Performance Metrics
Unlocking Transformational Leadership in Multifamily: The Gap and the Gain Philosophy Inspired by Dan Sullivan
Photo by Alex Radelich on Unsplash
In life, as in business, the momentum behind achieving the next milestone often overshadows the accomplishments already achieved. This perpetual cycle is similar to the treadmill effect, where the sense of satisfaction and achievement remains elusive. What if, through intelligent leadership, you could break this cycle and lead with a sense of fulfillment? Enter the Gap and the Gain philosophy, inspired by thought leader Dan Sullivan, Founder of Strategic Coach.
Why Multifamily Real Estate Leaders Should Pay Attention to the Gap and the Gain
Within the multifamily context, we operate in an environment marked by constant flux—legislative changes, technological advancements (a lot as of late), and shifts in renter behavior. These factors bring both challenges and opportunities. Utilizing the Gap and the Gain philosophy, you can refine your decision-making process and achieve a broader perspective. Here’s how:
Measure Against The Past, Not An Idealized Future
The ‘Gap’ represents the chasm between where you are and an often unattainable, idealized future state. The ‘Gain’ is the measurable improvement from where you started. Instead of being perpetually dissatisfied by dwelling on the Gap, the Gain offers a shift in perspective. Imagine a multifamily complex with a high rate of occupancy but falling short of some modern amenity provisions. You could consider yourself unsuccessful or shift your perspective to acknowledge the gain from an initially lower occupancy rate.
Profound Impact on Strategy and Marketing
The Gap and the Gain philosophy can substantially impact strategy and marketing. Let’s consider PropTech, which is transforming real estate ecosystems. Most real estate leaders focus on the next big thing, thus dwelling in the Gap. Instead, one could concentrate on the Gains made through incremental innovations, providing a more immediate and motivating perspective for your team. It’s not as sexy, but it might have a similar impact. If you’ve recently integrated a RentTech solution to automate your rent collection process, celebrate the time and efficiency gains before stressing over the next tech update.
Human-centric Leadership
The essence of this philosophy harmonizes perfectly with the human-centric leadership approach. Recognizing the gains of your team not only propels productivity but also enriches work culture. The Gap and the Gain methodology add a crucial layer to performance metrics, making it more holistic.
Innovative Application Through Technology
In the era of Big Data and AI, technology can be leveraged to make this philosophy actionable. Advanced analytics can provide historical data to measure the Gain more objectively.
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The True Essence of Performance: Beyond Perfection
Photo by Austin Distel on Unsplash
Most of us have grown up with the idea that hitting the target every single time signifies excellence. Our culture applauds perfection, leading many to believe this flawless execution epitomizes performance. Peter Drucker, one of the most influential thinkers on management theory, once said, “Performance is not hitting the bull’s eye with every shot – that is a circus act.” But what did he mean?
Digging Deeper into Performance
In a circus world, acts are rehearsed repeatedly until executed impeccably. Every movement and every gesture is curated for the audience’s awe. While this is undeniably a masterful display of skill, it isn’t a true representation of performance in the broader sense. Real-world scenarios aren’t rehearsed. The variables change, unpredictability is the norm, and the true mark of performance is how one navigates through these challenges.
Beyond the Spectacle of Perfection
Perfection, while admirable, is often a mirage. Chasing it can lead to unnecessary stress and overshadow the more meaningful metrics of progress and growth. The essence of performance lies in continuous learning, adaptation, and the ability to bounce back from failures. You still put in the reps, but the reps build character more than skill.
Navigating the Realms of True Achievement
Think of an athlete. A single failure doesn’t diminish their capability. Instead, it offers a perspective, a lesson, and an area to focus on. Similarly, in our personal and professional lives, our performance shouldn’t be gauged merely by the number of times we hit the bull’s eye but by the times we missed, learned, and improved. “Embrace the suck,” as someone once said. I like to say embrace the struggle for all that you will become.
The Illusion of Flawless Execution
There’s a significant difference between a rehearsed act and a real-time performance. In life, we aren’t granted the luxury of multiple rehearsals. Every decision and every move is a live act. Embracing this reality allows us to understand that while hitting the bull’s eye is fantastic, missing it occasionally doesn’t diminish our worth.
As we wake up and enter the world (the game of life) daily, remember Drucker’s words. Let’s shift our focus from the circus act of consistent perfection to the larger play of evolving performance. Let’s aim for the bull’s eye and cherish the journey that leads us there.