Chapter of The MREA: Part Two – The Four Stages: Net A Million
Models sit at the foundation of your business, but you will need to be aware of the challenges you will face in building a successful business that no model can prevent. The MREA covers the sixteen issues you will likely face along your journey as a business owner to diminish any concerns you may have about getting started or even continuing. Combining a robust model with an awareness of the challenges you are likely to face will set you up well to deal with any obstacle in the way of building and sustainably growing a million–pound turnover business.
Your ability to combat the sixteen issues will be the difference maker between earning a million and netting a million. Once you have mastered these issues, The MREA argues that you will have no limits to what you can achieve in your career. The issues between earn and net a million are broken down into five areas that can make or break the limitations on your business’ earning potential.
The first are issues presented by The Three L’s (Leads, Listings and Leverage), then issues that may arise from your money management model, and the issues you perpetuate yourself if you aren’t careful. Let’s cover the problems you may face to prepare you to conquer them:
1. Sustaining a solid lead-generation model with emphasis on marketing and consistent growth.
2. Tracking, nurturing and converting leads.
3. Protecting your One Thing time, specifically to focus on lead-generation.
4. Weighing your options – processing what works and doesn’t work for you and your business.
5. Knowing the minimum numbers, you need to hit each month.
6. Listing that minimum each month.
7. Getting sellers to embrace the team concept.
8. Marketing your seller listings consistently for lead-generation.
9. Making time to understand and incorporate the Recruit/Train/Consult/Keep process.
10. Hiring “capacity talent” over “cul-de-sac talent”.
11. Achieving a high standard of accountability.
12. Creating a healthy team dynamic through “Rock and Role”.
13. Finding the right balance of quality and quantity service.
14. Sticking to your Budget Model and controlling your costs.
15. Focusing on the 20% of activities you need to generate 80% of your results.
16. Counterbalancing your life to maintain a healthy outlook and energy at a high level.
In the following issues of KiloWatt, we will break down each of the five areas of issues that will separate earning a million from netting a million for you and your business.