Flip Tip Summary
Most that set goals fail. A big reason for this failure is that they set the dates out so far that they don’t need to start execution today. Frank Curtain joins us today to talk about the importance of 90 day goals, and rapid execution to achieve your goals. You can’t hear this advice enough! Don’t miss it!
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from FlipNerd.com and we have a quick Expert Tip to share with you from Frank Curtin who’s going to share a tip on the importance of having 90 day goals.
This Expert Tip is sponsored by RealtyMogul.com, B2R Finance, and AceBusinessFunding.com.
Frank: It’s really important if you think about business. Look at corporate America. Corporate America runs everything on a 90 day cycle. For a lot of us we don’t quite understand why. We think maybe it’s just because they have earnings reports and things like that. Well, if you’ll notice, every time they have their reports they have certain goals and objectives they’re trying to hit and meet.
So we are conditioned as people to do things in 90 days. And if you’re in the corporate work space and you do something in that environment, as a manager you’re going to have 90 day goals already. They’re going to be pushing you to get things done and they’re going to be trying to get you, whether it’s adding resources or removing resources, all that kind of stuff.
Well, in your own world, think about it from this perspective. Just from the psychology of doing things you will quickly lose focus on things. If I gave you a 90 day goal, within 90 days can you get something like that done? The truth of the matter is you can, you can absolutely do it. If you had a one year goal you could get it done too. But you’re more likely to push it off towards the end of the year and do it then than you are earlier.
So if by doing a 90 day sprint, you’re not going to lose the momentum. So you’re going to get started, you’re going to run right in to doing that thing. You’re going to stay focused on getting it done. And I’m not talking about a goal of achieving something that you do already in your business. So I’m talking about setting goals like if you’re flipping homes and you do three a month or something like that, you might shoot for the quarter and say, “I want ten.” So it’s realistic, you’re stretching yourself a little bit because it’s one more than you’re used to. If you’re averaging three, that’s nine in a quarter. But you’re saying, “I want to do ten,” so you’re pushing yourself a little bit.
But yet, again, it’s realistic, you can stay focused on it, and you can do things in your business operationally that are going to help you get there so you’re not getting out of your comfort zone. Now, an unrealistic 90 day goal is if you flip single family homes, is to purchase a 12 unit condo complex, and buy that in a 90 day window. That would be an unrealistic thing. And that wouldn’t help you, that really wouldn’t help you stay focused as a business. And if you’ve got people working for you, what kind of direction would you be giving them? People love to follow people who know where they’re going. Goals give people the direction and they see what it is you’re trying to achieve.
Now, it’s great to have these long term goals, the one year and three year type plans, it’s great to have those, so we can see into the future somewhat. But 90 days, we work in 90 days. Think of it like taking a stick, throwing it out there, and work until you get to the stick. Pick up the stick, throw it again, and keep working back out there again. It’s small steps to getting to the bigger picture of where you’re heading.
Mike: Yep. Good advice, thanks Frank, appreciate it.
We’d like to thank Specialized IRA Services, National Real Estate Insurance Group, and VirtualStaffNow.com.
Please note, the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.