Best Practices: Building & Systematizing...

skydiving Does the prospect of transitioning from your current role as a solo investor/entrepreneur to a new role as a real estate business builder sound a little scary, and yet simultaneously awesome!?

Well, we’re here to arm you with some solid ideas and tips, in order to assure you that the general awesomeness of this possibility far outweighs any related scariness.

(Really!)

And in order to share some firsthand business building experiences, we knew immediately who to call – our dear friend, Mogul faculty member, and investing veteran Frank Cava.

There’s No “I” in Team

When Frank created his own investment company – specializing in renovations, wholesales, flips, short sales and rental properties – he did not simply jump in and “hope for the best”.

Instead, he built his team slowly, allowing his young company the time it needed to mature and get off the ground. After six months, he took a hard look at (i) what he didn’t enjoy doing himself and (ii) what didn’t add value to the bottom line.

Frank then hired employees with the necessary qualifications to successfully do the tasks he didn’t enjoy, so that he could continue to personally focus on growing his business and bringing in deals – without getting weighed down by the day-to-day operational minutiae.

Those employees are salaried, hourly or temporary staff, and some are compensated through deal-based profit-sharing, whereas others receive comps.

Specifically, Frank chose to delegate work for these various roles:

Bookkeeper
Wholesale Project Business Partner
Fix-and-Flip Business Partner
Website and Social Media Partner
Project manager
Realtors
Subcontractors

All Systems Go!

But, according to Frank, there’s “more to it” than just building a well-crafted team. In order to ensure his business can roll with the punches, he also implemented a superb plan for systematization.

For example, Frank instructs his team members to draft a best practices manual for their own job.

Why?

Because, if something should happen to an employee (eg: they’re sick, leave the position), other team members should be able to easily assume the new workload by referencing such “homemade” manuals.

So listen in as Frank uses today’s lesson to explain more about how he transitioned from sole entrepreneur to business owner, notching more than 200 profitable transactions on his belt. And pay close attention to how he utilizes his genius tactic for systemizing his operations.

Frank Cava explains his best practices for building and systematizing a team…

{Mogul Elite: Download a transcript and MP3 of this lesson in the Power Pack tool for this lesson.}

Tread Lightly – Don’t go all gangbusters when you first start your business. Grow it slowly, first seeing how successful it’s becoming and then build your team accordingly.

Identify & Delegate – Identify the daily operational tasks that you as the owner don’t like doing (eg: bookkeeping) and delegate those tasks to the appropriate staffer so you can focus on continuing to grow your business.

Hold Weekly Staff Meetings – You’ve gotta know what your team is up to! Meet once a week with team members to find out what they’re focused on and how you can help.

Implement Systemization Tactics – Have each employee create a best practices manual for their own position by documenting their job process and responsibilities.