Planning the big picture can help you deliver a big return. You know that having a goal and clear strategies are important, but sometimes we lose sight of putting it all down on paper, and holding ourselves accountable when we get lost in the whirlwind of the day-to-day hustle. It has been proven time and time again, however, that people who write down their goals, spend time planning how they will achieve them, and hold themselves accountable in the day-to-day, are exponentially more likely to succeed and reach their goals. So let’s look at how to get the right plan in place.
Sales forecasting is a great way to start. This will help you generate a baseline for what is realistic to set as a goal.
- Review your sales from past years - Take note of things like how many new clients you took on each year and what the profit was per customer. It’s also a good idea to look at the timing around things. Was one month particularly good or bad? Think about why that might be.
- Dig into some market research - Check out reports for home trends and predictions for both the nation as a while, and your particular market. This can help you factor in new growth for your goal setting.
- Evaluate your internal shifts - Now is the time to factor in your plans for hiring, or cutting back. If you know you’re going to be taking on new personnel, factor that expense into your forecast. Cutting back on marketing spend? Factor that in too.
Do the math - Whether you’re using a spreadsheet or free forecasting software available online, calculate a rough conversion rate to use in your forecast. Be realistic! Include things like:
Target income, gross revenue, transactions for the year, number of leads you’ll need to work, the cost-per-lead, and be sure to factor in your day-to-day expenses!
Now that your forecast is drafted, create some SMART goals. That means goals that are
These guidelines will help ensure you’re setting yourself up for success. It’s a good idea to have one primary goal that you can work everything else in under. For example, hitting a certain number of transactions, or reaching a new level of income.
If your goal is to reach a certain level of income, make sure you build in strategies and activities that will support it. That means calculating how many transactions you will need, and how you’re going to get there. If you average 30 unscrubbed leads and 15 qualified leads per sale, determine how many leads you need each month to reach your goal.
Now that you’ve done your forecasting and determined some goals, the next step of your business plan is to build some actionable strategies for hitting the mark. That means putting plans around your focus area, changes you need to make, and well thought-out steps to take.
To make sure everything is aligned in your business plan. Remember to make sure each strategy ties back to your target audience. You should be going after a particular segment of your market (whatever your niche might be), and you need to make sure each strategy is creating opportunities to reach then and engage with them.
This is where you need to evaluate your hiring plan. Is it time to take on some new folks to really help your business grow? Make sure you have the timing factored in and the additional expenses. Additionally if you’re hiring another sales member, factor in the amount of business you expect them to bring in.
To really fuel your business and hit your goal you may need to re-evaluate your current lead generation and lead management systems. When you have the right technology partner you can start to see huge returns and major time saved working your growing database.
Fold your marketing strategy into your business plan. Include the best practices that will start to generate increased activity: increased calling, better conversions, more training or incentives for your team. Want some ideas of strategic objectives? Here’s a great list of ideas to narrow your focus.
- Paid Lead Generation/Facebook Advertising
Stay the Course, but Change Track if Needed!
You have a plan, you’ve got the actionable strategies baked into your plan, but none of it will be of any value if you aren’t measuring your progress. This keeps you accountable, keeps you on track, and helps you see where you need to adjust. Help yourself with reminders and tracking forms if you don’t have a system with a performance dashboard. Record your activity and calculate the results. This will help you spot problems or opportunities and keep you focused on the end goal.
Here’s a rough idea of things to track:
Make ____ contacts
Send ______ personal notes
Add _______ people to your database
Contact _____ FSBOs
Contact ______ Expireds
Hand out 5-10 business cards, 5 days/week and actively ask for business or for permission to add them to your database
Add ______people to your database
Hold ______ effective open houses monthly
Mail or email to your SOI/Past clients valuable market information
Mail or email to your designated farm of ______ properties
Door knock/ door drop _________ houses
Take ____ past client to lunch
Network with ____ business to business referrals
It’s time to put on your business owner hat and focus on strategy vs the day-to-day of handling clients.When you get the right plan in place, you power it with the right system, you can start to work on your business instead of in it. Learn how you can partner with the right system and build a better business.