If you ask any successful entrepreneur for help in your wealth building journey, one piece of advice you will hear a lot is the importance of building your system.
Whichever endeavor you take on, creating and evolving your system is the only way you will ever be able to maximize your time and energies efficiently.
In addition, each system must have its own specific criteria.
For example, say you want to be a real estate investor. What type of real estate do you want to invest in?
How about residential real estate? Lets say 3 bedroom 2 bath homes. Is that specific enough? No.
For a system to be self sustaining and successful, your criteria must also include
-location of investments
-maximum amount of investment
-minimum cash flow
-minimum cash on cash return
-minimum rate of return
Over time, you will add to this criteria and it will evolve to suit your own specific needs.
Once this criteria for your investments is finalized, you can use it as an integral part of your investment search. As with all systems, this is only successful when it is used properly and consistently.
This means, if the investment doesn’t fit your criteria, you move on. It also means that you must use this system for every investment you make.
Your goal for this system is for it to become automatic.
This is because once your system is in place, you can leverage it by sharing it with your team members. With your system in place, your team can do the work because they already have the guidelines built into the system.
Your team is doing your work, following your vision and values because you built the system.
Steve Jobs built a system.
Warren Buffett Built a system.
Will their companies survive without them at the helm? If their companies follow the system they will. Warren Buffett doesn’t pick stocks with a gut feeling, his system picks his stocks for him.
It is important you start on your system today, so that when an investment comes along (and they always do!) that may sound good, you already have a system in place that will decide if it is right for you.