WBNL 52 – Your YTD Business Review
October has always been a business planning month in our book! At WBNL Coaching, we have begun the process of reviewing and analyzing our past year to analyze what has worked and what we need to change. This is always the first step to successful business planning and goal setting – a review of your current year to date. In this week’s WBNL 52 business and coach tip, we have outlined some steps and suggestions to conduct a year-to-date review of your business.
Break-out your business plan and review your goals and business action plan for 2017. A Year to day review is included in your WBNL Coaching Real Estate Business Plan to record your key numbers for the year. The spreadsheet will do some auto-calculations for you.
- Listing Taken, Listing Sold and Closed
- Buyer represented sales in escrow and closed
- Listing Sold Volume
- Sales Volume
- Average Days on Market
- Types of Transactions
Next, identify the SOURCES of business. This step is critical for helping you analyze a return on any marketing investment and deciding where and what to focus on for the coming year. Get our Business Planning Course and Downloads which includes an Escrow, Closing and Commission Tracking area – where you can record all of your closings with all pertinent info including the source of business.
Join the Wanderers Club as a FREE, Basic member to access our complete REAL ESTATE BUSINESS PLANNING COURSE and all of the downloads!
Update your personal and business budgets. Have you been tracking your actual expenses against your proposed budget for 2017? Have you incurred additional or unforeseen expenses? Where can you make changes or adjustments in your budgets?
Assess Your Target Markets. What are the 3-5 target markets or niches you have focused on during the past year? What is your return on investment for each? Based on your initial analysis, what do you want to continue or refine for next year and what should you consider changing or dropping?
Track Your Production. Use the Business Plan template to record your transactions year-to-date. Keep track of your closings, pendings and active listings to assess if you are on track to meet or exceed your goals this year.
Revisit Your Success Action Plan. Do you need to make any adjustments to your activities and strategies? Do you need to recommit to your daily, weekly, monthly activities for attracting business?
Reach Your Peak – Real Estate Business Planning in 3 Steps
Real Estate Business Planning and Goal Setting is a topic I love to teach and share with real estate professionals. In my 22+ years in the real estate industry, it has been my experience that the agents who actually write down their goals and utilize a real business plan always meet and usually exceed their desired outcomes.
Unfortunately, less than 20% (probably closer to 10%) of real estate agents actually prepare a written business plan and set annual goals. I have witnessed the amazing results of those who actually create and use a business plan and set goals in all areas of their life. Statistics and various reports state that about 3% of adults have clearly written goals and accomplish 5 to 10 times more than those who do not have written goals. The 80/20 principle applies to everything – just become aware and observe the multitude of examples (Read Living the 80/20 Way Work Less, Worry Less, Succeed More, Enjoy More):
- 80% of salespeople spend 80% their time with customers who will never buy or sell from them.
- 80% of your results will come from 20% of your activities
- Less than 20% of agents are responsible for 80% of all business
Here’s your challenge… Are you ready, willing and able to join the success group (the less than 20%)? Are you willing to do the opposite of what the masses usually do and achieve your desired outcomes? If you are ready… start today by following these 3 Steps to Business Planning and Take Action!
It all starts by writing your goals or desired outcomes, creating a written business plan and updating/revising your business budget then measuring and tracking your results. I invite you to follow the 3 steps outlined below, download the accompanying forms and… JUST DO IT!
Step 1 – Set Your Goals (Outcomes)
The critical steps to achieving your goals:
Download Keys-to-an-Achievable-Outcome.pdf (Goals Template)
Identify clear, concise, SMART goals and know your WHY for each of them.
Measurable/Meaningful to you
Attainable/As if Now/All areas of your life
Timeframe/Toward what you want
- Write them down for all areas of your life (Personal, Financial, Business/Career, Relationships/Family, Spiritual)
- Create Action Plans – break the goal down into steps and next actions. Take action every day!
- Measure and track your progress – you can’t improve what you don’t measure.
- Celebrate your successes along the way – make any necessary course corrections.
Why Write Down Your Goals (Outcomes)?
- To clarify what it is you truly desire. Writing down your goals forces you to select something specific and decide what you want and when you want to attain it.
- To motivate and inspire you to take action. Writing your goals down is only the first step. It is also important to review them regularly which supports you to take the next most important action toward your goal.
- To help you overcome resistance. Every meaningful intention, dream, or goal encounters resistance. From the moment you set a goal, you will begin to feel it. Resist the temptation to focus on that resistance and instead focus on what you want to accomplish.
- To enable you to see—and celebrate—your successes and progress. Written goals are like mile-markers on a highway. They enable you to see how far you have come and how far you need to go. They also provide an opportunity for celebration when you attain them.
Read these posts for more information on goal setting, affirmations, mindset:
- Clarity of Purpose – Do you have it?
- How to Discover and Celebrate Your Success, Your Wins for the Past Year…Then Set Outcomes not Resolutions
- Real Estate Affirmations for a Successful Career
- The Power of Affirmations
More recommended resources on Goal-Setting:
Brian Tracy International – I highly recommend anything written by Brian Tracy. Sign up for one of Brian’s free newsletters and receive a free 326 page eBook entitled GOALS! How to Get Everything You Want – Faster Than You Ever Thought Possible.
David Allen’s Getting Things Done – GTD is an effective Action Management System. Read or download and listen to this book. There are abundant free resources and blogs on this site.
Step 2 – Create Your Business Action Plan
Download the documents and follow the guidelines to create your real estate business plan for the coming year.
- Conduct an Assessment and Review of the current or previous year.
Review_of_your_Business.pdf Start by analyzing your previous year’s business – this form will help you gather and calculate key factors for your specific business. Everything from sources of business to average days on market and listing to sale ratios. Before you launch into your plan for the coming year, it’s critical to review what worked last year and to know your basic numbers.
- The Real Estate Business Plan
Our customizable and auto-calculating 8-tab real estate business plan is included in your free REAL ESTATE BUSINESS PLANNING COURSE
- Additional Planning Resources
Step 3 – Measure and Track Your Results
You can’t improve what you don’t measure. An excellent tracking system will allow you to make necessary course corrections and adjustments as well as gauge your overall success. Sign up for our FREE, basic plan to download these tools to track and measure your performance and results:
- Income and Expenses Form
- Business Budget
- Personal /Home Budget
- Commission/Closing Tracking Form
SECRET to SUCCESS: Create Your Daily Action Plan and Just Do It!
Once you have your business plan in place, it is critical to review it and make necessary course corrections at least quarterly. On a monthly basis, make sure to use a performance dashboard or a suitable tracking form to record your actual results and compare them to your plan or goal.
Create Your customized Success Action Plan
Download this Word doc and customize it with your goals and your daily, weekly, monthly action items/tactics to reach your goals.
From your business plan, you can create your daily, weekly, monthly ACTION PLAN. This plan will outline the income-producing activities and other tasks you are committed to in order to achieve your desired outcomes. Review and stick to your Action Plan DAILY!
- Write your Action Plan on index cards – and keep one with you
- Take a picture of your Action Plan and Save as wallpaper or screensaver
- Put one in front of your day planner
- Post it in your workspace
- Tape it to your bathroom mirror and review it daily
- Review and record your results daily also
A basic mantra or affirmation for your consideration and real estate success could simply be: “I make one qualified appointment daily!”
Create an Action Plan that works for you – it may consist of some of the following activities:
- Make ______ contacts daily
- Send ______ personal notes weekly
- Add _______ people to your database weekly or monthly
- Contact _____ FSBOs weekly
- Contact ______ Expireds weekly
- Hold ______ effective open houses weekly/ monthly
- Mail or email to your SOI/Past clients valuable market information monthly
- Mail or email to your designated farm of ______ properties monthly
- Door knock/ door drop _________ houses monthly
- Take ____ past client to lunch monthly
- Network with ____ business to business referrals monthly
- Hand out 5-10 business cards, 5 days/week and actively ask for business or for permission to add them to your database
Free Motivational & Success Classics as eBook downloads: