buy and flip?
Work out which method you will use and how you can implement your goals. Keep testing and measuring your progress – don’t lose focus on where you’re going.
8. Outcome focused
You need to start with the end in mind – a cliche I know. But work out what you want from your life and what you want your life to look like, and then work backwards. The outcome is important because the outcome is the thing that’s going to keep you going.
When things look bad, or you’re a bit down in the dumps, or you’re a bit fed up because the sale that you wanted didn’t go through or you didn’t get the planning permission, focus on the outcome. Because, overall, it’s the outcome that’s important.
So, those are eight things that you can use in your business right now, to make sure that 2020 starts in the right way. Don’t delay! The year is going to catch up with you very, very quickly – these eight strategies will help you focus and plan. They’ll help you define what success looks like for you, and how to achieve it.
Looking for further inspiration? Then please listen to my podcast: 2020 focus and vision here.
Want to learn about investing in Property / HMOs?
Join us on one of our courses or phone the office on 01684 368468 to find out if property is for you.