Here's an update on Our Group Coaching Session & Discussion Forum series. In our first session, we covered Keys to Success in Team Building, the components of a successful business, and business & financial basics. Outlined below are the key points on business & financial basics. See the specific blog posts for details on team building theory and components of a successful business. I am currently editing the audio of the second session on Real Estate Systems and starting a series of blog posts this week to cover each system individually.
- The five successful components of any business
1. Know Your Desired Outcome
2. Measure & Track Your Results
3. Take Action
4. Operate from a Physiology and Psychology of Excellence
5. Ask for Help
- Business & Financial Essentials
• Establish yourself as a corporate entity (including your license)
• Begin establishing routine financials (Profit & Loss; Balance Sheet)
• Utilize a recognized software package (Quickbooks, Peachtree, etc.)
• Utilize a financial consultant (CPA preferred)
• Establish a separate business banking account and credit card
• Create a dashboard of metrics measuring your operations health
In the second group coaching held on April 23rd, we had an excellent small group breakout session on 4 of the key systems: SOI/Past Clients; Farming; Listings; Buyers. Download GroupNotes4_23_07.doc for the best ideas from the discussion groups.