In Episode 184 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 super-power!
Get our Free Real Estate Business Planning and Goal Setting Video Course and all supporting downloads - HERE.
Over the next three weeks, we will cover the 3 Steps to a Powerful Real Estate Business Plan.
What you do to finish strong in the 4th QTR will set you up for success in 2022!
1. Conduct a business review YTD
Start by analyzing your previous year’s business – this form will help you gather and calculate critical factors for your specific business—everything from sources of business to average days on the 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 know your basic numbers.
Download this document: ReviewYourBusiness.xlxs
Break out your business plan and review your goals and business action plan for 2021. 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.
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 2021? Have you incurred additional or unforeseen expenses? Where can you make changes or adjustments to 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?
2. Refocus your intention and create goals for the 4th QTR
3. Take Action Daily
What activities are you committed to doing to accomplish your goals?
4. Affirm and visualize your outcomes daily
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