In a recent interview with the Wall Street Journal (Nov 25, 2013) U.S. Commerce Secretary Penny Pritzker was ask how to address political dysfunction. The core question was about how to get around all the rhetoric considering the constant hum of political noise. In part, here is her answer:
"It requires what I know from my business career. Establish relationships, establish credibility, work hard, and make your arguments. Then look for common ground to try and move the agenda forward."
This response transcends politics; this is a recipe for success in business including the multifamily business. Any person in a start up would do well to heed this advice. For those of us in an established business...are we deploying all of these principles? And would we be further ahead if we did? I think the answer is a resounding yes!
...establish relationships, establish credibility, work hard...find common ground.
Every business has an agenda, a purpose for it's existence. We call this a mission statement. Yes, most businesses are profit motivated. How do you proceed towards fulfilling your mission statement? See paragraph two above; establish relationships, establish credibility, work hard...find common ground.
Larger organizations sometimes drift into internal factions; marketing and production in constant friction for example. In property management a new property manager comes in thinking they know maintenance better than the in-place ten-year maintenance supervisor. A new financial analyst spouting about finance being more important that anything else (more important than our people, more important than profits?).
These and other similar circumstances will benefit from Ms. Pritzker's advice, particularly within organizations that portend that everyone is on the same team. On a team, team players are an absolute necessity. The old adage is true; there is no "I" in "Team".
Mr. Wilhoit is the author of two books: How To Read A Rent Roll: A Guide to Understanding Rental Income and Multifamily Insight Vol 1 - How to Acquire Wealth Through Buying the Right Multifamily Assets in the Right Markets.
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