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2319-HDC-Tom-Ferry-Blog-v1In last month’s Secrets of Top Selling Agents webinar, Tom Ferry, CEO of Your Coach, a multimillion dollar coaching and training service, offered valuable insights into business planning for 2016.

Identify Gaps In Your Existing Business

In his webinar, Ferry presented the 14 key components of your existing business that you should be reviewing to reach your 2016 goals. He suggests, before you get wrapped up in starting new projects and buying new leads, trying to “think about what are the holes in your business, and create a stronger foundation of integrity inside your existing business.” Among the 14 components you should be looking at are things like: is your database organized? Are you reaching out to your database? Are you marketing to your database? How is your geographic farming going? How about your open house conversion? You can download the full list of key business components here.

Create Your Vision Statement

Once you have closed the gaps in your business, formulate a clear vision statement to guide your business forward. Your vision should include what you want your team, business, and income to look like. It should encapsulate what your business looks like when it is completely, wildly successful. Once developed, the vision statement acts as a filter to help remove the drama from your business. When presented with a decision about a new product or service, Ferry suggests you ask yourself if it will help you reach your vision. If not, you don’t need it. If you have to really think about it, you don’t need it.

Set A Big Goal…No, A Bigger Goal

The next five years are going to be incredible for real estate and you need to hit them firing on all cylinders. And according to Ferry, “whatever you’re thinking about, you need to be thinking bigger. You need to be setting bigger goals because the opportunities right now have never been greater for you.” Use your vision statement to reverse engineer what goals you need to reach to make your vision come to life. With Ferry’s 7 key trends in Real Estate, you can shape your goals and eliminate the fear and uncertainty factor of running a business.

For more business planning strategies for 2016 and to learn about the seven key trends in real estate, watch the free recorded webinar with Tom Ferry online! Also visit TomFerry.com to download his free business plan. Be sure to register for the next Secrets of Top Selling Agents Webinar which will be held December 2, 2015 at 1:00 PM EST. Jimmy Mackin will be going over How to Spend $2,000 a Month and Get a Big Return On Investment.