So here we are at the beginning of another year. While we couldn’t have predicted how 2020 went, the people who have come through it best are those who were able to flex and rethink their strategies quickly.
If you’ve been following me for a while you’ll know I believe that mind-set is the key to success. Successful people believe in themselves and their abilities. Successful people also set goals.
As the Cheshire Cat pointed out to Alice ‘If you don’t know where you’re going, any road will get you there.’
Given the unexpected events of the last year, that might seem counter-intuitive. After all, if you set goals in January 2020, the chances are that, by the end of March, they’d become difficult, if not impossible to achieve. But that doesn’t mean you shouldn’t set goals.
Goals are not set in concrete - they’re an end result to be achieved. You don’t ‘do’ a goal, you do the activities that move you towards it. So, when events mean those activities are no longer possible, instead of throwing up your hands and saying ‘Well, that’s blown that plan out of the water’, positive people just look for an alternative route.
Sometimes this may mean completely rethinking the goal as well, but it definitely doesn’t mean giving up.
Smart goal-setters work with an action plan to take them towards their goal. These are tasks - maybe as small as a phone call to check information or going online to look up data. Every task needs a deadline - a completion date. As you tick things off your list you’re moving slowly and steadily towards your goal.
So, if circumstances change, you may need to find different activities to get you to where you want to go. Or you may do that thing everyone was talking about during Lockdown 1.0 - pivot!
In property, this may be finding different investment strategies. If money is tight, maybe you change from investing in more BTLs to adding Rent-to-Rent to your strategies. You might be looking at more flips to get your money out of each investment quicker and grow your cash pot. There are, as they say, more ways to skin a cat.
So, with a brand new 2021 in front of you - what are your goals to achieve for your property investment this year? Are you changing strategies? What does your action plan look like? What can I do to help you?