Episode 137: Your 2020 Business Review

In Episode 137 of the Wandering But Not Lost Podcast, co-hosts, Jan O’Brien, Matt Emerson begin a month-long series on Business Planning.  It is that time of the year again and today we start, as we always do, by taking a look at your current business and how to activate your Q4 superpower! The first step in the process of putting together a solid plan for 2021. 

OCTOBER is BUSINESS PLANNING MONTH!

In today’s episode, we focus on the first step – reviewing your YTD business.  You can’t set goals until you know where your business is today. Then you can build a solid plan for the future.

Activate Your 4th Quarter Power!

1. Conduct the business review YTD
   
   
2. Identify 3 Key Things for your business and personal development
1. Start
2. Stop
3. Continue
3. Refocus your intention and create goals for 4th QTR
1. How many listings will you take?
2. How many buyers in escrow?
3. How many appointments set?
4. How many connections (calls, texts, zoom meetings) are you committed to weekly?

What you do to finish strong is the 4th QTR will set you up for success in 2021!

Conduct the business review YTD

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 this year and to know your basic numbers.
Download this document: Review_of_your_Business.pdf  

Break-out your business plan and review your goals and business action plan for 2020.  A Year to Date 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 Takens, Listings Sold, and Closed Sales
• 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.

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?

Update your personal and business budgets.  Have you been tracking your actual expenses against your proposed budget for 2019?  Have you incurred additional or unforeseen expenses?  Where can you make changes or adjustments in your budgets?

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?

Get our Business Planning Course and Downloads which includes:

• Guide Book: 3 Steps to a Powerful Real Estate Business Plan
• Goal Writing Worksheets
• Real Estate Business Plan (Excel Spreadsheet)
• Income & Expenses Statement
• Business Budget
• Personal/Home Budget
• Success Action Plan

Get the FREE, complete Real Estate Business Planning Mini-Course and Downloads:

Click HERE to Get Started Today!