Many years ago when I was running one of my first businesses I was fortunate enough to listen to some cassette tapes (yes it was a long time ago!) from Michael Gerber. It was a recording of his famous “E-Myth Seminar” which was totally compelling. He coined a phrase in this seminar which has been etched in my memory ever since:
“Work ON your business not IN your business”
When you first start out with your property business you will probably end up doing everything. I have been in this situation many times, and it is not something that is sustainable over a long period of time. If you try and do everything yourself then you will face burn out quickly and things will get overlooked as you grow.
Maybe you are in this situation right now?
How do you feel when you wake up in the morning? Are you motivated to drive forward to make a real impact with your property business? Or are you filled with stress and anxiety about the mountain of tasks that you need to complete just to get through the day?
Having your own property business should all be about freedom. You are not working for someone else and have to play things by their rules. You create the rules and then live by them. If you try and do everything yourself without any systemisation then you are a slave to the tasks you need to perform every day. It is worse than having a job.
Before I go on to discuss the advantages of systemising your property business I want to give a shout out to Michael Gerber’s E-Myth Seminar and his E-Myth books. Gerber has also published a book called “the E-Myth Real Estate Investor” which I highly recommend that you read.
The Advantages of Systemising your Property Business
You probably already know that it makes a lot of sense to systemise your property business. In fact any business will benefit from systemisation, and most business owners know this, but very few actually systemise their businesses. Why? Because it takes time and effort, and if the business owners are busy working IN their businesses where will they find time to do this?
The bottom line is that you need to make time!
So let’s start off with my definition of systemisation. I define a system as “a series of step by step procedures or processes that will ensure that your business is consistent and delivers reliable performance in every aspect”.
So now that we have got that out of the way here are the major benefits of systemising your property business:
1. You will be less Stressed
I can’t think of a better reason for systemising your property business than reducing your stress levels. It is vital that you are as healthy as possible to achieve your property goals, and stress can have a negative impact on your wellbeing.
Look, the major decisions that you will need to make with property investment can be stressful. A system is not going to take that away. But if you are stressing over the small stuff as well then that’s a real concern. I have been there and it is not a place that I want to go back to.
When you own a property investment business you will have to deal with a lot of detail. To be really successful there will be a lot of things going on in your business every day, and you will need a good team to support you. Your team needs guidance from you and this is best achieved through systemisation.
To effectively systemise your property business be sure to involve your team. They have a valuable contribution to make and the end result will be a smooth running business. This means a lot less stress for you.
2. It is easier to Delegate with a Systemised Business
You are the leader of your property business. Your team looks to you for guidance. It is essential that every member of your team knows what is expected of them. When you systemise your property business this all becomes clear.
Ultimately you want to delegate tasks to team members and have them perform those tasks with minimal supervision (if any). Even if you have new team members they can use the system to get answers to questions, and execute their assigned tasks in the most efficient and effective way.
3. A Systemised Property Business is Consistent
There is a lot of power in consistency. Please see my post on this here. It is very important that your business provides a consistent experience to customers and suppliers. This will enhance the reputation of your business significantly.
The most successful franchises in the world focus on consistency. I don’t eat at McDonald’s, but I know that they provide the same consistent customer experience in London, New York and Hong Kong. It is the same all over the world. They do this because it works, and you need to aim for consistency in your property business too.
4. A System helps you identify Gaps
When your property business is systemised you will be able to identify gaps. You may need to hire new team members that have a specific skill set to perform certain tasks. Maybe you are performing those tasks at the moment because nobody else can.
Having the right team around you is essential for the success of your property business. Once I systemised my business it was easy for me to identify the kind of people that I needed and I went out and found them.
5. With a System you will have more time to do what you want
This blog is all about freedom via property investment. By systemising your property business and having the right team in place you can be confident that your business will continue to run smoothly with or without your input.
So you can take time out to do what you want. This includes working on your business so that you can set compelling goals for the future. It also means that if you want to live in another country for several months a year like I do you can do that too.
Take a Significant Freedom Step with Systemisation
Systemising your property business is a significant step towards freedom. Have this in your mind when you are analysing everything to put your system in place. It is vital that you don’t see systemisation as a chore. If you view it in this way then you will be very unlikely to implement it properly.
Since I systemised my property business I have never looked back. Did I get it completely right first time? Of course I didn’t. It took time to iron out wrinkles and make it as perfect as possible. In fact I am still making some adjustments to the system today, but the effort is certainly worth it.