Creating a Competitive Advantage

Read time: 3 minutes

Forgive me for mentioning: but this is my first ever newsletter issue! I have no clue what I’m doing…I’m just writing :)

If you have any feedback….I would LOVE to know :)

Hi team!

As kids, we had a massive advantage.

We got this advantage by default. It was there without any effort on our part.

This advantage isn’t default in corporate.

But, there is a way to bring it back

Today, we’re going to cover:

1. What the advantage is

2. How you can create it for yourself in corporate

3. How you can utilize it

Plus, we’ll also review this week’s interesting real estate investment property

At the end, let’s talk about what topic would be most helpful for you to read next week.

Here we go!

1. What The Advantage Is

Think back to when you were a kid at school. You probably wrote a book report or two.

Before doing so, your teacher probably gave you something that looked like this:

We didn’t realize it at the time, but this rubric was an advantage.

We knew what our teacher was looking for and how they would grade us. If we simply followed their rubric to the letter, we would receive a good grade.

We don’t receive rubrics in corporate.

But think about how valuable it would be to know how your boss, or your client, will evaluate you.

It would be easier to outperform: get a promotion or sell more consulting work. Simply hit the requirements on the rubric, and you are set!

The only question is: how do you create a rubric when there isn’t one?

2. How You Can Create the Advantage for Yourself

Before you sell your next consulting project, or take on a new project at work, ask the client or boss these questions:

• What does a good outcome to this project look like, and what does a great outcome look like?

• “What is going to make you say, in six months when the project is over: wow, I’m so glad that (insert your name here!) was the one to led this project?”

If your boss/client says “a great job is the the project was completed successfully”, then push them to define was “successfully” means.

You want is the boss/client to say:

• We achieved XYZ result by ABC date

• We launched the new product to $XX in sales

• We improved XYZ metric by 20%

That gives you a rubric to hit.

Also, a side benefit of this: it will help you sell the work. It shows your are a dedicated professional who is looking to exceed your client’s expectations.

3. How You Can Utilize the Advantage

We’ve agreed on the value of a rubric, and you’ve created one with your boss/client.

Now, make sure to remind them of this.

You likely have a client check in call or update email every week. Make sure to discuss the rubric items and your progress towards them

For example:

“Hey Client,

As an update for you: we are still basing everything off of our plan to (insert rubric here).

We are currently on track and anticipating reaching (rubic) on time.”

The client is now reminded every week of their prior words. You are helping to craft the narrative of how you will be evaluated.

When you do achieve the rubric item, the client/boss has no choice but to think you did a fantastic job.

They set the criteria and you hit it. You will now sell another consulting project to them.

Interesting Property of the Week

This week’s interesting property of the week comes to us from Illinois, and one of the top high school district’s in the state.

It’s a 4 bed, 3 bath home with 1,900 square feet and looks to be in good shape. It’s pricey, at nearly $700K

It also was a prior rental, renting after a week on market for ~$4,100. That was 3 years ago, so prices have definitely increased.

I like this property due to the supply/demand constraints in this zip code.

Check out this rental home in the same district. It is literally on the highway (check picture) and it had a mammoth 78 people reach out in less than 2 weeks.

There aren’t a lot of rentals around, which leads to a ton of applicants.

Based on this comp and the great school district premium, I think our interesting property of the week could rent for $6,350/month.

That would be >$1,000 a month in cashflow, and a solid cash on cash return, despite the high purchase price of the home.

I believe real estate is one of the best possible places to invest the money you make consulting. My wife and I’s strategy is to buy single family homes in elite school districts. However, many real estate strategies work. Just make sure you have a strategy!

How can I help?

For whenever you are ready:

• Grab time with me for a 1 on 1 session on consulting, real estate, or anything else I could help with

I am sorry there is a fee associated with the call. Every call takes me away from client work, and away from my kids.

If the cost of a call is prohibitive, reply to this email. I can try to help answer any questions via message

What would be most helpful for you next week?

This newsletter exists to help you! The topic that gets the most votes will be the focus of next Friday’s note

What would be most helpful for you now?

Is there anything I can do now that would be helpful for you?

If so, please feel free to reply to this email! It will come direct to me and I will try to help however I can