Time for reflection…
Reflecting on 2017, I’ve decided to take time out to consider my ten key lessons:
- Your health is key for your overall wellbeing and business execution. I hit some great personal goals with regards to completing marathons and ultra-marathons and in losing weight but unfortunately some old habits reappeared in the last 6 months and my aim for 2018 is to be in the best physical shape I have ever been! That said, zig and zag is still my motto – 80% good and 20% bad!
- Don’t forget the fundamentals in investing and business – cash flow, then profitability, then build your balance sheet. Too many people try to do this back to front and come unstuck.
- Work out what your flow is and excel at that. Look to outsource all other tasks. I have been too slow to hire other key staff/resources and that has hindered my progress in 2017.
- Identify the few select metrics that drive your business and focus on them only, but regularly. For me currently, that’s monthly rent, profit, apartment sales, project development time and budget, and overall cash flow.
- In property, the reality is it always takes longer and costs more than you expect. Take this into account when planning, but don’t forget that it’s over the long-term that property delivers value.
- Take responsibility for when things go wrong, then you can solve the issue. Don’t waste your energy blaming others – once you take full responsibility, you will see the way forward.
- Speak up when you need to – it’s your business and nobody else is going to do it for you.
- Don’t argue with fools, you will only end up feeling frustrated.
- Take time out to reflect and plan for the future – make sure what you have created is aligned to your values and the life you want. If you are not enjoying the journey, you need to make changes.
- Allow your heart to set your direction but trust your gut to get you there.
Before running off and setting goals for 2018, I recommend that all investors take 60 minutes to reflect on what they have learned in 2017 and use this to help guide 2018 strategy decisions.
Happy investing!
Billy