Run Your Business Like A Business

Dated: May 6 2016

Views: 292

This is the most important phrase you'll read all year: "Run your business like a business". What does that mean though? It means a number of things: Record keeping, tracking numbers, working like you're "on the clock", using your resources wisely...

"Know your numbers" - Arguably the most important rule of any business is to know your numbers. If you need to sell 10 widgets per month, how many clients do you need to have? How many potential customers does it take to turn into a client? How many answered phones do you need to make to get 1 customer? How many calls do you need to make to get 1 answered phone call?

Running your business like a business means knowing your numbers SO WELL that you can predict, repeat, and scale those numbers to know EXACTLY how many widgets you'll need to sell to hit your income goal.

In real estate, this is incredibly simple, it's just not easy. The top-producing agents know that they need to make about 400 cold calls, complete strangers, to get 2 "Nurtures" with a nurture being someone who says they'll buy or sell real estate in the next 6-12 months and is qualified to do so. A top-producing agent in turn will only have to make 84 calls to past clients or their referral network to get that same 2 nurtures!

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