It’s hard to believe we’re more than six months into the year! Now that we’re over halfway through 2022, it’s a good time to review your HMO business.
It’s crucial to assess the performance of your business at different points throughout the year, so make sure you’re taking the time to do this regularly. This will help you understand how you’re doing and pinpoint the areas you need to improve on.
Additionally, it helps you see where you’re at with your goals. Setting goals is an important part of any business. Without clear goals, you can’t measure your progress and you can’t determine whether or not you’re meeting your targets. This is why it’s important to not only set goals but also track your progress throughout the year.
In this blog post, we’ll cover how to effectively assess the performance of your HMO business regularly and tips for setting and achieving your goals for the rest of the year!
The Keys to Assessing Your HMO Business Performance
You should assess the performance of your HMO business not just once a year but at least every quarter. And for certain parts of my property business, we actually assess things on a monthly basis.
This will help you stay on top of things, identify any potential issues early on, and make necessary changes before they have a negative impact on your business.
There are a number of areas to look at, including the performance of your portfolio and business operations. And as finding deals and funding your investments are crucial to growing your HMO business, these are particularly key areas for you to assess.
With that in mind, here are four quick tips to help you assess the performance of your property business.
- Let’s start on a positive note! What have you done well so far this year? It’s key to understand what you’re doing well, so you can build on that.
- Then, look at how those goals you set back in January are looking. Are you on track to achieve them? If not, ask yourself why.
- Don’t let months drift by expecting results simply because you wrote your goals down. You have to take massive and consistent action every single day! Make a plan for what your next steps should be.
- And finally, be honest with yourself! How are you really doing against your goals for 2022 and what do you need to be actively doing to get yourself there?
How to Set & Achieve Your Goals
As there are still quite a few months left in the year, it’s not too late to set some new goals for your HMO business and put things in place in order to reach the goals you set earlier in the year. Here’s my top advice to help you do this!
- For starters, you may need to reassess what you’re doing to work towards your goals. Decide if you need to update your action plan to get to where you want by the end of the year.
- It may also be a good time to set new goals for the rest of the year based on what you’ve learned from assessing your performance across 2022 so far.
- Write your goals down and keep them somewhere visible so you can refer back to them regularly. Break your goals down into smaller, more manageable tasks so you can stay on track and hold yourself accountable.
- Make sure your goals are realistic and achievable. If you’re aiming too high, you’ll only set yourself up for disappointment and failure.
- Check that your goals will actually improve your HMO business. The goals you set should be relevant to what you want to achieve and help you reach your long-term objectives.
- Celebrate your successes along the way, even if they feel like small wins! Achieving your goals should be something to be proud of, so make sure you take the time to enjoy it. The little wins will help keep you focused and motivated throughout your property investment journey.
For additional resources and lessons on how to start, scale, and systemise your HMO business, become a member of The HMO Roadmap today! And if you’re looking for more insights and support from experienced HMO investors, come and join us over on The HMO Community Facebook Group.
About the Author:
Andy Graham is the founder and the lead trainer at The HMO Roadmap! He is also the co-founder of The HMO Mastermind and Smart Property, a specialist HMO property investment and management company. He writes as a regular columnist in different magazines about a variety of HMO topics and is the host of The HMO Podcast! Follow Andy on Instagram!