The Importance of the feedback loop
As I reflect on some of the top characteristics that lead to success I am reminded of “The Feedback Loop '' (Do something, measure, correct, analyze, repeat) and the vital role it plays in the success of any endeavor, whether it be real estate investing, health, relationships etc.
If I were to list the top 10 critical items you needed to put in a bucket to reach success this would be in that bucket. Yet the vast majority of people are not aware of it or don't practice it.
It falls in line with what I always preach “what you track you can improve” . How can you even begin to improve if you do not take any time to reflect on what's working and what's not?
They say “ a rocket ship makes a million corrections on its way to the moon”
To be successful at anything you need to take time to reflect on what you did well, what you didn't do well and make small course adjustments and then re-apply . Always reflecting always, adjusting, always applying always stopping, then reflecting then adjusting and it should go on and on.
I learned this critical skill some time ago from Darren Hardys “Living your best year ever journal” and before that from my first coach Mike Ferry and until this day apply it every single day. It is a core component in everything I do not just in business but also in health , relationships and everything else. It is also a major core foundation of our course The Ultimate Real Estate Investing Course (™)
Yet not very many people take the time to do it then wonder why they are not having the success they desire even if they are well aware of the feedback loop . Why is that? Is it you don't have the time? You can't develop the discipline to track and reflect? Or maybe you just are not motivated enough to really achieve the life that you want?
What did Einstein say about the definition of insanity? “It's doing the same thing over and over again yet expecting different results” . Yet many people choose to remain “insane” . It's easier.
If you are currently stuck in business, relationships, health, finances anything consider applying the feedback loop below for the next 90 days and see if you have any breakthroughs. For me, I like to test things out in 90-day cycles as you have to give some things time to work. In business, 90-day cycles work very well. In health it maybe 7-10-20-30 day cycles relationships maybe 1-2-3 week cycles to see any change.
For the next 90 days for whatever you are working on or whatever breakthrough you are trying to make do this weekly
Pick a day each week and remain consistent with it to stop and reflect on the week's feedback loop. For me, it's every Sunday.
Reflect on your top 1-3 goals the following
What days did you work on your goals out of 7?
How much time each day did you work on your goal?
For each goal.
What went well?
What did not go well?
What could you improve/adjust going into next week? ( some things to think about > Try something new? Do a little more research on what you're stuck on, Learn a new skill to get you to the next level)
Any “ah has” you had?
Once you reflect and know what you did well and what not so well then start off each week with what you decided to adjust and put it into action. Keep repeating this cycle of reviewing and adjusting each week and watch where you land 90 days from now!
What we are really doing here is close to the scientific method. Another way to look at it is you first Form a hypothesis about something “ I think by doing this I will get this' ' then you execute that experiment. By executing you get feedback, data. You then take time to review that data. And if the experiment didn't go as planned you form a new hypothesis as to why then repeat until you get the desired results you are looking for.
Success at anything is not that complicated, you will see to be successful in anything that you want to do there are only a few core concepts behind success in any endeavor. So if that's the case why isn't everyone successful? Mindset > Discipline > Consistency. Your mind is the problem and the inability for most to control it and develop the discipline and consistency to repeat the core foundations over and over each day without missing.
Decide today and commit to developing the discipline to doing the weekly feedback loop. Then answer the same questions from that loop and apply them to each quarter of the year and then annually. Same thing, what did I do well this quarter/year, what did I not? Where can I improve etc. You should reflect weekly, quarterly, and annually. And once you get really in the groove daily!
For those looking to develop the skill of real estate investing and the skill of the feedback loop even deeper consider joining me in The Ultimate Real Estate Investing Course (™) & Coaching where I teach the core disciplines to be successful in any business. You can get a free investor case study at vsl.theuric.com, join me on a free webinar at 28.theuric.com or schedule a free 1 on 1 strategy call with me at webinar.theuric.com
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