You finally got your business up and running, everything is running smooth, and then you get that phone call. Your hard money lender is pulling his/her funds, your drop shipper closes up shop, or your sponsor pulls their add to go elsewhere.
Anyone of those things can cripple your business. Have you looked at the smaller items as well. Your secretary quits rather abruptly and s/he's the only one that knows where that file is for your big client. How about that RE agent that has granted you access to the MLS decides to no longer accommodate you. This all equals work stoppage. You just found your Achilles heal the hard way and now your scrambling to get that deal inked.
Think about all aspects of your business. Everything. From buying the coffee to interacting with customers. Examine it and look for your weakness. Picture in your head what will happen if you took items out of your formula abruptly. Can your business still run? If it can, how much will it be hobbled?
I'll give you an example of the seller I'm buying a house from. His hard money lender decided to hold up all funds until one particular buyer (not me) was cleared a their refinance. That caused 8 deals behind that one (me included) to be stalled. This is costing the seller thousands of dollars in holding costs.
So now that you have examined your weak spots, how can you remedy them. Have other access to the MLS, have another drop shipper, or make sure your employees share and understand others responsibilities. In the case of the seller, if he had a backup lender in place and ready, he could have continued on without a hitch.
To piggy back on MJ's post http://www.thefastlanetomillions.com/mindset-motivation/15779-you-driving-fastlane-riding.html . Would you drive down the road without a spare? Do not let a flat tire stop you from driving in the fastlane.
When I was in the service, any system or subsystem that was critical to us staying out at sea had backup parts to the backup parts. Do you have backups to keep your company afloat?
Anyone of those things can cripple your business. Have you looked at the smaller items as well. Your secretary quits rather abruptly and s/he's the only one that knows where that file is for your big client. How about that RE agent that has granted you access to the MLS decides to no longer accommodate you. This all equals work stoppage. You just found your Achilles heal the hard way and now your scrambling to get that deal inked.
Think about all aspects of your business. Everything. From buying the coffee to interacting with customers. Examine it and look for your weakness. Picture in your head what will happen if you took items out of your formula abruptly. Can your business still run? If it can, how much will it be hobbled?
I'll give you an example of the seller I'm buying a house from. His hard money lender decided to hold up all funds until one particular buyer (not me) was cleared a their refinance. That caused 8 deals behind that one (me included) to be stalled. This is costing the seller thousands of dollars in holding costs.
So now that you have examined your weak spots, how can you remedy them. Have other access to the MLS, have another drop shipper, or make sure your employees share and understand others responsibilities. In the case of the seller, if he had a backup lender in place and ready, he could have continued on without a hitch.
To piggy back on MJ's post http://www.thefastlanetomillions.com/mindset-motivation/15779-you-driving-fastlane-riding.html . Would you drive down the road without a spare? Do not let a flat tire stop you from driving in the fastlane.
When I was in the service, any system or subsystem that was critical to us staying out at sea had backup parts to the backup parts. Do you have backups to keep your company afloat?
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