All the business greats will tell you about having the right strategy to grow your business. But what level of detail do you go into in yours?
We have been banging our heads for the past few months, looking at a strategy, in what we can now see, in a very broad term. We have had the strategy of HMO’s in an area of strong demand and growth. On paper, it should have worked. Viewing after viewing, wider area selections and tests and I just couldn’t get the numbers to stack.
My mindset was, this clearly works for everyone else, so it’s my maths and ability to find them that is to fault. This just escalated into negative self talk and wavering faith.
Does your strategy align with your goals or are you fitting square pegs into round holes?
We knew what cash flow we wanted and we knew what ROI would work for us, but we were operating in an area where this is the rarity not the repeatable model we needed to reach goals. I wrote previously about chasing the shiny penny, you can read it here if this sounds like something you have done/are doing too. http://lifeaboutthehouse.com/beware-the-shiny-penny/
Searching for the perfect deals will cost you some great ones. Equally your version of a great deal may not be mine. We have different financial situations, needs, goals and business models. For us, we were looking in the wrong place for our strategy.
Taking responsibility will help move you forward
If you start banging your head against a metaphorical brick wall and things are not working, take stock and assess why. So many times, we invest so much time into something, that ‘giving up’ on it seems like the wrong move. There is a difference between giving up because its hard or you are not seeing the results as quickly as you wanted, (self sabotaging against your goals) and taking stock and re-directing your efforts in a new direction that aligns with them and will push you forward.
Square pegs, round holes
It can be so tempting to buy anything, or compromise your figures because of frustration and patience to wait for the right deal. You can hammer a square peg through the gap with enough manipulation, but it will be damaged on the other side. I have come to realise that my maths wasn’t wrong, I wasn’t looking at properties that could produce our model. They could easily be HMO’s, but for someone who had a different financial situation. Have we lost time? It can feel that way, but have we learned lessons and a market place, yes.
I have to keep reminding myself, that I am in this for the long game and want to build security for us and our family, not to buy ‘for show’. I won’t settle for anything, so it’s back to it. There is always opportunity, you just have to work to make it a reality.
Go for no!