On this 216th episode of my Monday Morning Pep Talk, I will start the process of bringing Take Flight V4.0 in for a landing by showing you how this sales and operational strategy creates critical mass in your business. The business definition of critical mass is defined as your growing business is at the point where it becomes self-sustaining and no longer needs "additional" investment to become or remain economically viable. In basic terms, this means that the business that you created provides industry-leading value to a strategically defined number of clients with a marketing and branding strategy that will sustain your business income goals. You have created a predictable and enjoyable business if your business has hit critical mass.
Building a predictable and enjoyable business that has hit critical mass means you're at 30,000 feet. You've pulled the engines back, you’re flying at 575 MPH and making huge strides towards your goals. It's not easy to get to cruising speeds as it can take years to get to 30,000 feet. The hardest part of flight, where the aircraft uses the most fuel, is during takeoff. The 5 parts of an aircraft - the metaphor that I’ve used throughout the Take Flight course and 37 podcast episodes that we began on January 23 - all take time to build and introduce to your life and business. Here’s your essential review:
5 Sections of Your "Real Estate Business Aircraft"
- Section 1: Cockpit (Mindset and Vision)
- Section 2: Tail (Habits and Routines)
- Section 3: Cabin (Database and Relationship Management)
- Section 4: Wing 1 and Engine (Systems and Processes)
- Section 5: Wing 2 and Engine (Marketing and Personal Branding)
In Section 1 (Mindset and Vision), I lay out the reasons why you need to start with the right "Mindset" and a "Vision" for your life and business. If your mind is not "set" for success and goal attainment, you will not do what you need to "Take Flight.”
In Section 2 (Habits and Routines), I presented the necessary daily and weekly habits and routines needed to create bandwidth to do the heavy lifting necessary to "Take Flight.”
In Section 3 (Database and Relationship Management), I showed you how to build out a CRM to most effectively manage your relationships over a long period of time.
In Section 4 (Systems and Processes), I discussed the 10 processes your business needs to build a repeatable and enjoyable business. The goal is to turn one client transaction into 2 additional transactions (1=3).
Finally, in Section 5 (Marketing and Personal Branding), I provided you multiple strategies to identify which marketing initiatives might be the best for you. You were given specific actionable marketing techniques as options for your hyper-local market that encourage people to hire you because of your marketing. They learned to "Know You, Like You and Trust You.”
As you are putting the finishing touches to your business plans, I want to give you a couple of tips and critical guidance points from Take Flight V4.0:
If you have a mature business:
20% of your business should come from your marketing and personal brand.
20% of your business should come from introductions procured during your transactions.
60% of your business should come from the relationships nurtured through your CRM.
If you are in the first 5 years of your business:
60% of your business should come from your marketing and personal brand.
20% of your business should come from introductions procured during your transactions.
20% of your business should come from the relationships nurtured through your CRM.
Over those 5 years, those percentage will swing drastically towards a mature business as you build out your Take Flight strategies and processes. In reality, in the beginning, 90% of your results will come from your marketing and personal brand building efforts.
If this call has created a lot of questions for you, start your detailed Take Flight review with MMPT Episode #179 (We've Got a Flight to Catch) that is the intro to Take Flight V4.0. Continue through the entire year of episodes which we’ll end next week with Episode #217. Within these 37 episodes, there are nearly 12 hours of content complete with “how tos” on accomplishing what we discussed today.
My goal has always been to provide value and give those around me what they need to succeed. But there’s one thing I can't do and that is do the work. I can't want it more for you than you want it for yourself.
To create critical mass in your business, you need all 5 components working together to get your aircraft – your business - off the ground.
My Take Flight Progress Tracker is included here for your use. Next week, I will take you through it and explain how you can use it like the CEO of your business.
