In this episode, I want to talk about the five things that I evaluate in my business each and every month (at the very least). These are things that I would really suggest you evaluate in your business right off the bat; you don’t have to wait until you’ve flipped a hundred houses or have fifty rentals. These are things that I have been evaluating since day one, I continue to evaluate, and will continue to evaluate in the future no matter how successful I become.
Here are the five things that you should be evaluating at least once a month:
1. My activity level
You really want to put a mirror up in front of yourself. If you’re not getting where you want to be, you have to take a close look and see: How active are you? How much action are you taking? I advocate massive action in this podcast, and anyone who has been listening to this podcast for a while knows that.
2.Where most of my energy is being spent
If a month goes by when I didn’t get that much done, I look back and take an honest look at what I’m spending my time and energy on. Things will take your time away. I’ll be honest: when I started this podcast, I was spending an awful lot of time and energy on it and it was taking away from my business. I had to get more efficient and hire someone to help me, so that I’m spending my energy on things that I’m good at or things that need my attention. Even in my business, there have definitely been months when I have taken more personal time than I should have. At the end of the month, I look back and say: Where did I spend my time? Was I working on things that will help my business grow?
3. What systems need to be created or improved
This is key. It took me quite a few years to come to the realization that, for any business, you need to have systems in place. You need to do things the same way each time, and be able to outsource tasks. As you get more successful, systems need to be tweaked and improved so that you can handle the work load and the direction your business is going in. I always look at what systems need to be created or improved. Ideally, once a month I’m taking the most time-consuming activity and finding a way to be more efficient at it or take it off my plate.
4. The direction in which my company is going
Some people wait until the end of the year to reflect back on their company. I make sure that I have my hands on the wheel of my company and that I’m steering it in the direction I want to go. I course-correct once a month, as needed. If I’m off track, I want to be aware of that at the end of each month so that I can adjust. I want to be happy and comfortable with the direction my business is going in and the speed in which it’s getting there.
5. How I can improve next month
I always look at how I can improve, whether it be on where I’m spending my time and energy, my activity level, or the systems I have in place.
I really suggest that you look at all of these things every month. It will help you grow your business faster and keep you on track.