By Brandon Doyle
Taking your business to the next level might mean a shift in thinking to focus on the bigger picture. A balance between day-to-day work and your larger goals can be a difficult one to strike, and it’s easy to fall into the pattern of taking care of the details with little time left to think more strategically. Here are three practices to implement today, and on an ongoing basis, to shift your mindset from simply running your business to being the CEO of your business.
1. Review the past and project into the future.
CEOs are not only prepared to speak intelligently about their market and business today, but also to make educated predictions. Your ability to interpret the data you have and extract insights and ideas is a major competitive advantage. Review your numbers at least quarterly to answer questions about where your business is coming from, what strategies are performing well, where your biggest expenses are, and how you performed against your projections. Use that information along with what you know about the market and your peers to make short-term and long-term forecasts and plans for your business. Performing high-level analysis arms you with the proactive mindset to take informed and strategic action.
2. Track what’s important.
As CEO of your business, you need to decide what’s most important and then ensure you have the systems and processes in place to track those metrics on a regular basis. From customer satisfaction to ad spend and lead conversion, make sure you’re getting the data you need to make informed decisions about where and how to allocate your resources. With the vast amount of information available, it’s easy to get bogged down with reports that ultimately mean nothing to your business. Start by asking the most important questions and tailor your reports and analysis to obtain that data before digging into the rest. The best insights come from asking the best questions, so start with what you need to know first.
3. Continuously develop your product.
Leading companies and CEOs look ahead to the next phase or version of their product. In real estate, your database of relationships is essentially your product. How are you investing in growing and improving the performance of your database? Take time to plan the strategies you’ll use to develop and nurture your list of contacts as well as the ways you’ll measure the results of your efforts.
Commit to working on these three objectives on a regular basis and block that time on your calendar. The time you invest working on your business with the mindset of a CEO will lead you to the decisions and opportunities that create long-term success.
Brandon Doyle, ABR, e-PRO, is a second-generation real estate pro with RE/MAX Results in the Twin Cities. He is also coauthor of the book M3 – Mindset, Methods & Metrics: Winning as a Modern Real Estate Agent available now on Amazon. Learn more about Brandon at www.doylerealestateteam.com.