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5 New Years Resolutions for My Business

by Ken Corsini on January 2, 2014 · 7 comments

  
5 New Years Resolutions

As I reflect on 2013 and look forward to another year as a real estate investor, there are many things I’m proud to have accomplished, but many more areas that need improvement. As an entrepreneur, it’s hard not to constantly wrestle with the need to improve. As my business continues to grow and adapt to a changing market, I’ve identified 5 areas of improvement that I’d like to focus on in 2014:

1. Utilize More Strategies for Finding Properties

With a continual decrease in the supply of available distressed properties, it’s become imperative for us to find new methods of finding investment properties. For a number of years, we’ve been able to acquire the majority of our properties via MLS, HUD and relationships with agents. It’s become increasingly clear that to maintain the volume and quality of investment properties that we want to buy, we need to be more creative with our acquisitions. From telemarketing to direct mail, one of my main goals in 2014 is to be extremely creative and aggressive in finding new sources of inventory.

2. Better Analytics

We are in the process of transitioning from a traditional bookkeeper to a controller for our business. Once a business reaches a certain level, bookkeeping becomes more than just figuring out tax liability. For us, we realize the need to truly analyze profitability in relation to the types of properties we buy. Not only this, but with the investment we are making in new acquisition models, it’s important to have a good handle on our corresponding return on investment (ROI). For us, 2014 is also going to be about better financial control and analysis.

3. Lower Money Costs

A penny saved is a penny earned. Every year that I’ve been in business, I’ve taken steps to reduce the cost of money …. and 2014 will be no exception. We bought and sold approx 125 homes in 2013. By lowering my borrowing costs by just a few percentage points, I can increase profitability by tens of thousands of dollars. By developing new borrowing relationships and negotiating new terms with existing lenders, 2014 can become more profitable simply by focusing some of my time and energy on this area.

4. Manage My Time More Effectively

I read a great quote recently: “In the absence of clearly defined goals, we become strangely loyal to performing daily trivia until ultimately we become enslaved by it.” – Robert A. Heinlein.
I know for myself this is absolutely true. It’s very easy to sit down at the computer in the morning and answer emails and phone calls all day without ever spending necessary time actually managing the direction of the business. One of my top priorities in 2014 is to be intentional about carving out time every day to tune out the daily distractions and instead focus on developing my team and the strategies we need to implement to grow and be successful in the coming years.

5. More Consistent Marketing

I recently had a conversation with a buddy of mine who is a very successful real estate investor and info marketer. With an email list of over 200,000 active subscribers, I asked him how he was able to be so successful as a marketer. His answer to me was “consistency.” A good marketer continues to engage his audience on a regular basis.
One of our shortfalls over the years has been the lack of consistent marketing to our investors. One of my resolutions in 2014 is going to be regular engagement and dynamic marketing in an effort to solidify our investor base.

What about you? What kinds of resolutions have you made for 2014 to improve your investing business?
Photo Credit: Eustaquio Santimano

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{ 7 comments… read them below or add one }

Mark Ferguson January 2, 2014 at 12:23 pm

Nice Ken!
I don’t really use resolutions, but I love goals.
i want to sell 300 homes, buy 15 flips and buy 6 rentals in 2014. I figure making huge goals will force me to improve my systems (resolutions)

Reply

Ken Corsini January 8, 2014 at 7:17 pm

Mark – thanks for the input – best of luck in 2014!

Reply

Gerald Harris January 2, 2014 at 12:34 pm

Number 1, 3 and 5 were similar to mine. Even though they are all important to leading to more deals, I believe number 5 is the most vital. I am where I am today financially, physically, spiritually etc….. by my consistent or inconsistent actions. You have to be consistent and long term when it comes to working your plan both online and offline consistency is key for me in 2014. Great Article!

Reply

Ken Corsini January 8, 2014 at 7:19 pm

Thanks Gerald – couldn’t agree more. Consistency is a critical component to being successful.

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Greg January 2, 2014 at 2:25 pm

I don’t much care for New Year’s Resolutions[1]. But I like watching my portfolio grow in size. And I’m geared up to respond to any opportunities that come my way. :)

1 – http://blog.greglturnquist.com/2014/01/why-i-dont-much-care-for-new-years.html

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Shaun January 8, 2014 at 4:11 pm

Great list, I think I’m just going to copy it and use it for mine. :)

Points 3 and 4 are two of the big goals I had set. Items 1 and 5 I also have been setting some goals around as well.
While not at the point you are with the analytics I did have some vague ideas around tightening up on some of the bookkeeping and accounting this year as well.

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Ken Corsini January 8, 2014 at 7:21 pm

Shaun – thanks for the post – best of luck in 2014!

Reply

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