What was your biggest challenge/struggle in 2015?
2015 is over and the books are closed! Hurray!
For us 2015 was a great year, but also a year filled with challenges (who didn't have them?).
Every year I like to look back and review what we did well, and where we fell short so that we can do more of what we are good at and less at those things we were not good at in the comming year.
The biggest challenge/setback/mistake from 2015 was in regards to raising money from investors. Unfortunately we did not raise all the money we were committed to for one of our new construction projects. It was our fault for not making sure everything was done well in advance of the closing date. In a world of trust, that does not work. Neither for our joint venture partner nor for us.
What I took away from this experience is the importance of a clear plan. A plan that includes when and where we travel to meet our investors (a minimum of 2-3 times per year), how much we are raising from each investor, a document for the investor to sign that they commit a certain amount of money when we find them a new deal, and who is in charge to make all of this happen.
It was an expensive lesson, and a lesson I don't want to repeat any time soon.
But, I want to know. What was your biggest challenge or struggle in 2015?