In 2015, the family company my father started in 1969 went into liquidation. I had been in charge of the company for a few years, steering us through various significant challenges, including the 2008 global recession. Our turnover recovered and improved dramatically, at around £10m annual. I had a healthy and growing team. Then the tides turned.
Why and how did we go wrong?
At the time, I blamed external forces: word not being kept in good faith by contractors, unfair treatment, the recession contributing to the fact that we were cash-poor. The list could go on.
All of these aspects had an effect on the business, of course, but if I am honest to myself and those around me, the reason we failed was simply down to the fundamental things I had failed to do to get us out a vulnerable position quickly.
The lessons I learnt were difficult to anticipate. Generally speaking, you would only be able to learn and correctly analyse while weathering the storm. But I have learnt from them. In a similar vein, others can make the same mistakes time after time and learn nothing at all.
I am sure you know someone that does exactly that.
Recognising your own ability to understand the mistakes you have made and acting on them can be extremely difficult, especially when it is easier to blame things beyond your control.
However, in the right group mentoring environment and with the right kind of peers, others can help you to see the wood for trees and gain perspective. They can bring their experience and solutions to your own problems, and you have the opportunity to do the same in return. Couple this environment with a structure and a mentor that knows the industry and has run a housebuilding and development company for over 20 years, it all becomes very valuable indeed.
If I had joined and committed to a mastermind group from when I took over the running of the family company, I am certain we wouldn’t have failed. In fact, we would have thrived.
That’s why I am committed to establishing one today.
The Property Development Mastermind group is a peer-to-peer group made up of property developers – who are not in direct competition – looking to unlock the next stage of their property development business.
The group is entirely confidential and formed as a long-term strategy to help each other.
In addition, the groups are joined by guest speakers on key topics of forming and growing a property development business, a reading list that increases skillsets, discussions around actionable implementation plans, and, of course, accountability.
The Property Development Mastermind group could be the difference between success and failure of your business. Take the next step today.