On the this episode of my Monday Morning Pep Talk, I will give you the basis for a business strategy for the coming weeks where most of society will be checked out during the heart of the summer. Normally the last 2 weeks of August are a "no fly zone" but that timeframe could be extended this year. This collective reset is happening in every market, even the hottest markets like South Florida, Texas, Nashville and North Carolina. Transactions are still happening but at a much slower pace than we've seen over the last 18 to 24 months. My prediction is that velocity will pick up mid-September when most people get back to some form of a routine. So, the question is how do we navigate until then? What should be our focus? What should we be focused on during this extended "no fly zone?"
3 words: Protect The Downside
Honestly it doesn't really matter what type of market we are experiencing, this strategy, "Protect The Downside," is a legitimate approach to operate your business. Let me explain, "Protecting The Downside" means simply avoiding taking a step back. We talk about getting 1% better every day which is a simple, balanced and effective approach to growth. The key is that you don't want to take a 1% step back. To stay on a consistent growth path, if you take 1% step back means that you need to make the 1% up the next day to get back to even. August 2022 could be a trap month if you don't intentionally execute. For example, 30 days straight of going 1% backwards mostly like will be lost never be caught up.
There are 7 areas to stay vigilant, in no particular order:
- Your Mindset
- Your Environment
- Your Marketing and Personal Branding
- Your Finances
- Your Health
- Your Personal Development
- Your Relationships - Both Personal and Professional
Spend some time in these areas that most likely have been neglected over the last 24 months. Team, so much personal and professional momentum can be created during this time which will make the fall market and your preparation for 2023 much more effective, productive and enjoyable. I'm just going to ask you some questions today and let you act on the areas that you feel are the low hanging fruit for you to focus on:
Your Mindset:
- How do you feel? What is your energy level?
- Are you energized to work "on your business" with more time to do so?
- Are you scrolling social media too much or watching too much news?
- How are you approaching this "market normalization"? Have you pivoted mentally?
- Do you have an inner desire to just completely power down until further notice?
Your Environment:
- How organized is your office and desk space?
- Is there decluttering needed at home?
- How is your email and text chains? Maybe a little unsubscribing is needed?
Your Marketing and Personal Branding:
- Are you open for business? Last week I dedicated an entire MMPT on this question. If you couldn't immediately answer, the answer is most likely "NO".
Your Finances:
- When was the last time you spoke with your financial advisor? Do you have a financial advisor? Do you need to hire a financial advisor?
- Is your mid-year tax prep done?
- Do you know your net worth?
- Do you organize your spending and investing using financial software?
- Are you prepared financially for an extended shifting of the market?
Your Health:
- Is your health and wellness a focus?
- Did you take a step back during the Covid market? Or did your health improve?
- When was the last time you had a full physical?
- Do you have a goal to work out a certain amount of times each week?
Your Personal Development:
- Are you reading a book right now? Or listening to an audiobook?
- Are you learning from thought leaders via podcasts?
- Do you have a self-development plan?
- What do you listen to when you are in your car or on a flight?
Your Relationships - Both Personal and Professional
- What condition the relationship with spouse, partner, best friend?
- When was the last time you spent quality time with your inner circle?
- Are the "batteries charged" with your Top 100?
- Have you done your real estate reviews for at least your top clients?
- Are you calling your active prospects enough to keep them informed the way they want to be communicated to/with?
- Is your holiday gifting planned even if just the concept?
Team, these questions are all questions I've asked myself multiple times along my personal journey. I've had success because I am wildly consistent, super interested in getting better and terrified of taking a step back towards anything that resembles 2008. When I ask you questions like this it comes with no judgement, just pure interest in helping you get better. In fact, most personal growth starts with asking questions. These questions might be those that you've not considered before or have asked yourself previously but not acted on without any kind of execution. When you are not focused on your active clients (and some of you have quite a few active clients), you will want to start pivoting to Fall 2022 and 2023. Make sure you take some time for yourself along the way but do it with intention. If you have momentum in your life, it will carry over to your business. You must redefine "work" this summer and "Protect Your Downside" at all costs.
For those of you on my email list, you'll get the recording, notes with links to supporting articles and podcasts and tomorrow morning. If you'd like to subscribe, just email my team at [email protected] and they'll add you.