Got 15 minutes?

We just spent two full days in Nashville with some of our favorite people, working on their business plans for 2023. We host this event every year and call it The Business Breakthrough. In case you haven’t set aside much time so far to devote to your plan, here are the three essential questions that will get you started.

Before we get to question #1, we always begin our planning with a reminder from Floyd’s personal mentor of 38 years, the great Zig Ziglar – “It’s difficult to hit a target you can’t see, but it’s impossible to hit a target you don’t have.”

In other words, have a goal for 2023. Even if the market is a moving target, your best guess is better than aiming at nothing.

QUESTION #1

What do you want your real estate income to provide for you in 2023?

Are you the sole provider for yourself and your family, or do you have other sources of income? Take into account your living expenses, business expenses, fun expenses like vacations and L (Things to Look Forward To), savings, investments, taxes, and cash reserve.

Total it up, write it down, and take a good long hard look at it. That’s your target.

QUESTION #2

How many closings do you need to earn that income?

Do the math. Divide your income goal by your average commission per closing. You might want to use a four or five average commission to account for possible price corrections next year. When you have the number of closings needed to earn your desired income, increase it by 20% to account for fall-throughs (closings that go pending but fall apart).

Whenever a transaction falls apart, especially one you were counting on, it hurts, and it can knock you off track. If you have already anticipated the possibility of building it into your plan, it doesn’t hurt quite so much.

QUESTION #3

What is the one measurable, trackable, and controllable activity that will generate those closings?

For most of our business planners, it’s the number of real estate conversations that lead to listing appointments. If the activity can’t be measured, it doesn’t exist. If it can’t be tracked, you never experience progress, which is the key to staying motivated. 

And as Floyd taught us, “You can’t do dollar volume, but you can do conversations.”

Put your business plan in place by December 31^st. It will give you energy. It will give you focus. And it will dictate your priorities every day.

You can count on any of us on The Floyd Wickman Team to help finalize your plan for next year. Give any of us a call and we will coach you through the process.