Business Management

4 Steps Entrepreneurs Should Take When Tackling Business Projects

Expertise: Landlording & Rental Properties, Real Estate Investing Basics, Personal Development, Business Management
29 Articles Written
business-project

A lot of time on the Biggerpockets Podcast and the Forums is spent talking about creating systems for your business. If you haven’t created systems for your business, do it. If you have, you may have already figured out that creating systems is only half the battle.

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Your business can be divided into two areas:

Processes and Projects.

Processes are tasks that are repetitive. You can do them over and over again. I would argue that most well established businesses are more process-oriented than project-oriented. But for smaller businesses, I think there are a lot of projects that need to be handled that don’t necessarily need repeating. For instance, if your business needs a website, that is a project. Finding a larger office space? Project. Setting up a property management software? Project. Once these are done, you probably won’t do them again.

What I have found is that I am drowning in projects, not processes. If you too are struggling with projects, these are the ways that I have handled dealing with projects.

4 Steps Entrepreneurs Should Take When Tackling Business Projects

1. Write them down.

I have a list of projects that I want to complete. It started as a brain dump. I just needed to get it all out of my head. All these thoughts of what to do was getting in the way of the actual doing. I spent an hour and wrote down everything that I could think of. Once I did that, I moved to step 2.

wholesaler-benefits

Related: 15 Things Every Newbie Needs to Know About Starting a Business

2. Prioritize.

I sat down with my coach, and we discussed every item on my list. We started with him asking me what my goal is. We established that, then went through the list. Having that in mind made it much easier to decide what was important and needed to get done now. It also helped me decide what I could put off. In the end, I found that there were only a handful of critical projects that needed to get done to reach my goal of selling more properties.

3. Delegate/take action.

After figuring out what needed to get done, I figured out what needed to happen next (like I’ve talked about in my previous post). Now that I had that next action step, I decided if I could delegate it or do it myself. From my experience, I have not had much success with outsourcing projects to sites like Upwork. I find that I spend as much time trying to find the right person for the project as it would take for me to do the project. I tend to like Fiverr much more. On Fiverr.com you tend to find people that only do that one project that you are looking for.  My success rate has been significantly higher there.

make-offer

Related: 3 Areas of My Business I’m Streamlining to Regain Valuable Free Time

4. Follow up.

If you delegate the work, you have to stay on top of it. This is no different than hiring a contractor to install a kitchen. If you don't stay on top of it, you won't get what you want in the time that you want it.

I am not going to lie. I still struggle with this. I still struggle with handing things off and figuring out what is the most important thing right now for my business. I get better with every day that passes. I get better with every team member I find that adds to my resources at hand. It is a slow process but a necessary one. I still have lots to learn.

What projects are you working on and how are you organizing them?

Let me know with a comment!

Mark Ainley is an investor, managing broker, and property manager with almost two decades of experience in real estate. Mark found his way into real estate by purchasing and flipping condominiums prior to the great recession, and since, he has built his own portfolio of rentals alongside co-founding GC Realty & Development LLC (GCR&D), a full-service real estate brokerage, property management and investment firm, and GC Realty Investments (GCRI). He has rehabbed and stabilized over 450 properties and currently manages over 900 investment properties throughout the Chicagoland area. Mark was featured on CNBC’s TV show The Deed, which chronicled one of his rehabs. He has also been featured on podcasts like The BiggerPockets Podcast, The Real Estate Mogul Podcast, Joe Fairless, REI Diamonds, and Positive Phil.

    Joshua Diaz Rental Property Investor from Bronx, NY
    Replied almost 4 years ago
    Thank you for sharing your thoughts. I have also heard so much about processes and streamlining your business so that it can run without you being there for every single step. The part about writing down your projects then prioritizing them is pure gold and I plan to do just that. Thanks again for sharing!
    Frank Romine from Visalia-Fresno, California
    Replied almost 4 years ago
    MarK good writing. Can you share me some insight on fiverr? What type of projects have you used them for? Thanks, Frank
    Kyra Quon from Oakland, California
    Replied almost 4 years ago
    Hi Mark, you nailed it — great distinction between process & projects. I would add that, for a process to be reliable, you just have to make sure that every step works, so that there aren’t any gray areas that cause possible failure of the process. And that the process is clearly communicated. Best, Kyra