One of the most powerful and under-rated words in our language – anticipation.
In business the knowledge that comes with experience, or working with partners who have that experience, enabling you to understand what lies ahead, prediction of requirements and mitigation or resourcing accordingly is one of you most incredibly important levels of intuition that you need to bake into systems.
The anticipation could be looking at labour, working capital, stock, travel, seed capital etc.
An area of typical frustration that developers experience on a regular basis when working with commercial finance is the lack of anticipation of specific funders requirements procedurally in the run up to financial close. This can be anticipating the need for personal guarantees, independent solicitors advice, updated searches or valuations amongst a few.
As you progress through multiple property transactions build your self a comprehensive check list of all the stages required throughout the process, the documents required, the checks and balances, the sign offs and the order of events.
Can you predict the future? Well, let us not get blinded by the externalities we can’t control, however we can absolutely focus on building the knowledge base and systems to anticipate and predict the requirements laid out had of us and, in conjunction with a clear risk management system (see my previous EquaTip) you will be able to drastically reduce the unplanned for events that cause frustration and delays in your business.