If you’re a successful real estate agent, you will lose control of your finances at various points.
When you push growth, it’s inevitable.
What you do next matters.
I recommend you go back to the basics to track, measure, improve, and repeat, to see where you need to take the next steps.
1. Track:
You probably need to start here and focus some energy on improving your tracking systems. For finances, that is mostly about bookkeeping. This is the activity that underpins all financial success. If the books aren’t accurate and delivered in a timely fashion—please hear me—nothing else will work right.
Easy assessment question: Are you getting a reconciled P&L and Balance Sheet within the first week of the new month for all the ventures you have worth more than $200K a year? If not, what’s the next step to establish or reset that? (call us...we're happy to help)
2. Measure:
Financial data isn’t particularly useful unless you’re measuring it against something. That “something” is either your business data in the past to see if you’re improving, your goals to see how you’re achieving, your budget to see how you’re balancing, or best practices to see how you’re performing. If you are tracking well, then move on to measuring and work to compile the data in such a way that it gives you this insight.
3. Improve:
Now, you have the tools at your fingertips to make decisions about specific actions within your business that could lead to improved performance. This usually requires coaching and accountability to get right because it’s tough to read the label from inside the jar—and trust me, you’re in the jar. A good coach, though, cannot do much until you’re tracking and measuring, so they have the perspective they need to give you insight.
4. Repeat:
Sorry, but there is no way around the fact that you’re going to have to repeat this process as long as you’re in business and pursuing a specific financial goal. I recommend a monthly conversation using this simple structure, ending with a clear identification of the next steps along the way. This doesn’t have to be hard or particularly time-consuming, but it does need to be (reasonably) consistent.
At Alchemy, we’re happy to help you establish and maintain this. Let’s have a conversation.Stay on top of it,
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