Q3 is Almost Here: Mid-Year Reset Tips to Dominate the Second Half of 2020 | #TomFerryShow

TL;DR

Conduct a mid-year review to set goals for 2020.

Transcript

what did you do what worked what didn't what do you want what's it gonna take why do you want it and then get to work hey welcome to tom ferry show today i want to work with you on a quick mid-year review i know as this is hitting your email box or maybe you're seeing on social sometime around the 23rd to 24th but think about this you only have sev... Read More

Key Insights

• Conduct a mid-year review by evaluating past performance, including closed sales, sales volume, and commission income, to understand what worked and what didn't.
• Acknowledge both pre-COVID and during COVID business strategies to determine which efforts should be revived or adjusted for the second half of the year.
• Set clear and specific financial goals for the next six months, focusing on both the desired income and the necessary steps to achieve it.
• Use the reticular activating system to visualize and affirm financial goals, reinforcing the mindset needed to achieve them.
• Break down financial goals into actionable steps, such as determining the number of transactions needed and setting appointment targets.
• Consider both positive benefits and negative consequences of achieving or failing to achieve financial goals to boost motivation.
• Emphasize the importance of maintaining focus and perseverance, even when initial efforts do not yield immediate results.
• Encourage accountability by sharing goals with family or creating a financial consequence for failing to meet targets.

Questions & Answers

Q: What is the main purpose of conducting a mid-year review?

The main purpose of conducting a mid-year review is to assess past performance, including closed sales, sales volume, and commission income, to understand what strategies worked and which didn't. This evaluation helps in setting clear and actionable goals for the remainder of the year, ensuring that efforts are focused on achieving desired outcomes.

Q: How can visualization and affirmations aid in achieving financial goals?

Visualization and affirmations aid in achieving financial goals by harnessing the power of the reticular activating system. By repeatedly visualizing and affirming specific financial targets, individuals reinforce their mindset and focus, making it easier to recognize opportunities and take actions that align with their goals. This mental practice helps maintain motivation and clarity in pursuing desired outcomes.

Q: What are some strategies to break down financial goals into actionable steps?

To break down financial goals into actionable steps, one should first determine the number of transactions needed to achieve the desired income. Next, set targets for listing versus buyer sales and decide the percentage split. Finally, calculate the number of appointments required to reach these targets, considering factors like average commission and historical business performance.

Q: Why is it important to consider both positive benefits and negative consequences of achieving financial goals?

Considering both positive benefits and negative consequences of achieving financial goals is important because it enhances motivation. Positive benefits, such as paying off debt or taking a family trip, provide a sense of reward, while negative consequences, like financial strain or missed opportunities, create a sense of urgency. This dual perspective encourages commitment and accountability in pursuing goals.

Q: What role does accountability play in achieving financial goals?

Accountability plays a crucial role in achieving financial goals by ensuring commitment and follow-through. Sharing goals with family or creating financial penalties for not meeting targets can increase accountability. This external pressure motivates individuals to stay focused and take necessary actions, as they are answerable to others and have tangible consequences for failing to achieve their objectives.

Q: How can individuals maintain focus and perseverance when initial efforts do not yield immediate results?

Individuals can maintain focus and perseverance by recognizing that success may not be immediate and requires sustained effort. Emphasizing a growth mindset, where challenges are seen as opportunities to learn and improve, can help. Setting smaller, incremental goals and celebrating progress can also maintain motivation. Additionally, seeking support from mentors or peers can provide encouragement and guidance.

Q: What is the significance of setting specific financial targets for the next six months?

Setting specific financial targets for the next six months is significant because it provides a clear roadmap for achieving desired outcomes. Specific targets help focus efforts, prioritize actions, and allocate resources effectively. They also enable individuals to measure progress, adjust strategies as needed, and maintain motivation by providing tangible milestones to work towards.

Q: How can past performance inform future business strategies?

Past performance can inform future business strategies by highlighting successful tactics and identifying areas for improvement. By analyzing closed sales, sales volume, and commission income, individuals can determine which strategies were effective and which were not. This insight allows for informed decision-making, enabling businesses to replicate successful actions and adjust or eliminate ineffective ones, ultimately enhancing future performance.

Summary & Key Takeaways

• The video emphasizes the importance of conducting a mid-year review to assess past performance and set clear goals for the remainder of 2020. It suggests evaluating closed sales, sales volume, and commission income to understand what strategies worked and which didn't.

• Tom Ferry advises setting specific financial targets for the next six months and breaking them down into actionable steps, such as the number of transactions needed and appointment goals. He highlights the importance of using visualization and affirmations to reinforce these goals.

• Motivation is key, and the video suggests listing positive and negative consequences of achieving or failing to achieve financial goals. Accountability is encouraged through sharing goals with family or creating financial penalties for not meeting targets.