Control Your Business with Simple and Effective Planning – part 1
My family and I spent this past weekend participating in a sport that we really enjoy and are very fortunate that we can participate often – hot air balloon flying! We were at the Pro-Football Hall of Fame Enshrinement Festival flying with over 70 additional hot air balloons. The balloon flights were for competition as well as flying for fun.
Since the balloon flights were only held in the early morning and late afternoon, I was able to enjoy some down time during the day relaxing by the pool of the hotel. During this time, I was reflecting on how similar ballooning is to the mortgage business – or more specifically, how similar it is to a loan officer’s business. Wishes and dreams are nice and can make great pictures. But without the proper planning, preparation, and ACTION, you will never get off of the ground or be able to hit the pre-determined target.
A hot air balloon flies with the wind. When in flight, a balloon can only go in one direction – the direction of the wind. There is no steering wheel. There is no turning around, no backing up, and no second chances. Therefore, each flight requires proper planning in order to achieve the goals and meet the planned destination. And especially during competitions, paying attention to the direction of the wind at the different altitudes becomes vital. Otherwise you would never get the balloon to the target.
Many loan officer’s operate their business just like a balloon – they fly in the wind!
In order to have a successful flight, a pilot needs a game plan. Your business is the same. Do you have a game plan?
Do you control your business or does your business control you? There are many different areas of control in your business that we could focus on. But for this writing, I am specifically talking about business plans.
How many of you actually use a business plan? How many of you spend the time to write them, modify them and routinely update them?
Have you ever collected your thoughts to prepare one? Most sales people do not write business plans. When people hear the words Business Plan, they feel that it is something only a newly formed company needs to create in order to get funding. In reality, a business plan is simple. It is being able to plot out the direction that you want to “fly”.
Business plans can be created at any time of the year. You do not need to wait until the beginning of the year. In fact, right now is the best time to write your plan. It ensures that you continue to fly on your path and finish the year strong. Since sales start over each and every day, right now is the perfect time to get started.
Over the next two days we will focus on creating a simple yet effective business plan. But first, in order to have a plan, you need to know your goal. What is your goal? What are you wanting to achieve? And how will you know when you get there?
Write down your goal. Make sure that your goal is specific and definable. For example, you do not want to boil the ocean. Therefore, your goal is not to be rich! That is too broad. Instead, you want to boil a pot of water. Maybe your goal is $100,000 income or 50 closed loans. Those are more specific and definable. Your goal does not need to be stated as income. For example, your goal may be to establish 20 new referral partners where each partner sends you one deal per quarter.
Once you have your goal written down, the next thing that you need to do is write a metric for measuring that goal. In other words, how will you know when you are there?
Focus on those two items and be sure to write down your answers:
- What is your goal?
- What is the metric to know when you have achieved your goal?
Tomorrow we will look at the next step and show you a sample business plan; simple and realistic. Remember, the actions of today will significantly affect the results of tomorrow.