Lessons I Learned From Mark Homer: Save & Never Touch
In Part 4 of Progressive Properties One-off Bonus series, Rob continues to share the essential lessons learned from 14 years of business with property expert and awesome business partner, Mark Homer.
Tune in to hear Marks moe contrarian business lessons that can super-charge your business and help build your wealth. Understand the value in knowing your enemy, how to merge social with business, why it’s essential to plan for every scenario, the reasons behind why cash is king and how you too, can pivot quickly and always be flexible.
KEY TAKEAWAYS
Lessons Learned From Mark Homer
Knowing your enemy - Be friends with your enemy, know what they’re doing and obsess over the competition. Learn from them, understand how they’re dominating the marketplace and take from them what you can to improve your business and brand.
Suppliers will lure you in with a price - Aim to constantly review, renegotiate and challenge your suppliers in your business, property developments and joint-ventures. It’s important to view money-making decisions and money-saving decisions in the long-term.
People make claims and predictions all of the time - And you can benefit from listening and learning from these claims if you make a note to check the claim in a year’s time.
Never tell people when you’re coming back from holiday - If you never tell people when you’re back you can get on top of your work, stay on top of your work-life balance and be better prepared for when your staff knows you’re back.
Merge social and business - Merging social occasions and business meetings/opportunities is a great way to do business, especially if you’re surrounding yourself with other like-minded business individuals.
Buy, rent or lease - It’s important when making the decision to buy, rent or lease to consider the total depreciation cost. If you’re looking at purchasing a car you must look at all of the costs, future values, maintenance costs, and comparative pricing.
Always plan worst case, best case, and likely case scenarios - It’s essential to plan for every situation and outcome when planning a business deal or securing a property deal so always plan every scenario so that you’re prepared for every outcome both financially and mentally.
Aim to have the lowest fixed overhead that you can - It’s okay to have higher variable costs as long as you have low fixed costs because that’s your bottom line and you need to account for these every month.
Pivot quickly and always be flexible - If you’re a lean business you can reduce costs quickly and react to business situations easier and more effectively.
SANT (Save & Never Touch) - It’s important to have money/savings that you never touch in order to be prepared for irregular stocks. The aim is to save up enough capital so that you live off the compounding interest.
Track the money months. - Aim to track the number of money that you can live off of just the capital. The mindset is to understand if you don’t earn anything...how long can you live?
36. Diversify your assets - Always secure assets that appreciate in value so that you’re always growing and your income and wealth are always increasing. Target art, watches, gold, stocks and precious metals that can increase in capital worth overtime.
There are not many good consultants and only a few great ones - It’s essential to have a great project manager and planning consultant and once you find them, keep them. Hiring people is basically luck and it can take time to find the best people for the job.
Protect your credit file with your life - Never miss a payment, never default and stay organised.
Cash is king, not trash - It’s important to stay liquid and have cash or assets that can be liquated easily so that if the markets change you’re ready and you can take opportunities.
Test new finance methods - Always be aware of new finance, lending, and borrowing methods so that you know how much capital you have access to.
BEST MOMENTS
“Mark is the best business partner anyone could wish to have”
“Mark is very diligent and knowledgable because he plans and follows up”
“As an entrepreneur and business owner it can be a lonely place so it’s important to surround yourself with inspiring people”
“Saving money, creating good contracts and due diligence is like a game for Mark”
“Test small, test earlier and with not much risk”
VALUABLE RESOURCES
https://robmoore.com/
ABOUT THE HOST
Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” and “The Money Podcast” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage.
“If you don't risk anything, you risk everything”
CONTACT METHOD
Facebook - https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn - https://uk.linkedin.com/in/robmoore1979
