Hey, Big V here! Today, we’re talking about how to stay laser-focused on your business priorities. One of the biggest challenges in starting a business is figuring out what to do next. Many business owners spend months preparing to do something great, only to find themselves out of money and time, by the time they’re ready to open. Don’t be that person.
A Lesson from Zig Ziglar
I remember seeing Zig Ziglar when I was in high school. He told a story about visiting his grandma’s house and the irresistible smell of her biscuits. Impatient, he put the biscuits in the oven before they had time to rise, and they turned out as hard as hockey pucks. Ziglar used this story to illustrate how many of us spend all our time preparing for greatness but never actually rise to the occasion.
At Workman Success, we spend a lot of time building our business plan, but even more time executing it. Today, I want to share how to stay focused on the right things. Also, take a look at my YouTube channel, and in particular my 10-minute video on “How to Stay Focused When Starting a Business” where you can download the One-Page Business Plan.
The One-Page Business Plan
Let’s start with the one-page business plan. It’s simple and straightforward. Every business has two creations: the mental creation (the blueprint) and the physical creation (the actual building). Just like a house needs a blueprint, your business needs a plan. The first question to ask yourself is, “What do you want your life to look like in two years?” Consider these five areas: family, faith, friends, fun, and fitness.
Creating Your Business Plan
Once you define what you want in these areas, determine how much money you need to support that lifestyle. Write down your financial goal for the first year. Whatever your number is, double it. Often, we limit ourselves based on our experiences, but pushing beyond what we believe is possible can lead to greater opportunities.
The Four Pillars of Income
Next, break down your income goal into four pillars. Each pillar should be capable of generating 100% of your income goal. For example, if your goal is $100,000 and your average commission per sale is $10,000, you need to sell ten houses. Each pillar should outline how it will generate those ten sales.
One pillar might be working your database or sphere of influence. Another could be new construction, focusing on marketing to builders. A third pillar might be For Sale By Owners (FSBO) or expired listings. Each pillar should have a detailed action plan to stay at the forefront of potential clients’ minds.
Generating Transactions
Think of each pillar as a way to generate 10 transactions a year. If one pillar hits 100%, you’ve reached your goal. If another hits 50%, you’re ahead. By having multiple pillars, you increase your chances of success. Imagine each pillar hitting various percentages of their goals—you could easily exceed your target income.
The Art of Prioritization
Prioritization is crucial. Your business plan’s pillars should become your top priorities. Lead with revenue and dollar-productive activities. Build plans for each pillar, whether it’s geographic farming, working with builders, or door knocking. Focus on generating multiple streams of income through these diverse pillars.
Most people fail to achieve their goals because they don’t set them high enough. Always set your goals just beyond what you believe is possible and work hard to reach them. Download the one-page business plan, fill it out, and make sure you include your core motivating values. Determine how much you need to create the lifestyle you desire and execute your plan using the agile process.
Real Success Stories
We’ve had clients grow from $200,000 to $575,000, then to $1.1 million, and even $3.4 million in year-over-year growth. You can achieve this too. It all starts with the business plan I’m offering you. Take a look at my YouTube channel, and in particular my video on “How to Stay Focused When Starting a Business”. Download the One-Page Business Plan and stay focused on dollar-productive activities.
Final Thoughts
Stay committed to your plan, prioritize the right activities, and you’ll find yourself moving closer to achieving what you once thought was impossible. Let’s make 2024 your best year yet!
