Correct these 3 Mistakes to Make the Money You Want

TL;DR

Avoid three planning mistakes to increase your 2013 profits.

Transcript

hey it's coach Tom Ferry happy Monday Welcome To Life by design your place online for ideas inspiration and how to stay in the right action so over the last two weeks I have been reviewing personal business plans of many of the top real estate professionals from around the world big shout out to everybody that is doing their plans want to talk to y... Read More

Key Insights

• Many real estate professionals have marketing plans that do not ensure the desired growth in transactions, which is crucial for achieving business goals.
• A structured marketing campaign is necessary, focusing on past clients, centers of influence, geographic farms, open houses, and online strategies.
• Overloading on projects without proper prioritization can hinder success. It's important to categorize tasks into urgent, important, and optional.
• Outsourcing can be a valuable strategy to manage workload. Websites like TaskRabbit and Fiverr offer affordable solutions for task completion.
• Scheduling dedicated time for project work, system development, and team training is essential to achieve business objectives.
• Having a clear plan for profit allocation is vital. This includes managing business expenses, personal living costs, and tax obligations.
• Without a profit plan, there's a risk of spending money impulsively, which can prevent wealth accumulation and financial stability.
• Taking immediate action is crucial, especially as the year progresses. November is a critical time to implement changes and strategies.

Questions & Answers

Q: What is the first mistake identified in the business plans?

The first mistake identified is that many business plans have marketing strategies that do not guarantee the desired growth in transactions. This lack of a structured marketing campaign can hinder achieving business goals, necessitating a well-thought-out plan targeting past clients, centers of influence, geographic farms, and online strategies.

Q: How can professionals manage having too many projects?

Professionals can manage having too many projects by prioritizing tasks into categories: urgent, important, and optional. Urgent tasks should be completed by year-end, important tasks by the first quarter, and optional tasks are lower priority. Outsourcing and scheduling dedicated time for project work can also help manage workload effectively.

Q: What role does outsourcing play in business planning?

Outsourcing plays a significant role in business planning by providing a means to delegate tasks, thus reducing workload and allowing professionals to focus on core activities. Platforms like TaskRabbit and Fiverr offer affordable solutions for completing tasks, enabling businesses to efficiently manage time and resources while achieving their objectives.

Q: Why is profit planning important according to Tom Ferry?

Profit planning is important because it ensures that income is allocated appropriately across business expenses, personal living costs, and tax obligations. Without a clear profit plan, there's a risk of spending money impulsively, which can prevent wealth accumulation and financial stability. A structured approach to profit can lead to significant financial success.

Q: What is the recommended approach to marketing in business plans?

The recommended approach to marketing is to have a consistent and structured campaign that targets various channels, such as past clients, centers of influence, geographic farms, open houses, and online platforms. This ensures a steady flow of clients and business growth, rather than relying on sporadic or impulsive marketing efforts.

Q: What is the significance of scheduling time for projects?

Scheduling time for projects is significant because it ensures that system development, marketing plans, and team training are given the attention they need to be successful. Without scheduled time, these critical tasks can be overlooked or rushed, leading to suboptimal outcomes and hindering the achievement of business goals.

Q: How can impulsive spending affect business success?

Impulsive spending can negatively affect business success by depleting financial resources that could be better allocated towards strategic investments, savings, and debt reduction. Without a clear plan for profit, businesses may struggle to build wealth and achieve financial stability, ultimately impacting long-term success and growth.

Q: What is the urgency of implementing changes in November?

Implementing changes in November is urgent because it is a critical time to set the foundation for year-end results and future success. By addressing identified mistakes and executing new strategies promptly, businesses can maximize their financial outcomes for the current year and position themselves for a strong start in the following year.

Summary & Key Takeaways

• Tom Ferry highlights three common mistakes in business planning among real estate professionals: inadequate marketing plans, excessive projects without prioritization, and lack of profit planning. Addressing these issues can lead to improved financial outcomes.

• Effective marketing requires a consistent strategy across various channels. Prioritizing projects based on urgency and importance helps in managing workload efficiently. Outsourcing can assist in completing tasks promptly.

• Profit planning is crucial for financial success. Allocating income for business expenses, personal needs, and taxes ensures a healthy profit. Implementing these strategies promptly can significantly impact year-end results.