Jim Collins is one of my favorite business authors. In one of his books, he talks about the concept of firing bullets then cannon balls. In his books such as “Good to Great,” he and his team use objective data to find out what makes some companies great and others simply average. One of his concepts is one that we use at Castle Rock every day…”Fire Bullets then Cannon Balls.”
His team found that unlike average or failing businesses, great companies don’t jump in head first to an undertaking without testing the waters. In the days of wooden sailing ships, gunners would zero in on their targets by firing a long cannon ball and a short cannon ball to find the proper range before expending their limited gunpowder on firing all of their cannons at an enemy. The same should be true for your business. For instance, they might spend a few dollars testing a marketing concept to see how it performs prior to diverting a great deal of resournces to it.
Before you jump in head first to any undertaking with your real estate business, it is best to “test the waters” to ensure that you are not wasting resources on a bad policy. You will be glad you did.