It’s prime time to set some new goals. What types of goals should you be setting for the next 12 months?
While I’m not a big believer in taking much time off during this season, which is packed with opportunities, I do believe everyone should be taking an appropriate amount of time to set goals for the coming year. Unfortunately, we often don’t set specific enough objectives or have a solid plan of action that will deliver on what we really want. Most people have a number, right? That’s usually what they want to make in the next year. It might be $100k, $1M, $10M, or more. I suggest that you get far more specific this year.
Leads, Units, and the #1 Most Important Number
How are you going to get to that top line revenue or income goal? What will it take to get there? Investors need to be thinking in terms of real estate leads and the number of units they need to close on in order to make their big goals happen. You want to set the goal and map out your plan to achieve it. My goal is to acquire 500 apartment units in 2017. In order to achieve that, I need to consistently look at deals everyday and send out offers practically every week.
Just make sure you don’t just get busier and end up making less. Many do. Make sure your net returns and the money you really get to spend, reinvest, or add to your nest egg is really moving up as well. Be sure your profit margins stay strong, even as you grow your volume.
Goals for Improving Your Money Making Machine
If you’ve read some of my other blog articles on BiggerPockets, you know that I am a big advocate of hiring other people to assist in helping you achieve your goals (and theirs). Don’t try to do everything yourself. How many people do you plan to hire this year? What will they do? Where will you find them?
This is a part of working to make your business and investments more efficient, effective, and scalable. You may also want to create a list of areas of your business or certain tasks you want to outsource or automate this year. Where can you plug in systems to make things flow more consistently and profitably? Perhaps it’s property management, screening leads, or staying on top of tax deductions all year round.
Effective Goal Setting
Thinking and setting goals is easy. So many people set goals and new year’s resolutions. Not everyone actually follows through. I recommend setting high goals and writing them every day. Some people write them once and then just read them daily. I write my goals when I wake up, as well as right before I go to sleep to keep them fresh in my mind. I believe that whatever you focus on the universe will give you, but you have to be sure to take the necessary actionable steps too.
What are your goals for the coming year?
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