The end of Q1 is the ideal time for a business plan review. But how do you actually do one?
You’ve heard me say before that having a business plan is an absolutely essential part of getting to where you want to be in life. But no matter how good of a plan you make, at the end of the day, it’s still only a plan – which means it’s meant to be followed, not written and set aside. That’s what this business plan review is for.
It’s the role of a good coach to check in on your progress and keep you on pace, so that’s exactly what I’m hoping to accomplish here in this blog.
As we cross the threshold into Q2, the strategies you’ve put in place so far can either:
- Launch you to where you want to be (if you refine them) or
- Send you spiraling into a crash (if they’re left unchecked)
It’s probably fair to say you’d prefer the first one, right? In that case, I’m giving you one of my favorite simple business plan review techniques. All you have to do is get all your numbers ready, pull up your business plan, and answer 20 questions.
Got everything ready? Then let’s get started…
High Level Questions
Question No. 1: What’s your WHY?
This is something you should already have written in your business plan, but it’s a question worth repeatedly asking not just at the end of every quarter but every day. So look at what you wrote down in December and then ask the question again. Has your answer changed? It’s okay if it has but make the adjustment.
Question No. 2: What’s your role?
Define your job, because your job title defines how you approach both your work and your business plan review. Are you operating as a real estate agent or like the CEO of your company?
Question No. 3: Did you make enough money to achieve your WHY?
Before we dive into any of your actual numbers, let’s establish a monetary value for your WHY. Not everything in life has a price tag: love, peace, honesty… But most things do, or at least money plays a role in them. Maybe you want to pay for your kid’s college. Maybe you want to start investing in properties. So ask yourself if over the last three months you’re on the right track for these goals and what being on the right track would actually look like.
Goals vs. Reality
Question No. 4: Units Closed vs. Goal Units Closed?
Question No. 5: Volume vs. Goal Volume?
Question No. 6: GCI vs. Goal GCI?
Question No. 7: What’s your average price per listing?
Add up the sum total of what all your listings have sold for and divide by the number of listings taken.
Are You Following Your Plan?
Question No. 8: Are you using all the lead sources you said you would on your business plan?
Question No. 9: Which lead sources are you underutilizing?
Question No. 10: Have you put in place the systems you wanted to have by Q2?
Question No. 11: In what ways do you need to adjust your plan to catch up to where you want to be by Q3?
Question No. 12: Expenses vs. Income. Are you staying in the right range?
If not, how far off are you and where is that money going?
Finding Your Personal Metrics
Question No. 13: How many conversations did you have?
Then break this down to how many you had each day, week, and month. Create a daily average.
Question No. 14: How many appointments did you take?
Question No. 15: How many conversations does it take you to get an appointment?
It’s simple division that creates massive predictability for your business. You should know this number and “live it” every day. Remember: Appointments are the only currency that matters today.
Question No. 16: How many appointments does it take for you to convert a listing?
Important Questions to Have Framed in Your Office
Question No. 17: How much money do you make from each conversation you have?
Divide your GCI by the total number of conversations you had. Then take this number and put it somewhere that you and every person on your team can see every day. When you don’t feel like making your calls, just remind yourself that this is how much every call is worth to you.
Question No. 18: What went well for you in Q1 and how can you do more of it?
It’s important to not only focus on where you’ve fallen short, because you’re strengths are what you need to rely on here – which means it’s important to know what they are!
Question No. 19: What do you need to stop doing and leave behind in Q2?
It’s time to strip away all the baggage that’s slowing you down, whether that means it’s time to hire someone or maybe it’s a lifestyle habit that’s getting in the way of your success.
Question No. 20: Are you getting to support you need?
In my 35+ years in this business, I’ve never seen anyone figure everything out by themselves. Even for people who are thriving right now, imagine what you could do if you had professional support to guide you on your journey…
My guess is, you’d learn that you’re not setting your goals high enough. Because we don’t know what we’re capable of until we have a valued mentor bring it out of us, push us to new limits, and show us the blind spots we can’t see for ourselves. So, if you’re ready to take this next step and fully commit to becoming the best version of yourself in Q2 and beyond, self-schedule a free coaching consultation right here. It only takes about an hour and might just change your life.
And if you’re already a coaching member or Sphere subscriber, be sure to watch Kay Fairchild’s webinar on conducting a more detailed quarterly business plan review inside of illūm, where she takes you step-by-step through her own extremely valuable quarterly review process.