4 Step Checklist For Always Making the Right Business Decision | #TomFerryShow Episode 9
Don’t forget to focus on these highlights when watching this episode of the #TomFerryShow!
- Go to (2:00) to learn why it’s important to have a filter when looking into a new product, service, or idea
- Go to (3:07) to discover what filters will help support you to reach your goals
- Go to (8:34) to hear predictions of future real estate market conditions
Has there ever been a time in your life, when you had too many things going on? Too many open loops, too many questions, too many conversations too many potential things to do, to the point that you didn’t do anything? Well if you’re anything like me that probably happens every day.
So I look at it like this: all the questions, all the distractions. “Should I be farming? I’m afraid to call that client. Should I be more social? Am I spending too much time on social media? Do I really need to buy that lead system? Is it a good Idea? How do I get more tracking and measuring? How do I put that in place? How do I get that listing? I’m working on this listing, how do I get that listing? Should I reduce my fees on this deal? Should I be building a team? What CRM should I use?” The questions are endless.
All these distractions stop you from having the kind of business that you truly desire, the life that you truly desire. The answer is pretty simple, the people that don’t get derailed have a filter for making decisions. Let me say that to you again. What is your filter for making decisions? Think about it, if you don’t have a filter then every idea looks good, but if you have a filter to funnel all these questions and ideas through, then making a decision is easy. As the CEO of a company, I’ve got to have it. Running multiple businesses, I instill it in every business we’re a part of because there are so many decisions for you and I to make. If we don’t have a filter, if we don’t have a way to say, these are our values, this is what we stand for, here are our goals, then you get derailed by the hundreds of things you’ve got to decide every single day.
So, I want to share with you a filter you might want to consider adding into your business and by the way when you add these four things into your business, there’s a bunch of other benefits. There’s a bunch of massive, massive, benefits.
Four Ways to Improve Your Decision Filter
WIG – You get presented something. You should buy this lead source or should you start doing this, or should I switch to a new CRM? Whatever it may be, you’re going to ask yourself, does this support my WIG? Does this support my Wildly Important Goal? Now of course this implies that you have a WIG. Whether that is to help twenty-five families a year or to dent the real estate universe, you’ve got to have a wildly important goal, in your life, in your business. So when you’re getting presented all these new ideas, you can say, does this support my wildly important goal? And if it doesn’t, you say no and you let it go.
Enhancing Your KPIs – Does this improve or enhance my KPIs? My key performance indicators. To keep it very simple does this improve or enhance the daily or weekly activities I’m responsible for, they’re going to help me get to my WIG. So you know if your WIG is a hundred million dollars in sales, then you know you’re going to have to talk to so many people, send so many mailers, do so many emails, generate so many leads, generate so many appointments, generate so many listings, so many listings sold, so many buyer sales, et cetera, et cetera, et cetera. So when you get presented something you ask, “Is this going to enhance and support my KPIs? Is this going to enhance and support the daily and weekly activities that will get me to my goal?” And if the answer is no, or there’s any confusion, it doesn’t support your goal and you’re trying to make it fit. Don’t try and make it fit. You know your business, you know your DNA, trust your gut. If it doesn’t support this and it doesn’t improve what it is you do, the daily, weekly, activities that get you to your WIG, then you don’t do it.
Cadence of Accountability – Is it aligned with my cadence of accountability? Cadence of accountability really is like the rhythm of accountability that you have. So, what is your rhythm of accountability? How often do you get checked in on your results? I know some agents they get checked in like this, “Happy new year! How was your year?” And they reflect on their results. December thirty-first, January first, some people look at it monthly, some people quarterly, some people daily, some people weekly, sometimes I’m looking at it every hour on the hour, because everything can change that fast. What is your rhythm of accountability? So why is this important in a decision filter? Is it in alignment with my rhythm? If your rhythm for accountability is you don’t really look at the numbers all that often and all of a sudden you’re spending and investing into your business thousands of dollars a month to generate potentially, hundreds of leads every single month and you don’t have a rhythm of accountability, that’s a really bad move. That’s a really bad decision, because you could wake up one day and say we generated four, five, six, eight hundred, a thousand leads in six months. What have we done? Where’s our conversion? And then you know what you do? You start blowing up on people. The filter is everything, when you’ve got the right filter in place it’s easy to decide. If your cadence of accountability is, “Hey I’m looking at things every single week inside my business. I’m paying attention to how many contacts, how many leads, how many appointments, and then what’s our conversion.” If you’re looking at that on a weekly or even a monthly bases then that decision is a no brainer, but if your cadence of accountability is every now and then or when you get a pay check, or when someone stops you, or when the IRS sends you a bill, and suddenly you get motivated, you make different decisions.
Scoreboard – Can I easily add it to my scoreboard? Now I’m going to assume that if I walked inside your office, I’m going to see your goals for transactions, I’m going to see how many appointments you’re going on and you keep a year at a glance calendar that show’s me every appointment you’ve been on for the year. Your scoreboard is the visual representation of the measurements you have inside your business. So stop for a second and reflect. We’ve got clients from Transylvania, right? From The Ukraine, we see people everywhere. Here’s what I know. We’re all dealing with this. Maybe your questions are different. You’re getting squeezed everyday with opportunities, with insights, with directions, with possible things that you can do, new projects, new ideas. If your don’t have a filter you know what happens? You get pulled every which way but loose. You get pulled apart, an arm here, or a leg there. You don’t want to allow that to happen. This is your business, the market hasn’t been this good in a long time. You’ve got to make money and run your business right in this environment to cash in on the opportunity.
Strategy Matters and Passion Rules!