When is the best time to build your business plan for the upcoming year? Many agents set aside time in December or January to do this critical task. But the problem with waiting until January is that if you begin your planning then, you won’t be executing on the plan for two, three, or even four months…and then the first quarter is gone.
The marketing you did, the lead generation that has occurred up to this point in the year should be paying you dividends, and you should know within a few transactions where you will end your 2014. You can look at your budget and expenditures and understand your cash flow. So let’s get cranking! The time to plan for next year is right now.
Here are a few critical things you should consider as you plan your next year:
- How did you do this year vs. your plan and goals?
- What is your net profit? This is the amount left after you pay all of your expenses and add back your personal benefit.
- Where did your business come from last year?
- What are your fixed and variable expenses?
- How much time did you spend with work vs. family? (This is critical for work/life balance)
- What would it take to double your production this year?
- What marketing is working and what is not? (We call this a media summary).
- Is it time to look at building a team? Or hire an assistant?
Once you have all of your information gathered, you can put your goals in place and begin to put your marketing together for the following year. This strategy of planning early takes the overwhelming task of building a business plan and gets you way ahead of the game.
There are so many ways to generate leads today, both online and offline, that you can truly build any type of business you choose and be very profitable in the process. Many agents today spend a lot of money on leads and don’t focus on really converting the opportunities that come their way. In 2015, we need to focus on increased conversion, increased profitability and increased sales numbers. All of this will equate to serving more families.
As your coach, I would tell you that you can achieve the next level, but we don’t want to sacrifice our relationships with family, friends and fun, or our faith to achieve that level. Planned balance in each of these areas will help you live a happy, healthy and fulfilled life.
If you are overwhelmed this year and the thought of doubling your business scares you, then it may be time to hire a true business coach. Your coach can take a hard look at your business to see where it makes sense to outsource, or delegate, the activities that are taking up so much of your personal time. This business is incredible, the opportunities are real, and now it is up to you to plan and build for your future.
Are you ready?
Verl Workman is president of Corcoran Consulting, Inc. (CorcoranCoaching.com, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into the residential broker’s or agent’s existing practice. Sign up today for your complimentary business consultation at www.corcorancoaching.com/programs.