What it takes to make a business work

I have said before that before the market slumped late last year, many people got into real estate to make money, and make it fast. There is still money to be made in real estate of course, and we are seeing the market climb back so chances are those venturing into property because they see it lucrative will start to increase in correlation.  But regardless of when you decide to start your real estate business, or even if you have already started it and want it to continue to grow, one thing is imperative – business planning.

  

These two words should become your mantra. I read an interesting article recently that took inspiration from Michael Jackson’s untimely death which is a little odd and I guess somewhat morbid, but the focus was basically would you know what would happen to your company should you come to an untimely end? If your business is suddenly no longer under your control, you want to have put measures in place to avoid a situation where everything you worked for is up for grabs. So what should you do?

  

One of the best ways to secure your business is to make sure you run a competent organization with competent departments. Your business should operate around technical capability and your focus should be on setting up functioning areas. You also need to ensure you engage specialty practitioners – you should have advisors you trust on board to make sure your business is running and will continue to run successfully.

As much as you don’t want to think about leaving your business (or who knows, maybe you do!) you should have a succession plan. This maps out how you will leave the business and what the future of the business will be after that. This should allow you to exit the business gracefully and profitably!    

Posted by George Tarbey on 22/10/2009 at 8:47 AM | Categories:

Comments

Write your comment





Leave this field empty: