Okay…short and sweet one today — but supercritical…
I’ve said this before and I’ll say it again: If you don’t know your numbers, you may not have a real business.
I was just at a Mastermind, and the numbers thing is fresh in my mind. And in all honesty, I haven’t always been good at knowing my own numbers.
So, I actually hired a CFO: chief financial officer. This person is wayyy different than a bookkeeper or accountant.
My CFO helps me forecast by looking at the bigger picture and asking the right questions.
He focuses on my Key Performance Indicators: KPIs. These numbers are really important. I teach my students and clients to use a scorecard to track their KPIs.
These are the numbers you should be tracking:
- How much, and in what channels, you are marketing each month
- How many leads you get from those marketing efforts
- How many leads it generally takes to get a deal
- How many sellers you are talking to every week
- How many offers you make each week
- How many deals you’re doing each month
When you know your numbers, you’ll know what marketing works and what doesn’t.
Run your business as a business, not just a hobby.
So, right here, right now, I challenge you to know your numbers… your cash flow… your budget. It’s invaluable.
————————-Don’t be this guy
Quick and dirty today, folks…
So, I was just working with students who came to St. Louis for the day. And, I truly enjoy spending time and talking with students who are just taking their baby steps getting started in the business.
But, let me tell you… it makes me feel nostalgic and think about my own start. Wow, I made so many mistakes. I did so many stupid things.
But did making mistakes stop me from becoming a success? Absolutely not. I just stuck with it and kept making offers, kept flipping houses… kept my family close. My wife was and is so supportive. That’s so important, having support like that.
Know this: If your family isn’t in a good place but your business is amazing, what does it matter?
Okay, back to my main point…
I love teaching REI. I’m passionate about helping others succeed. That’s why I create courses and do my free podcasts and these emails. I want to help you avoid the mistakes I made. 🙂
But here’s the thing… don’t be a professional student. Be a professional action taker!
Inaction is the most certain way to fail in this business. Don’t hide behind your studies. Learning is important, of course — we should always be learning. Just remember that studying real estate investment is NOT the same thing as being a real estate investor.
Get out there and make deals now. Take massive imperfect action now. Fail forward fast. Now. You got this.
