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  • Mike Brown

Recommended Reading: Create a New Year's Business Plan

January 2022

It's that time of year when people make new year's resolutions, most of which are quietly forgotten by February. Instead of new year's resolutions, we recommend that you create your New Year's Business Plan, something you can actually use to keep track of your progress throughout the year.

Your business plan should start with your revenue goals. In other words, how much do you want to make this year? Once you decide how much you want to make, divide that number by your average net commission per sale for your business last year. This will give you the number of transactions you will need to close this year to achieve your revenue goals.

Now that you know how many transactions you need to close this year, you need to decide what prospecting activities you need to employ to achieve one closed transaction. For example, if your business comes primarily from referrals from past clients, how many touches with past clients does it take to generate a referral that leads to a closed transaction? Once you know how many client touches is required for one closed sale, multiply the number of touches by the number of transactions you need to close and you will know how many total client touches is required for the year.

You can apply this same logic to whatever prospecting method you use: Networking, door knocking, direct mail, digital advertising, pay per click advertising, SEO, social media, blogging, etc. Some prospecting methods are free, like organic social media posts and some are paid, like pay per click advertising, but all prospecting methods require your time.

Given how important your time is to ensuring that you meet your business goals, it makes sense to find ways to minimize time spent on unproductive activities, and to outsource necessary activities when you can.

At f8, we work hard on your listing marketing so you don't have to. We deliver your media the morning following your appointment with your Property Website fully configured. If your order includes our patent-pending Scribe service, we'll deliver a property description to go along with your media. Our system generates brochures for you, and we provide formatted social media posts for your convenience. You can also track your progress using our Google-based Analytics tools.

We want to be among the first to wish you health, happiness and success in 2022, and we hope that this is your best year ever!

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