Here we are in the last week of Q1 2019 already…
You’ve spent three full months putting your business plan into action.
Or did your plan fly out the window sometime in January and you’ve been scrambling ever since? (Or, for some of you, was there ever a plan?)
That’s what today’s #TomFerryShow is all about…
Gauging your Q1 progress and making sure you’re on the right track for the remainder of 2019.
I’ve got four key areas of your business you need to examine, and I’ll walk you through the entire process below. Let’s go!
Q1 Review Step 1: Review Your 7 Most Important Goals
Never forget, business is math. As long as you’re tracking your numbers effectively, this review should be both fairly simple and extremely instructive. Reviewing your numbers and gauging your process will tell you what’s working, what’s not, what you need to do more of and so on.
The first step is evaluating your progress on seven key goals:
- Conversations – How many times you talk to people is one of the most informative leading indicators of your success. What was your conversations goal for Q1? What was your actual result?
- Appointments – The more consistently you’re creating conversations, the more consistently you’ll be setting appointments. Did you hit your Q1 appointments goal? Why or why not?
- Units closed – Are your efforts leading to closed transactions and happy customers who have successfully transitioned to a new phase of their lives in their new home? Compare your actual results to your Q1 goal. How’d you do? What needs to change moving forward?
- GCI – All of the above will dictate how much income you’ve generated so far in 2019. Where are you in terms of closed transactions? What about pending? How do those numbers reflect against your goal?
- Sales Volume – What’s the dollar amount of real estate you closed in Q1? Have you surpassed your goal?
- Expenses – How much did it cost you to do business in Q1? Where can you cut the waste for the rest of the year? An important wrinkle in this is tracking and measuring your marketing efforts to ensure you know what’s working and you can eliminate what’s NOT working. (Keep reading to step 2 below.)
- Net Income – This is the big one, right? How much did you actually clear in Q1? How does that number compare to your goal?
Q1 Review Step 2: Evaluate the Effectiveness of Your Marketing
Building a successful business is all about running plays that work. How many marketing “plays” are you utilizing as part of your 2019 business plan? (For example, geographic farming, online leads, Open Houses, etc.)
The next step in your quarterly review is to quantitatively analyze each of those approaches so you can answer these important questions:
- What worked?
- What did I do differently this quarter compared to last quarter?
- What approaches are new or “in process”? Have I been consistent? What are the early results?
- What needs to improve?