Write it Down!

I met with a client this morning who is looking to purchase a new building. He has done a lot of research on the building and location and has even done a bit of negotiation with the building owner. I asked to look over the financial figures that he is working on and he pulled out a crumpled piece of paper from his pocket. He didn't even remember what some of the numbers referred to.

I worked with him on putting the information into a spreadsheet. We then were able to look at costs, expenses and rental income to give him a better idea of what the actual expenses and income would be for the building. This exercise was incredibly helpful to him. Not only did he get a much better sense of the scope of the deal, but he also has a much better starting point for talking to the building owner, mortgage broker, accountant and his silent partner.

The awareness for today is to take the time to put information down on paper (ideally typed into a computer so that it is easier for editing) so that you can provide yourself with a starting point to begin any project. Whether you are writing down conceptual ideas, financial data or strategic ideas, having them down on paper/computer gives you a much stronger foundation to work from.

Enjoy your weekend!
~Paul