Plans need room to adjust to changing conditions, so setting aside “update time” is critical to the process. A plan without measurement is only a dream. I suggest setting aside time in your plan each month to review your progress and allow for adjustments in the plan.
The holidays are rapidly approaching and I’ve managed to do most of my Christmas cards and gifts on time this year! I still have a few to go, but for me most of the pre-holiday madness is over. It is now time to focus on a strategic plan for next year and I’m actually going to take a day out of “regular” work to get it done.
I’m going to go week by week, all 52 of them, for 2007. On the plan will be my goals for the Year, the Quarters, the Months, and the Weeks. I’m taking a top-down approach that will ultimately drive my daily activities. And I will include plenty of vacation time! As I contemplate this process, I can see that I’m going to have to get very good at several things:
I’ve never done this before in this manner, so I’m planning on using some visual aids. One of them will be one of those desktop calendars … actually a couple of them. I’m going to use one to do the initial planning, so I can scribble, scratch out, take notes, and make changes. I’ll copy the final plan to the other one when I’m done marking up the first. I’m also going to use colored pens to clearly mark certain types of activities. When I’m done I’m going to post it on the wall, so everyone can see it. That way, we can literally be on the “same” page. I think I’ll also use some kind of thermometer-type graphics or a series of bar charts to visually express key elements of the plan and the progress we make.
What about you? What will you do, besides enjoy a really excellent vacation with your family in some great ski area or warm tropical setting, to further your goals during the holiday down-time? This might be a good time to approach your commercial real estate investment program in the same manner.
This process is called “Chunking Down.” If you do this, and really, really focus on setting aside that special time for your “Important-High Priority” activities every day (OK … we’ll allow you some flexibility!), you have to succeed. It’s a wonderfully simple process and if combined with easy to see visual references, it will catapult you to success in whatever you choose to accomplish. This applies to commercial real estate investing, as well as your personal life. Consistency and focus is an unbeatable combination. I’m looking forward to implementing this process in 2007 and I hope that you will, too!
Where Have all the Commercial Lenders Gone?
Government Agency guaranteed or sponsored transactions, including: SBA 7(a) and 504, HUD construction loans for multifamily projects, Community Reinvestment Act loans, USDA Business and Industry loans, and to a lesser extent, Fannie Mae and Freddie Mac multifamily loans.Trading Up Using the 1031 Exchange
A powerful method for building real estate holdings is the use of 1031 Exchanges, which lets investors defer capital-gains assessment on investment property.Segregate Costs for Better Cash Flow
While costs such as office equipment and furniture are easily recognizable as personal property, construction-related costs that are often included as part of real property may also qualify.