On this episode, I will discuss how to make the best decisions for you, your business and how to create the most effective and efficient ACTION to meet your goals and vision. There's a lot of pressure on your time so you need to make the most of the hours that you have on a daily basis. I will lay out several decision-making formulas that will help you analyze which projects should take priority.
First, you need to understand that you are the only one that will ever be motivated to grow YOUR business. To grow your business, you have to get really good at knowing which initiatives and tasks to eliminate and then you need to evaluate what can be automated and delegated. Those remaining tasks, projects and initiatives will be on your personal job description. The longer I'm around, I have realized that the ability to make good decisions might just be the most underrated skill an entrepreneur can possess especially as it relates to your time. Time is the only commodity that you cannot replace. When it's gone, it's gone. Choose wisely.
Decisions like which clients to work with can mean the difference between an enjoyable business and one that is consistently stressful. Deciding which marketing projects have the largest ROI can be the difference between a wildly profitable business and one that never creates traction. Selecting the right people to add to your team is an extremely important decision. Identifying and implementing the right lead generation strategies can have a huge impact on your business. Running a real estate business vs a real estate hobby is a decision. I think you get my point.
Making the wrong decisions will cost you time, money, your sanity and your future. So how does one make good decisions?
First, run it through the "If it's not a Hell Yes, it's a Hell No" filter. It's unreal how the answers to this this question can bring clarity in the moment.
Second, you can look back and say to yourself "What worked for me in the past? Am I still doing the things that worked for me previously?" If not, recommit to what had been effective for you previously.
Third, model others that that you respect. "Success Leaves Clues". Somebody has already done what you want to do.
There is an additional process of decision making I want you lay out for your today. It goes like this:
Take a project you are considering and ask yourself...
On a scale of 1-10, how impactful will this project be? (10 - extremely impactful, 1 - no impact). Write that number down.
On a scale of 1-10, how easy will this project be to implement? (10 - easy to implement, 1- incredibly difficult to implement). Write that number down.
On a scale of 1-10, how expensive will this project be to implement (10 - no cost, 1- extremely expensive) Write that number down ....
.....and add all 3 of the numbers together. I have found that worthy projects will add up to 25 and over. 29's and 30's are immediately a "Hell Yes". This decision-making process is simple but powerful.
In fact, I never bring up projects on these MMPTs that are not a 25 or over. Why? Why would you waste your time and money on projects that aren't going to be effective and profitable? At the end of the day, all that matters is what goes in and stays in your bank account. Do you realize that there are brokers in your market that close 50% more than you do and end up with less in on their balance sheet at the end of the year? Truth! That's why external goals are tricky. Make decisions that get you closer to your vision.
Okay, you're probably thinking, "Jim, what are the most impactful, easy to implement, least expensive projects you would recommend?"
If you were to ask me that question, I'd go back into my experience building my businesses and watching successful brokers build their businesses and I'd say there are 5 in no particular order:
- Building out a "Top 100" and creating a quarterly "touch plan" and schedule for "meaningful conversations" for your Platinums, Golds and Silvers. It's a 28. It's not a 30 because it takes about 10 hours of focused time up front if starting from scratch.
- Planning your day in advance by using a calendar, planner or task list to track top priorities is a 29. It's a non-negotiable for me.
- 2 hours of "Me" time every day is a 29. It's why I have a non-negotiable Morning Ritual every day. It's the only way I can keep my mind right. The only reason it's not a 30 is because it takes time, focus and energy to change your bio-rhythm.
- Creating repeatable processes for every aspect of your business. Build it once and let it pay you back over time. It's a 27 just because it takes concerted effort and time up front.
- Adding the right team members to your business at the right time is a 26, just because of the initial investment. The initial investment will reap huge rewards and after the first 6 months the 25 turns to a 29/30.
(Bonus tip: In my weekly product review, I give you another incredibly worthy project that has added value to my life on a daily basis.)
Yeah, none of these options are the sexy ones you see on Instagram but they will reap benefits for you over and over and over. I'm admittedly old school but everything I bring to you is proven and executed. All 5 score high, fairly easy to implement. So, always ask yourself when making a decision on what to work on, is this project HIGH IMPACT? Would it be easy to IMPLEMENT? How much will it COST ME? If you don't know the answers to those questions, go find out. Ask. Read. Listen. Evaluate. Most importantly DECIDE and ACT. Hint: Start with the highest rated projects first.
Take these projects on by using the "The 12 Week Year" process and tackle one or two initiatives per quarter until you've built a suite of exceptional systems, processes, habits and routines. You'll have all kinds of ideas that take your focus off of the easy to implement, highly impactful and cost-effective strategies. That's fine, keep a running list and come back them and run them through your decision process again as needed. Every good idea has its time. The key is keep moving forward 1% better each day.
"Excellence is never an accident, it's a decision."
