This episode of the #TomFerryShow requires you to do some work…
And it might take a while.
But here’s the good news:
It will impact ALL of next year…
And it can be the key that unlocks your Best Year Ever this year.
It’s all about creating your Business Plan for this year.
It’s not about thinking about creating it, partially creating it or wishing you’d created it.
It’s about DOING THE WORK.
So here’s what I’m going to ask you to do…
Open up your calendar right now and reserve one full day in the next 10 days.
Write it in with a permanent Sharpie (or the digital equivalent).
Because completing your Business Plan might very well be the most important task you do between now and the New Year.

Step-By-Step Instructions to Plan Your #BYE

Here in the blog, I’m going to walk you through the important steps of completing your business plan.
This year, I’m sharing the exact plan we use with our coaching members with you.
First, start by downloading your copy here.
You may also want to meet with your broker to review the previous year.
The more information you have about what got you where you are today, the more effectively you can plan a successful future.
Once you have everything you need, find a comfortable spot where you can dig in and do the work.
Let’s begin…

Step 1: Break Down Last Year

Hopefully you’ve taken my advice in the past and you track and measure everything.
If you’ve been doing this, it will help to know your 2017 numbers for

  • GCI
  • Sales Volume
  • Number of Transactions (Broken into Buyers/Sellers/Leases)
  • Average Sales Price
  • Average Retained Commission Percentage
  • Lead Sources

If you haven’t been tracking your stats, the Deal Tracker in the business plan will help you in the future.

Step 2: Set Goals for this Year

Here’s where the actual business plan begins, on the “What You Want” page.
Fill in your goals for the following:

  • Revenue/GCI
  • Expected Expenses
  • Profit
  • Savings & Debt Reduction

Step 3: How Will You Get There?

Break down your goals into sellers, buyers and leases, including what percentage each will contribute to your total this year. Factor in your average sales price and your expected commission as well.
Then, determine how many transactions of each are needed and how many appointments you’ll require to reach that goal.

Step 4: Get Your “Daily Number”

So now you’ve established how many appointments you need to achieve your goals.
The next step is determining how many conversations will be needed to generate your needed number of appointments.
If you know your numbers, use your average here.
If you don’t know your numbers, I estimate that most agents close one transaction from every 40 business-focused conversations conducted with a new lead or a database contact.
Multiply your transaction goal by 40 to determine how many conversations you need to conduct.
Then, divide that number by the number of weeks you plan to work this year.
This will give you your Weekly Conversation Goal, which you can then break down even further into your Daily Conversation Goal.
While analyzing these numbers, be sure to note where your transactions are coming from and where you can seek out new growth opportunities.

Step 5: Take Stock of Lead Sources

The next step is to analyze what lead sources have worked well for you in the past and which you will rely on this year.
What works? How can you do it even better? What do you want to add?
To keep things manageable, it’s best to identify 4-6 core lead sources that serve as pillars of your business. When you get too many various lead sources, things quickly become overwhelming.