To continue our discussion on planning for profit from my last blog, I want to reemphasize how successful people are planners who set goals and then design and implement tactics to reach those goals.
If you want to have a thriving business practice, you must first build a business plan. It means being focused on the big picture. Once you've got your big picture, you can then itemize the steps that will enable you to achieve your goals.
Having a plan provides a gauge for you to measure your activities against what you want to achieve for the year. You need to have a roadmap and feel like you’re moving towards your goals. But how can you do that if you don’t have any goals in the first place? Or if you don’t have a clear idea of what you want?
You have to start out by writing it out. Having it 'in your head' is overrated and will get you nowhere.
I want to encourage you to put pen to paper and write out your goals with timelines and action items attached.
What to Include In Your Plan
Let’s talk about what you should be thinking about in addition to just saying ‘I want to gross $400k this year (as an example)
Take a look at this chart, it lays everything out so nicely. It takes your annual GCI goal, in this example, $400K and breaks everything out into daily, weekly and monthly activities so that can achieve this $400K goal on a daily basis.
When I look at this, I know that if I do my 4 contacts a day, that will feed into getting my 2.2 sellers (listing appointments) per month; which will give me the 2 listings I need for every month.
When I get my 2 listings per month, I will automatically get at least 2 solid buyers per month, because NAR says that for every seller I get, I will also get 1 buyer.
Moving through the logic, this will allow you to gross your $40K per month. Do this consistently for 10 months and you will achieve your $400K goal for the year.
You may be asking me, how did I get these numbers? Well, they are all stats that are available from NAR and I invite you to book a call with us so that we can explain this a little deeper for you and get you set with your goals.
Time Block Your Daily Contact Goal
Moving along, all you need to do now is to time block for your contacts per day. If you don’t schedule this in, it won’t get done. Do this consistently every day for 5 days and watch your business soar! It’s that easy. I love this quote:
‘Small things done consistently over time will produce dramatic results.'
Of course, there’s a lot more to planning than just goal setting, like creating your budgets and marketing strategies, which is more than the scope of this blog. But for now, if you just made it your daily focus to make contacts, whether it be through calls, networking, having lunch or dinner dates, attending business functions etc.; whatever your sweet spot is, make this your priority! Do not waver or quit, do this every day.
You wouldn’t go on a road trip without first knowing the destination, right? Once you figure that out then you set your GPS for the best route to get there. That’s what setting goals and writing them out is all about. That’s what the image below summarizes. You start with setting business and financial goals and then you follow with a system for tracking progress towards those goals.
If you want more details on how to put together a business plan, with budgets and strategies, contact us and we will be happy to help you.
Until then, we at the Profit Centre wish you a most profitable day.