A few weeks ago two of our team came to visit us in Ibiza so we could spend some time planning out our next 90 days in the business. It’s something we do religiously every quarter and I’d go as far as to say it’s been one of the most impactful processes we’ve introduced over the years, so today I’m sharing the 5 steps you’ll want to work through to introduce 90 day goals to your own business, as well as some tips to make them as effective as possible, and what our own key focus areas are for this quarter.
So if you currently feel overwhelmed with everything on your to do list, you never know what you should be focussing on, or you feel busy all the time but don’t seem to get any closer to your goals, this is the episode for you.
Listen to this episode below:
Here’s what we discussed this time:
Our five step process to having the most productive 90 days in your business, every 90 days!
- Your 5-10 year vision – this is where it all begins. What you do and how you do it are irrelevant if you’re doing things for the wrong reasons
- Your 3 year plan – where do you need to be 3 years from now in order to know you’re on track to hit your longer term vision. Remember, progress is rarely linear!
- Your 1 year goal – where will you and your business be 12 months from now. What do you need to focus on and achieve to set yourself up for longer term growth and success?
- Your 90 day rocks – if you first fill your glass with sand, there will be no room for rocks or pebbles. But add the rocks first, and everything else can flow around them.
- Your weekly review – to resolve issues, assess progress, and be held accountable (by yourself or others). This is the drumbeat of your business.
We also shared our own rocks for the next 90 days to see how the theory can be applied to a real business, and give you some ideas for your own, including:
- Our occupancy targets for the residential portfolio (HMOs and single lets) as well as our serviced apartment portfolio
- Our acquisition targets to keep us on track for our 10 year vision of 500 units
- How we’re tracking progress on our projects, in terms of programmes and budgets
- Our funding targets for the 90 days to ensure we can buy everything we source, and why we’re also tracking our finance costs
- And finally, a rock to outsource the finances in our business before things get into a real mess – sometimes spending time planning for growth is as important as actually growing!
I recently came across a company called Hammock and I immediately knew they had a service I had to share with you. At its core, Hammock is a challenger bank that provides current account services designed specifically for landlords and property managers. Hammock combines property management with financial services to automate things like rent collection, simplify your bookkeeping and ultimately save you time and money.
They bridge the gap between your traditional bank account and your financial management system – and the results are awesome. First of all, it tracks your income and expenses, either through your Hammock current account or whichever bank you currently use. It will then automate your rent status, alerting you to any missed payments across your portfolio so you can quickly follow up with tenants. And it also provides live analytics, at a property and portfolio level, so it can show you insights such as profits and loss, arrears, your occupancy rates, yields and much more.
It’s a single app that can replace multiple different tools that you currently use in your business – many of which you’re probably paying monthly fees for. This can reduce your outgoings but the value it provides goes way beyond that with the real-time overview of your portfolio finances. I love what I’ve seen so far! If you’re on the hunt for a new current account for your property business, or if you’d prefer to make the most of open banking and connect your existing bank accounts to Hammock, then check it out with a 30-day free trial at usehammock.com/insidepropertyinvesting.
The Links We Mentioned:
Traction by Gino Wickman
The 12 Week Year by Brian P Moran