Goal Setting Formula!
Have you started working on your goals yet for next year? The time is now! Don’t wait until January to get this done. Take some time now so when January 1st is here you are ready to hit the ground running.
Here is my simple formula to not just setting goals, but making them actionable and achievable.
1) Understand where you have been. Look at your data from 2018. If you didn’t intentionally tracking anything (and I strongly encourage you to in 2019) then at a minimum you should be able to pull your sales history from the MLS or get a report from your broker. Identify the source of each transaction … sphere, referral, open house, postcard, etc.
2) Identify your goal. This year we set goal ranges with our team. Your minimum is the absolute bottom line that you must make to get by in 2019 or the minimum that makes it worth it to you to be in this business. Calculate this by first figuring out your average net per transaction, then divide your bottom line income number by this and you will know how many transactions you need. For your “maximum” or stretch part of your goal, what do you really want from your business in 2019? What would change your life for the better? These two numbers represent your goal range.
3) Get clear on the actions you need to take to achieve your goals. If in step one you identified that 5 of your closed deals came from open houses this year, and you sat 25 open houses, then you know you need to plan to do the same or more. If 50% of your closed business came from repeat clients and referrals, and you averaged 2 “touches” per month, then you need to plan to do at least that many next year. Break that down into monthly and weekly action steps.
Now go out and do the things … and while you are at it, track them so this process will be easier next year.
There is so much more that I can say about this process, but these are the basics. Don’t just pick a number by pulling it out of the air. Pick a number that makes sense for you and connect your actions to your goal.
2019 … let’s do this!!