Month: February 2018

Make Your Bed

 

Introduction

I first came across the author Admiral William H. McRaven when I watched a video clip of his speech when he addressed the graduating class of the University of Texas. His speech was very inspiring and so when I saw he had written a book for life/mindset based on his ten lessons learnt from SEAL training I knew that it would be a book that would be useful to entrepreneurs.

General

This book is just 130 pages long and an easy read, but the content is profound as it will help obtain a mindset that can help anyone move forward in their business. There are 10 chapters in the book, the titles will resonate with entrepreneurs and are as follows:

  1. Start your day with a task completed
  2. You can’t go it alone
  3. Only the size of your heart matters
  4. Life is not fair – Drive on
  5. Failure can make you stronger
  6. You must dare greatly
  7. Stand up to bullies
  8. Rise up to the occasion
  9. Give people hope
  10. Never, ever quit

The training that Admiral McRaven went under was designed to push them to the limit both physically and mentally, so there is a high rate of fallout with people quitting. This is no different to people wanting to start a business but when things get tough they quit and go back to a job because it is easier. Admiral McRaven had a parachute accident at 5,500 feet where his pelvis was ripped apart by almost five inches, and his stomach muscles became detached from the pelvic bone and became bedridden for two months, he thought that this was the end of his career, but his wife and boss refused to let him indulge in self-pity and reminded him who he is, and this support got him back on track and saved his career with eventually passing a fitness test and back on active duty. This should remind entrepreneurs that they can’t do everything themselves, they need help to move forward in their business.

During training, if they failed an event their names went down in the instructor’s notebook to join the ‘Circus list’. The circus was held at the end of the days training and was another ‘two hours of additional callisthenics, the obstacle course, the timed runs, or swims.’ The circus was feared by the trainees because they would be exhausted from the extra workout and there was a chance of failing the standard again which meant another circus. ‘It was a death spiral, a cycle of failure that caused many students to quit training.’ Admiral McRaven ended up on the circus list and stayed on it for a little while but refused to give up, and what he found was that he started to get stronger, faster and more confident. In the final 5-mile open water swim he and his swim buddy finished way ahead of the rest of the class. The Admiral sums up the circus in this way: ‘In life, you will face a lot of circuses. You will pay for failures. But, if you persevere, if you let those failures teach you and strengthen you, then you will be prepared to handle life’s toughest moments.’

Summary

Throughout the book, there are lots of gems that if you apply it to your business and life it will help you move forward. This book is small enough to keep with you and refer to when you think that things are tough and that you want to quit or stuck in a rut.

 

 

Landlords Losing Money

One of the principles of quality in industry is customer focus, and this is something that most landlords do not even consider, as all they are interested in is filling voids. It is in the interest of landlords to keep their tenants as long as possible in their property because in the long run it saves the landlord money as there is a regular cash flow going into the bank account. Landlords can go a long way to ensure that they not only help their tenants but also themselves. The following are but a few suggestions that landlords should consider if they want to keep their tenant and in some cases be able to charge a premium for what they are offering.

Tenants are not money trees they too need to earn and save to pay the rent; however, it is becoming increasingly difficult for them as their wages are below inflation. This means that bills have got higher, so they are trying to cut down wherever possible to make ends meet. As landlords you can help them, not by reducing the rent, but by helping them reduce their bills. Consider for instance of replacing all bulbs with LED bulbs, replacing shower heads with water efficient ones. from the 1st April 2018 there will be a change to the Energy Efficiency Standard Regulations to ensure that any property that is privately rented will have to have the minimum performance rating of ‘E’ on an Energy Performance Certificate (EPC). So, if you must update it go beyond the ‘E’ rating and make it even more efficient.

Customer focus is not all about helping the tenant reduce bills, its also about being responsive when a tenant reports a problem. How many times have we seen a tenant report an issue only for the landlord to ignore it until the tenant has made several complaints. Gone are the days where a landlord could afford to do this as the tenants today are much savvier and will take to social media to tell everyone about the issue and the poor response. It does not take long for a landlord’s reputation to be ruined and it will take a very long time for that reputation to be built up again, and in the meantime the landlord may have lost the tenant and find it difficult to fill the void.

Landlords also need to consider their tenant’s needs, for instance tenants may want to have pets, and are willing to pay either slightly higher rents or a bigger deposit in order that they can have their beloved animals. They may want to paint walls different colours so that it feels homelier for them, the landlord should allow them to do this on the understanding that it is returned to the original colour at the end of the tenancy. Let the tenants hang pictures again on the understanding that the tenant will make good any walls where he has made holes. Consider freshening up the property every few years with some paint, either paint it for them, or give the tenant the paint so that they can do it themselves. As tenants are often busy people, especially the professional tenant, then the landlord should consider offering services such as gardening, window cleaning etc. the tenant will often pay a higher premium for such a service.

Landlords who self-manage could also make it easier for tenants to report an issue by being able to do it online rather than having to phone, as quite often the tenant only has the time to report things out of office hours due to their own workload. So, give the tenant their own portal so that they can report and track the issue that they have reported. The landlord can also use the same portal to inform the tenant in advance when inspections are due, therefore allowing the tenant to arrange for someone to be in attendance.

By doing these little things not only will landlords keep their tenants for longer they will also have happier tenants who will become the advocate for the landlord and help find tenants for other or future properties that the landlord may have.

In summary by focusing on your customer you will enhance your reputation as a landlord and you will find opportunities to be able to charge a premium rate.