It is hard to believe but the year is almost over already. If you are like most Des Moines real estate investors, the holidays present an opportunity for a bit of extra downtime. Although you may be tempted to use this extra time for some much-needed rest, it is important that you also carve out some time to plan for the year ahead. Here are some tips to set yourself up for success with your Des Moines real estate investment properties next year.
Write An Annual Business Plan
It may be tedious and boring but writing an annual business plan is a very necessary exercise as a real estate investor. Taking the time to put your goals and strategies to paper is valuable as an exercise alone. However, if you take the time to refer back to your annual business plan throughout the year, it will help you to save money, time, and resources while keeping you on track towards your goals. To make this exercise more tolerable, download a free template online and refer back to your goals from previous years to find inspiration for your next set of goals. Also, be sure to run the goals that you set through the S.M.A.R.T. goal test to make sure that they are realistic.
Scrub Your Vendor List
Think of this as spring cleaning for your business. Each year as you prepare to get the ball rolling in the first quarter, it is a good idea to reestablish some organization and systems in your business. Take a look at what is working for you and get rid of what isn’t. This also pertains to your list of preferred vendors. If people have moved, closed up shop, or simply don’t meet your standards any longer, delete them from your vendor list to reduce clutter and confusion.
Get A Fresh Perspective
Sometimes as a business owner we can develop tunnel vision which prevents us from identifying new opportunities or potential liabilities that are holding us back. For this reason, it is a good idea to bring in a second opinion or a fresh perspective on your business as it stands today, as well as, your plans and goals for the future. When you enlist this type of opinion, it is vital that you focus only on listening constructively and keep your defense walls down. Remember this is about building your business it isn’t personal, so invite whoever you enlist to be completely open and honest.
Find Your Tribe
One of the best things that we can do for ourselves as business owners is to align ourselves with people that understand our perspective and encourage us to level up. Finding your tribe will help you to stay motivated, focused, and balanced throughout the year so that you can continue to put one foot in front of the other towards each one of your goals. Luckily tools like Facebook groups make finding your tribe easier than ever before. Through a simple search, you should be able to find at least a couple of different groups of people that are in identical or similar situations who you can turn to for support and guidance on both your business and personal life.
Want To Crush Your Real Estate Investment Goals This Year?
It is never too early to start planning for the next year. The more time that you invest in fully developing your business, financial, and marketing plans the better off you will be when January 1 hits. For help in creating your investment strategy for next year, give us a call.
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Liz and Chase