Whether you believe in making New Year’s resolutions or not, looking back on what you’ve learned is a great way to determine how to move forward in both your personal and professional life.
Let’s take a minute to think about that in the context of your property investments. It’s likely, now that you are at the end of 2014, that you have a good idea of your biggest successes over the year, as well as your biggest challenges. Perhaps you can use both to support your investment planning for 2015. We’ve put together a few questions to get you going:
1) What was your biggest investment success and what actions did you take to achieve that success?
Essentially, think about what worked for you and incorporate those tactics going forward—when appropriate.
2) Who helped you to achieve your successes and how?
Knowing who your greatest allies are can really help you decide how to delegate more effectively and where your energy is best spent.
3) What resources did you commit to your investments in 2014 and which showed the greatest return?
This should help you to decide where you get the biggest bang for your buck and how you can leverage resources (or shed resources) going forward.
4) What was the single greatest challenge this year and what did you learn from it?
We all make mistakes and, with property investment, there are just some things we can’t control. Sort through both aspects of the challenges you faced and figure out how to best minimize them in the future.
Taking the time to look at these questions in depth will provide you with a great framework for your 2015 plan. We’ll talk about that next!