The Science of Flipping - Episode 83: What is your Vision Statement? | Real Estate Investing Podcast

Episode Date: January 27, 2017

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Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. What is up, everybody? What is up? And welcome back to the Science of Flipping Podcast. I am your host, Justin Colby, and we are ready to rock another great episode for you about starting your year off right, building your company, and moving forward. So welcome back to all you loyal listeners. If this is your first time listening to the Science of Flipping podcast, I urge you to get over to thescienceofflipping.com and download my free book. This is not an ebook. This is my actual book. That is a number one bestseller on Amazon, uh, for real estate investing is called

science of flipping, uh, get to the website. I'm giving it away for free to our loyal listeners. And at the same time, whether you're brand new and or you're a loyal listener for years, go ahead and look to the left-hand side. You're going to see a new button called the Application to the Mastermind button. investors, whether you're brand new or are making a quarter million dollars a year or even in the seven figure realm and want to gain more traction, build a better business, scale it and escape it, wherever you are in that spectrum, I urge you to fill out the application. If you fill out the application and my team reviews it and if you qualify, we'll reach back out to you to talk to you about further steps. So I

really do urge you if you're serious about real estate investing, if you're serious about creating your life that you want to live, if you're serious about hiring others, making more money per deal, buying more rental properties, if you're really dead serious, I urge you to fill out the application because the mastermind is a group of about 20 real estate investors who are going through exactly what you're going through. We meet several times a year. We talk business. Everyone gets an opportunity to talk about where they need help and what they're currently doing. And there are some major players in this game.

And if you want to surround yourself with successful individuals, fill out the application. Let's get started to see if you will qualify. And if so, either myself or someone from my team will contact you and guide you through the next steps. So again, on the left-hand side, download the free book. It's not an ebook. It's my real book on Amazon. And also fill out the application if you so feel. Now, if you are just interested in this and you're not really certain if you're going to be in real estate investing, no problem. That's fine. Continue listening to this podcast. Every week I'll be dropping knowledge on you and giving you the goods on how to build a very successful real estate investing company.

But if you're serious, you want to get to the next level, you want to make more money, and you know you need something, fill that out. So with that being said, guys, I am going to jump into the topic of our episode today, which is your vision statement. What is your vision statement? What is your company's vision statement? And even if you're a solopreneur, it's just you, you can still have a vision statement. In fact, I would urge you to say, it's even more important to have a vision statement, right? Because you need to know what you're doing, how you're going to get there, what your end result is, what are your goals. And if you don't have that ultimate vision statement, you're really not going to be able to push forward,

create the goals that you need to create. You're just gonna arbitrarily pick goals. You're gonna arbitrarily say, this is what I think I should be doing, right? And so let's talk a little bit about what a vision statement is, right? So a vision statement is really kind of that you're aspiring or an aspirational description

of what your organization is going to look like, what you're going to accomplish in the midterm, in the short term, but also in the long term, 10 years out. What's your company going to look like? What are you going to accomplish all the way up to 10 years out? What does that look like? You need to have a clear guide. It needs to clearly guide you and your company to choose your current and your future courses, what your actions currently are and what your actions will be or what they should be moving forward. That is your vision statement. It needs to clearly define that so that you know what to do now, you know what you are doing now, and then you know what you need to be doing here in the future. And clearly define those goals, right?

Clearly define what those goals really are, right? It needs to be a focal point for strategic decision making. You know, one of the meetings I had this morning in my office was with my team about our upcoming marketing for the entire year, right? January is out. We're strategizing the entire year breakdown, and it comes down to our vision and our goals and our clear, defined goals of what we're looking to do, where we're looking to go, you know, what the future looks like. And that way we can choose and be guided by our vision statement, which can change, right? I don't want this to be something that you write this out and that's your vision statement forever. No, it can absolutely be crafted and it can absolutely be a fluid situation.

Now, I wouldn't say it should be fluid every week, but you know what I'm saying here. You can go through the year and six months into the year, you might be seeing something that may manipulate what you believe your vision statement should be, right? So again, it needs to be a clear guide. It needs to clearly define your goals and your focal point for your decisions, your strategic decisions moving forward, right? Without your strategic objectives, very hard to operate a business, right? You won't have any operational plan. You won't have any guide.

You'll have nothing to implement, right? You'll have nothing to evaluate. You simply are just going to go out there and think you should be doing this. You're grasping at maybe what you have heard me say, but you don't really know how to lay it out. Maybe you listen to other podcasts or maybe you have been coached by somebody. You need to have these things, right? You need to clearly define this. A vision statement is not simply goals, right? That is not what I'm talking about. Your vision statement encompasses your goals. Your vision statement encompasses your core values. You should have five core values.

It encompasses all of these things, right? It encompasses your yearly target, your three-year target, your 10-year target. That is your vision for your company. It encompasses all of these things. It encompasses your marketing strategy like I just talked about, right? That's really what your vision statement is. Now, why does this matter for the solopreneur? Maybe why does this matter for a business partnership where it's just two guys, right? Maybe you have a small office, right? Maybe you have one or two people in your office.

Why does it all matter? Well, at the end of the day, if you're someone who's maybe making a quarter million dollars a year and realizes you need to hire, this really helps you create your goals and objections. It clearly defines it. It gives clarity to not only yourself,

but if you're hiring others, right? It gives clarity to where you're going and what you stand for, right? And what you stand against, right? Mediocrity is what we stand against. I can't stand it. It helps guide your employees. If you're in the place of hiring, maybe you already have an office. I can tell you in the boardroom elite, the mastermind where Sean Kent and I have people making, you know, $250,000 in well north into the seven figures. They have offices, they have employees, and it's imperative. If you're in that place, you need to have a vision statement because your employees need to be guided by something, right? It's basically, you can look at it as a blueprint for your long-term goals and what your company is going to look like, right? That's what your vision statement is. It's a

blueprint and it gives you purpose. It gives your employees purpose. It helps your employees gather around and have something to strive for, to collaborate for, right? Otherwise, they may not want to collaborate, but now you have a purpose behind it and they want to collaborate for, right? Otherwise, they may not want to collaborate, but now you have a purpose behind it, and they want to collaborate to get that purpose, that goal done, right? To achieve the purpose that your company stands for, the vision that your company stands for.

It helps connect your employees, right? It helps that connection, and it helps drive that purpose. It helps achievement in what you're trying to do, right? It helps that connection and it helps drive that purpose. It helps achievement in what you're trying to do, right? A great book. Um, if you haven't read it, you absolutely should. He's an icon of our time. Steve jobs, the Steve jobs biography, what he was great at, what he was brilliant at, what he was a genius at is that vision. Okay. Now people are going to argue his tactics in terms of open ended computer systems versus the close ended bookend computer systems like Apple created. I'm not talking about that. I'm talking about being a leader, being a visionary, being an

innovative CEO, right? Who can create. But it does no good to create without having the vision behind it. And especially for those I'm talking to that have employees or thinking about hiring, you need to make sure you have a guide that they can follow and have a purpose for them to collaborate with and pull together because you then can fulfill that vision, right?

That's where you guys have to be. Now, what I'll tell you is I wanna give you some tips on how to fulfill that vision, right? That's where you guys have to be. Now, what I'll tell you is I want to give you some tips on how to build your own, right? I've already told you it needs to encompass your goals. It needs to encompass your core values. It needs to encompass what your marketing strategies are, and it needs to be able to have your yearly, your three-year, and your 10-year goals attached to it. That's the vision of your company. Now, how you build it is you need to basically create a timeline, right? It needs to be a timeline for 10 years or so. Something that you can assess.

Something that you can put a process to. Something that you can have goals and objectives with, right? So you need to be able to put that timeline in place to say, OK, in 10 years, here's what we want to be in three years. Here's we want to be in one year. Here's how we're going to do it right now. We can put goals to it. We can put assessment. We can put processes behind that. Right. Number two, it needs to be clear, clearly define what it is, right? It cannot be wishy-washy. It cannot be kind of this vague, oh, I want to make $10 million, right? That's vague.

That doesn't mean anything to anybody, right? Except for you who thinks that's a great number, right? You need to have a clear definition of your vision, right? It needs to be concise. It needs to engage. Whether It needs to engage whether you have employees or if you're just talking to yourself, you need to be able to engage in that vision, right? So, um, it needs to be very clear. Number three, it needs to have defined, uh, objectives, right? Um, and with your objectives, it also has to have defined obstacles. What are going to be

your obstacles throughout your business, right? In the next 10 years, in the next three years, in the next year, what are going to be your obstacles and how are you going to have resolutions for them, right? Again, something as vague as saying, I want to make $10 million as a real estate investor is not a vision statement. It's barely a statement, right? It's this vague thing, right? I don't even know how to describe statement, right? It's this vague thing, right? I don't even know how to describe it, right?

You need to figure out, are you going to have internal or external obstacles? Internal obstacles are very real. Maybe it's in your own head, like, I can't do this, my market's too hard, I don't have enough money to buy the amount of deals. Those are internal obstacles, getting out of your own way.

External obstacles might be, the market might change, right? Money might get more expensive. You know, there might be more home builders in your area that are changing the economy, the math behind your deals, right? Those are external. And you need to develop an action plan. You need to develop something that you're able to do to overcome these obstacles, right? Very, very important. And then number four, you need to communicate your vision, right? Communicate it to yourself, write it out,

have it clearly defined. There's a great book out there called Traction that is wonderful, that can help you with those kind of stuff. That's a great book for you to find. There's a great book out there called Traction that is wonderful that can help you with those kind of stuff. That's a great book for you to read. And, you know, make it reasonable. Make it attainable. Write it out. Communicate it to yourself. Communicate it to your employees. Communicate it to whoever you need to. And make it reasonable and attainable. Just like your goals. Your goals need to be strategic. They need to be measurable. They need to be attainable, realistic, and timely. Your vision needs to be reasonable and attainable. So get to making a vision statement.

Whether you're just starting and you need something to push forward. You need that extra momentum. You need something to get behind you and say, go do it. Your vision statement can do that. If you're making a quarter million dollars plus, $500,000, $750,000, a million dollars a year, this is something that you need to get your employees, get your staff, get your crew behind so they have something to collaborate for. They have something to achieve. They have purpose behind what they're doing. You need to give them purpose, and you need to give yourself purpose. Very, very, very important concepts here, right?

So, guys, create your vision statement. Make sure that you have your core values in there. Make sure you have your focus, right, what your core focus is. Make sure you have your marketing, what you're doing to marketing to drive in that type of business. And then what is your 10-year, your 3-year, and your 1-year plan? Create that in your vision statement so you have a vision that you can put up on the board, put on your wall, and start moving forward. So guys, that is our episode today at The Science of Flipping.

Again, if this is your first time here, get over, download my book. It is a best-selling book on Amazon called The Science of Flipping. After listening to this episode, if you're encouraged enough to say, I need to fill out that application, get over to The Science of Flipping. On the left-hand side, you will see Application for the Mastermind Boardroom. Even up top, you're going to see the Mastermind button. Click on it. Fill out the application.

If you are approved enough for someone on my team to give you a call, then if you qualify, we will reach out to you if you qualify. We do not want to make this the masses of assets. This is not some big coaching program where you're going to be in a room of 500 people. This is very small, very intimate. This is game-changing information. You're going to have me and Kent and Sean Terry all helping you and several others who are doing very, very well. So fill out the application and guys, I will see you on the next episode. Peace.