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Friday, January 8, 2010

Why Most Business Goals Fail

Michael Soon Lee by GRI Instructor Michael Soon Lee, MBA, CSP, CRS, GRI

Author: "111 Ways to Justify Your Commission" and "Black Belt Negotiating"

It's a sad fact that most business goals are never achieved. Here are just a few of the reasons why:

1. Not specific. Many of us set goals like, "Make a lot of money" or "Sell a lot of houses". How do you know when you've reached these goals? Set specific goals like "Gross $180,000 in commissions" or "Sell 30 homes" which enables you to track your progress both monthly and quarterly.

2. Unrealistic. Most of us in the real estate profession are optimists otherwise we'd have a regular 9-5 job with a guaranteed paycheck. While it's fine to be optimistic when setting goals you must also be realistic. If your goal is to gross $180,000 in a year but the most you've ever grossed is $80,000 is there some major change you are going to make in your business that will enable you to make such a drastic shift? Otherwise you may want to scale back your goal to perhaps $100,000.

3. No deadline. Many people have the goal of having $1 million in assets but don't have a deadline. If you earn $50,000 a year for 20 years you would have earned $1 million but you probably have much less than that in net worth. Setting a deadline is crucial in reaching your goals and it also enables you to track your progress.

4. No accountability. Probably the biggest dream-killer is not having someone else hold you accountable for making steady progress towards the achievement of your goals. Ask your broker, office manager, friend or significant other to periodically check-in to see how you''re doing in reaching your goals.

In my next blog I'll give you some ideas about how to develop accountability for your goals.

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