?> Control Your Business with Simple and Effective Planning – part 2
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Control Your Business with Simple and Effective Planning – part 2

†This is a continuation from Part 1….

Now that you have completed your goal and the metric, it is time to look at the strategies and actions to achieve your goal. The strategies are the focal points or pillars that are needed in order to accomplish the goal. The actions are the tactical steps needed in order to make the strategies successful.

Letís look at how we would put this together into a cohesive plan:

†If your goal was to generate $30,000 of monthly fee income in order to meet your financial obligations as well as give back, then the goal and metric may look like this:

Goal: To generate $30,000 of fee income each month in order to live debt free and reinvest 20% back into the community.

††† Metric: Gross revenues of $30,000 per month; generate 10 closed loans per month, with average gross revenue of $3,000 per loan.

By having this metric, it is very easy to determine when you have reached your goal. By making it monthly, we have the metric to continuously assess the goal in order to determine if you are on target or falling short.

(Note: A lot of people like to express their goals on an annualized basis. I prefer to show it as a monthly goal. By doing it this way, I find that it will keep you better focused and does not allow the distractions or†procrastination when you miss the target by saying, “oh well, I will have to work harder next month to meet the annual goal” or “that is ok,†I still have 6 more months before the year is over”.

Now that we have our goal and metric, we need to focus on the strategies that will allow us to get there. For this plan, I have created three strategies complete with metrics in order to keep us on target:

Strategy #1: Increase Repeat and Referral Business

††† Metric: 3-4 loans per month

Strategy #2: Increase Networking

††† Metric: 4-6 loans per month

Strategy #3: Create First Time HomeBuyer Business

††† Metric: 3-5 loans per month

After you have the strategies in place, you will need to focus on each one and look at the steps or actions required in order to make the strategies successful. These†are the action steps. I will expand a couple of the strategies in order to show you how to build out the plan. The purpose of this writing is not to discuss what philosophies or actions work best, but instead to show you how simple it is to create a business plan.

Strategy #1: Increase Repeat and Referral Business

††† Metric: 4-6 loans per month

Action 1: Develop post closing marketing system to touch past cutomers and referral partners every other month. (By using a system as powerful as Top of Mind Networks, you can automate this task for postal mail and email marketing.)

Action 2: On the off months of Action 1, call each customer and referral partner. (If you have 200 customers, that is only 10 calls per business day. 100 customers = 5 calls. If you feel that you have too many calls to make, then split up your list so that each month you are doing one half of Action 1 and one half of Action 2. The important part is that you are taking consistent action!)

Strategy #2: Increase Networking

††† Metric 4-6 loans per month

Action 1: Participate in the Chamber of Commerce

Task 1: Join the Chamber of Commerce

Task 2: Attend first mixer and hand out and receive 10 business cards

Task 3: Add names to database and add names to your every-other month mailing campaign

Task 4: Follow up with phone call within one week of meeting

Task 5: Repeat each month

Action 2: Participate in a different networking group

Task 1: Find a networking group

Task 2: Join the networking group

Task 3: Attend first mixer and hand out and receive 10 business cards

Task 4: Add names to database and add names to your every-other month mailing campaign

Task 5: Follow up with phone call within one week of meeting

Task 6: Repeat tasks 3-5 each month

Action 3: Dinner Party

Task 1: Read the book, Never Eat Alone

Task 2: Plan monthly dinner party at home

Task 3: Invite three past customers and three people from Action 1.

Task 4: Follow up with phone call to each participant within one week of dinner party.

Task 5: Repeat tasks 2-4 each month by mixing up the party with new invitees and past invitees.

There is no right or wrong answer and no right or wrong methodology when it comes to writing a business plan. The important part is being able to set targets and know when you are meeting them, exceeding them, or falling short. A business plan should give you the steps or actions that are needed in order achieve your goals. By setting goals, you are able to keep pushing yourself to excel and not sit back and relax because you made one sale or closed one loan. By actively and consistently working your business plan, you should be able to reduce the ups and downs from the†sales flow and start to see consistent success.† Then, just like the pilot, you know exactly where you are headed and how you are getting there!

Please comment below and lets share ideas and strategies that each of us finds useful.

August 4, 2009 by · Leave a Comment

About Doug

Doug is a mortgage professional with over 14 years of experience in the industry. In 2005, Doug founded Jacob Dean Mortgage, Inc. and sold the company in 2008. He is still actively involved in Jacob Dean Mortgage as the Vice President of Operations focusing on compliance, licensing, and legal matters. Doug's other passions include flying and aviation. Doug is married to Michele and has two boys, Jacob and Dean, hence the name of the company!

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