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It’s hard to believe the end of the year is fast approaching, and what a year it has been!
But while you might currently be concentrating on bringing listings to market before Christmas and tending your pipeline for the New Year, now is also the time to turn your attention to business planning so you can be on the front foot when the calendar flips to 2022.
When it comes to business strategy, I like to use a neat little acronym called IMPACT. It’s a tool that creates results in your business while helping you chart the course and create a strategy for the new year ahead.
So, what does IMPACT stand for and how does it work? Well, let’s take a look.
1. Immediate
Take a good hard look at your operation or business and consider what needs immediate action or attention to take you to the next level.
Is it your listing presentation? Prospecting? Or perhaps your client care strategy?
Many of us instinctively know the weak spots that need action in our business.
But if you’re not sure, you can help define this by looking at key metrics, such as the number of calls made compared to appraisals, appraisal to listing ratios, and repeat clientele.
2. Measure
Speaking of key metrics, consider which crucial numbers got you to the point where you are this year.
For example, how many appraisals did you make? How many listings did you secure? How many sales did you transact? What was your average commission?
Reviewing this year’s achievements allows you to understand what you need to do next year to double your results.
3. Profitability
Profitability is one of those key metrics you should be measuring regularly. After all, income and profit are major reasons that we are in business.
In this instance, however, I’m not just talking about how much money you made this year but also how much time-off you had the opportunity to enjoy.
Profit needs to be considered holistically. Not only should your business provide you with an income, but it should also serve to provide the lifestyle you want.
4. Accountability
Real estate is a career where self-accountability is critical; after all, your repetitive actions and habits determine your results.
In addition to holding yourself accountable, could you have achieved more with an accountability process in place?
If you did have an accountability process in place, how did it help you?
Don’t forget, accountability becomes easier when you have a mentor to bounce your ideas off and set goals with.
So, consider who could be your mentor in 2022?
5. Core focus
This year there were plenty of reasons to be distracted, which forced many to re-examine exactly how they worked in a bid to keep the external noise of news and changing restrictions to a dull roar.
As we wind up the year, consider were you doing high-value work, or did you find yourself distracted by forces beyond your control or menial tasks that could have been handled better by others?
If the answer to that question is yes, what is the “one” thing that would generate the greatest impact or result moving forward.
6. Talent
You can’t shrink yourself to greatness. You need a good team around you, and creating that involves recruiting great talent.
Ask yourself, who could you engage or hire to build a team and boutique business?
Bear in mind, talent also refers to what training we did during the year and considers what we need to do to keep learning and growing in the future.
A business blueprint
The thing I love about the IMPACT strategy is that it’s a memorable acronym that offers a simple blueprint you can follow to identify the key areas of your business that will benefit from improvement.
When actioned, it’s also a strategy that does indeed help you achieve the greatest positive impact in your business.
Wishing you every success in your real estate career.
Manos Findikakis is CEO and co-founder of the Eview Group.
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