| As a long time business person who has been | | | | business. Typically, this is represented by |
| part of the management team, on the | | | | measured reporting systems, accounting, and cost |
| investment group, the founder, the chief | | | | management practices resulting in continually |
| operating officer, and a general flunky, I have had | | | | improving efficiency and effectiveness. Also, this |
| the opportunity to see new companies, small | | | | is further supported by a set of disciplinary and |
| companies, successful companies, failing | | | | reward systems that does not tolerate |
| companies, and boring steady huge Fortune 500 | | | | under-performance and that reinforces positive |
| companies in action. In each and every case, | | | | performance results and improvements. |
| leadership and management are always in the | | | | Step 3: The business adopts a guiding mission |
| spotlight. The companies that succeed somehow | | | | statement that guides a constantly reinforcing set |
| over time come up with processes to produce | | | | of behaviors on the part of the line staff, middle |
| consistent products with sufficient quality at a | | | | management, and executive management. In the |
| solid value for their customers. Of these, a few | | | | book, Good to Great, this is described as the |
| may become companies that create a culture | | | | hedgehog effect. Essentially, if the companies |
| with processes, procedures, values, and support | | | | mission, purpose, culture, processes, procedures, |
| systems to produce a truly outstanding product | | | | reports, and attitudes are selected correctly and |
| and customer service experience for their | | | | the businesses method of selecting the right |
| customers. What creates the environment and | | | | people for the right jobs and training them the |
| actions that makes this a reality is the topic of | | | | right way for their culture, the company becomes |
| this article. | | | | part of a self fulfilling prophecy of events resulting |
| Step 1: Either by a series of decisions early in the | | | | in greater efficiency, steadily improving sales, |
| formation of the company or at the hand of a | | | | continually improving costs, and growing revenues |
| superior leader or leadership group who arrived | | | | and profitability. |
| later, the company established a set of | | | | Applying these three ideas to your real estate |
| fundamentally sound processes and procedures | | | | investment business as you select and manage |
| upon which the business processes were built. | | | | your outside manager or develop your own |
| Step 2: Layered above the fundamentally sound | | | | internal management place a continually improving |
| systems, the company creates a self reinforcing | | | | and reinforcing set of behaviors within reach of |
| set of enforcement procedures that ensures the | | | | your business and thus ever stronger real estate |
| processes and procedures evolve with the | | | | investment results within your grasp. |