I love real estate! Not only is it exciting, but I don’t know where else someone like me (with no formal education) can generate wealth and create a lifestyle. I read a lot. Books, journals, blogs, online media: you name it, I read it. Sometimes it may take me a while to get through a chapter of a traditional hard cover, but it still brings me joy. I like to soak it all in and apply what I’m reading, so I tend to seek out business topics and others that relate to real estate. This type of personal development has lead me farther than any formal education ever could have, as I’m not much of a “classroom learning” type of guy.
Through my reading and watching parts of TED talks and various other personal development activities, I have come up with seven questions that you need to ask yourself concerning your business. I’ve been talking about these with my team, and since they really seem to define what I do, I wanted to share.
How I Bought, Rehabbed, Rented, Refinanced, and Repeated for 14 Rental Properties
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7 Questions Every Entrepreneur Should Ask Daily for a Better Business
1. How do I earn more, but work less?
This is all about leveraging your time. It’s about being focused on what you do that generates the revenue while decreasing the amount of time it takes to accomplish those tasks. It’s also about delegating lesser responsibilities to place more attention on those with more weight.
2. How do I get more people on board?
I’ve talked before about sharing your vision and attracting the right people. This is how you really leverage your time. Surround yourself with the right people who are willing to be a part of the bigger picture and can do a few things better than you. Allow them to focus their attention on those things.
3. How do I make a better company?
In asking this question, you’re always trying to place attention on improvement and being more efficient. Is it the right structure? What compliments our brand? Are we using the right type of marketing? Does it deliver our message properly? I like to use the words “streamlining” and “systemizing” here.
4. How do I grow it into a bigger company?
With all of the items above, growth should be happening. It’s also about measuring that growth and ensuring it is sustainable. Anyone can make a big company; you just hire a lot of people — but that does not mean it works. This is about being calculated and taking cautious steps, but always looking at ways to grow your business.
5. How do I offer a better service to our investors?
Now not every business has investors, but it will have customers, so here the focus is on the product you deliver. We deliver service so we are constantly thinking of ways to make it better. We brainstorm about things we can do for them that no one else is offering. We pour over the details and ingrain in our team the importance of timely communication. What commodity do you offer that is lacking with everyone else providing the same product? This is your focus. Be different. Create your “Blue Ocean.”
6. How do I offer better returns for our investors?
This question gets down to the nuts and bolts of your operation. Here, we think about the source and price of your product — in my case, property. What can we do to buy it at a lower cost so we can spend more on rehab, and sell it for less, offering a better return? That is something I think about often. Also, I look only to purchase property in areas where great schools and infrastructure exist. They are more valuable, the rents are higher because of the demand, and tenants stay longer. You may think about the quality of your product and its potential to last.
7. How do I do it better?
Take it all in and present each day with this question. What fell short yesterday needs to be made whole today. It’s a question I ask myself personally and direct towards my business. Everything I do, from meetings and emails to writing lists and talking to potential clients, all has a focus, and it needs to be better than it was before.
I was once told that no matter what organization you are trying to create or operate — a church, a retail store, a real estate investment company — you should always be striving to be better. To do what you do better and offer it in a better way. Why? Because someone else out there is doing the same thing. They are operating the same business in nearly the same way, just in another location. If you are not focusing on improvement, you can bet that they are — so what is happening is that you’re falling behind by being comfortable.
Never get comfortable and never settle. Leverage your time. Attract the right people. Let your business grow. Always be better today than you were yesterday. Strive to provide better service in everything you do.
If you don’t do these things, you’re falling behind.
I’ll leave you with this cool quote: “If you’re not out selling, you’re being out sold.” 🙂
What do you think of my seven questions? Have anything to add?
I’d love to hear your comments below.