November 05, 2018

It’s Business Planning Season: 4 Costly Mistakes to Avoid for 2019


This week's blog is a guest post from renowned real estate coach Tom Ferry that will help you plan for next year. Enjoy!


Key Takeaways:

  • Build Your Business Plan
  • Schedule Your Life Before Your Business
  • Stick to Your Plan
  • Seek Accountability

With less than two months left in 2018, I’m curious which path you’re on…

Some agents are preparing for the holidays and are ready to slow things down.

Others are ramping up their efforts to close with a bang!

Personally, I love this time of year precisely because there’s so much on the line…

It’s a chance to finish 2018 strong…

…And to set yourself up to make 2019 your best year ever.

Which means one thing: It’s business planning season!

That’s why I want to alert you to these Four Costly Business Planning Mistakes to Avoid for 2019.

Mistake #1: Failure to Plan

As obvious as it seems to create a business plan, many agents simply do not invest the time or effort to plan for the coming year.

Our research shows this is a very costly mistake. By polling agents throughout North America, we’ve determined those who create and operate from a business plan earn an average of $60,000 more than those who do not.

$60K! That’s a lot of dough!

That’s why I’ve always tried to make it easy as possible for agents to create their own business plan. Now that we’ve created The HUB, it’s easier than ever to complete your business plan template. Create your free account here. Simply input your 2019 goals into your business plan and The HUB will help you determine the activities necessary to achieve your goals.

Mistake #2: Lack of Structure

Lacking structure in your business is costly in many ways…

…from letting leads fall through the cracks to the constant stress of being overwhelmed.

But where it’s potentially most painful is in your quality of life.

If you don’t establish your work schedule and honor it, this business has a way of spreading throughout every minute of every day.

That’s why I always advise agents to schedule their life first and then their business.

That means getting out your 2019 calendar NOW and committing to:

  • Your regular day(s) off – When is your “sacred” time each week?
  • Your vacations – Where and when will you go in 2019?
  • Holidays & Family time – How much time off do you want around the holidays?
  • “Me” time – Do you give yourself enough personal time to decompress, brainstorm or just recharge your batteries?
  • Training events you plan to attend – You should attend a minimum of at least one event per quarter in 2019. Be sure to include sufficient travel time.
  • Regimented “training” time – Build your gym schedule, masterminds and other personal development time into your calendar.

If it feels too daunting to be out of the office that much, it may be time to start building your team or at least teaming up with colleagues who can help out while you’re away.

Mistake #3: Plan Abandonment

I think we’ve all been there at some point…

You make a plan, and then at the first sign of difficulty or resistance, you deem your plan useless and totally bail out.

Don’t. Do. This.

As my buddy David Goggins (former Navy SEAL and amazing endurance athlete) talked about on stage at our Success Summit event, “Plan your dive and dive your plan.”

Once you’ve created your business plan, commit to it. Trust it. Adhere to it. Give it a chance to succeed.

Far too many agents give up on their plans too quickly. They end up jumping from one “plan” to another, never giving any strategy sufficient time to succeed. Don’t make this mistake.

Mistake #4: No Accountability

Even the best intentions don’t mean squat if you don’t have the discipline to stick to your plan.

That’s why accountability is so crucial.

This business will pull you in a million different directions if you let it. When that happens, it’s all too easy to lose sight of the essential tasks that will get you where you want to go.

But if you’re held accountable by a coach, a friend, a family member, your broker or a colleague, suddenly there’s an added urgency to deliver. Your reputation is on the line.

Think about it in your own life — when you tell someone you’re going to do something, are you more likely to do it than if you hadn’t told anyone? Of course you are. If you hadn’t told anyone, how easy is it to push it to tomorrow?

That extra accountability is what helps you align your behaviors with your goals.

Make sure you find an accountability partner to hold you to your goals and keep you on schedule.

Avoid These Mistakes & Make 2019 Your Best Year Ever!

By avoiding these costly pitfalls, you can make 2019 a stellar year. But there’s little time to waste! Build your business plan now to ensure you’re ready to roll come January 1!

If you found this blog helpful, I invite you to join my VIP List to receive email alerts for my weekly #TomFerryShow, blogs and more!