6. Seek simplicity.
We know that McDonald’s is known for two things: real estate and systems. They have a system for everything so that a 16-year-old teenager can be trained in those systems and turn out food that makes money for the franchisee. We especially see this with my favorite fast-food restaurant, Chick-fil-A. The better a system is simplified, the easier it is to follow and execute. Allow me to share with you three ways in which you can seek simplicity:
- Develop systems in your business that are repeatable, and then implement those repeatable systems consistently. One of the most important needs for real estate investors is to develop simple systems for your property management so you can get consistent results.
- Don’t overlook fundamental systems, such as setting a budget or spending plan, reconciling your bank accounts, and making consistent contributions to your investment accounts (which can be put on autopilot to make it even easier).
- Create your systems in such a way that they can be delegated to someone else by training them to carry out the systems, and then fire yourself from those processes. You remain accountable for overseeing the results and making sure the systems are being followed, but you are not the one implementing those systems and tasks on a regular basis.
When it comes to achieving goals, we know that slow and steady wins the race. The moral of Aesop’s fable The Tortoise and the Hare remains true to this day. I am encouraged by the fact that the late Truett Cathy, founder of Chick-fil-A, thought that this was a fundamental business book for teaching his children and grandchildren. He understood that consistent, persistent effort will pay off.
In the studies of millionaires that have been done in both the 90s and more recently, it was found that most of them achieved a comfortable net worth by doing the same, predictable, simple things over and over again. The news media wants us to see the splashy rock star or multi-million-dollar athlete, but it’s the person who gets up in the morning, puts on jeans and a work shirt, goes to their business, uses systems to handle customer service, and consistently delivers a good product at a fair price who builds wealth and often attains millionaire status.