As you prepare for the new year, you can gain a great advantage for yourself and your team by reflecting on the past year. When you think about what you’ve accomplished, and where you fell short on your goals, you’re bound to learn something new about yourself and how your team operates.
However, simply reminiscing about the past year won’t help you make those valuable—and vital—changes to your business. When we use hindsight to our advantage, we can make important course corrections. So how do you use the lessons you learned in 2021 to execute a plan to have an amazing 2022 and beyond?
A good team leader knows that the only way to improve any aspect of their business is to track and assess every aspect of their team’s production. Start by answering a few questions:
- What information have you consistently tracked over the last 12 months?
- Which results are consistent with achieving your goals?
- Which results are interfering with your goals?
- Are there blind spots in your data?
- What should you start tracking now?
When reviewing your records for the past year, there are a few benchmarks to keep in mind. First, every listing should generate 1.5 buyer-side closings. This means your buyers should generate 60% of your business, while sellers should generate the other 40%. Next, each listing should generate at least six to eight leads per month. By tracking lead sources and measuring whether or not your marketing around listings is working, you can gain clarity on where to increase or decrease your spending in this area.
As you continue to track aspects of your business, various “pillars” of income will become evident. Each business should have a minimum of four income pillars. As you develop your plan for next year, look at how much business came from each of your pillars. If your income is mostly coming from a single pillar, focus on building out the other three, ensuring that no one pillar represents more than 25% of your total income. This change of balance creates significant growth opportunities and the stability to weather any change in the market.
If you’re dissatisfied with your team’s production over the last year, it may be time to get some outside help from a coach. They can assess your key numbers and help you implement proven tools and systems to double your profitability in 2022. It could be your best year yet!
Workman Success Systems is a real estate consulting company that specializes in performance coaching and building highly effective teams. Contact wssm@workmansuccess.com for more information and free downloadable resources.
