Jan 20, 2022
Matt and Garrett bring up a great topic in today’s episode about ‘holes in the boat’. It’s a good time to step back and analyze how your business was built, if it needs repair or if you need to add new things to fix it. Many real estate agents don’t realize that they have a lot of pieces supporting their businesses that, if repaired and brought up to date, would erase the need to add even more pieces. In light of this, our hosts take this opportunity today to explore ways to keep your business ship-shape and sailing full steam ahead.
They begin by explaining that when coaching real estate agents, it is important to look at the foundational activities in the business plan, and clarifying the extent to which social media and its tools are useful to your business. Garrett emphasizes that analyzing your business will help you identify the hole that needs to be fixed and why it is better to fix the hole than to try to add a whole new system. Together, Matt and Garrett highlight Mark Johnson’s grading system which can help you step back, analyze the foundation that you already built, and determine if and where any holes might exist. They also go on to emphasize the importance of leaning into the relationships you have and how that can lead to even further relationships. In essence, today our hosts are motivating you to determine how sea-worthy your business is, what kind of vessel it is you're sailing, and where its holes might be, because having certain things patched up properly will ultimately help not only keep your business afloat, but ensure that it maintains its steady course toward personal and professional success.
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“How much more stuff do you want me to teach you that you're not going to do? You could very easily go grab more systems that you're really not going to implement all the way.”
“I enjoy coming up with creative educational content. There's a desire not to necessarily be ‘tik tok famous’, but to reach more people through a form of education versus looking at strategies as a way to create a business, which might drill another hole in your boat.”
“Do you have an ocean-going type vessel that can handle the rough season and handle storms and also be out there and enjoy the sunsets, the beautiful calm water? I think it's an interesting way to look at the foundation of your business.”
“Mark Johnson’s grading system becomes very handy because you can start to see and assess your boat, even when you're at speed you can know there's a hole here and you can decide what you want to do with it.”
“We have people that run really successful businesses without doing all of the systems. They may not have the real estate reviews happening, they might have the notes happening, and, as they're running at speed, they try to fix that hole in the boat and it’s not necessarily the best use of energy.”
“This is what's fun about one-on-one coaching, we get to identify a hole when somebody starts panicking and wants to do different things they've never done before.”
“Even if you're not doing certain systems, there may not be a hole in your boat which is important to acknowledge.
“When I start a coaching relationship with somebody, one of the things I always tell them is my goal is not to get you to do all the systems 100%. My goal is to get you to create a foundation that's going to allow you to create the goals that you want to create, and as long as you are working in alignment and the business is flowing in a direction you want, you're doing the things that are creating calm and peace in your life, hitting the numbers that you want to hit, enjoying this business you're creating, that's a solid built boat.”
“When you have the vessel built properly, you can go after big goals.”
“We have a water pump in the boat pumping out the water. If a hole is small, and the pump is good, we won't notice the hole, that makes up for the hole. But if you keep poking out this thing, and the hole gets bigger and bigger and bigger, that pump is eventually not going to be able to pump out all the water and we're gonna sink.”
“When you do that analysis, you're going to recognize the things that you truly enjoy about your business and the things that really make it strong.”
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