Goal Setting

[Kevin Yeats]

Previously, I wrote about how sports teams work towards a goal

http://www.biggerpockets.com/forums/56/topics/70880-thoughts-on-the-big-game

I hope you have heard of “SMART goals.” SMART is a mnemonic for Specific, Measurable, Attainable, Realistic and Time-oriented. You can find a complete description here

http://en.wikipedia.org/wiki/SMART_criteria

When you want to improve in any area of your life – Physical, Business/Profession, Spiritual, Personal/Friendship, Familial or Educational – assess your progress with each of the SMART criteria. Admittedly, some progress is easier to measure than others. It is easier to see the results of additional work efforts than it is to even measure the “closeness” that you have with friends.

In the business world, goals are easier to set and to quantify. “I will earn $200,000 this year.” Once you have that goal in mind, the next step is to break down the (actionable) steps needed to achieve that goal. “To earn $200,000, I have to earn $16,667 per month. That requires that I close one deal per month. To close on just one deal, I need to have five deals in the pipeline …. ten is better. To have ten in the pipeline, I need to stay in contact with my hot and warm prospects and cultivate 20 more warm prospects THIS MONTH.”

Once you have these intermediate steps in place, WRITE THEM DOWN. As a friend told me, “If it is not WRITTEN, it is not a GOAL.” Share that goal with someone. Charge that person with asking how you are progressing towards your goal. Be honest with that accountability partner and with yourself. Track your results. Does it take 10 phone calls to find an interested prospect or does it take 50 calls?

Some events are out of your control. You have to decide if those events are road blocks or merely speed bumps. I don’t control when a prospective borrower has unrealistic expectations as to loan terms for which he/she will qualify. When such a prospect is adamant about obtaining a clearly “too low” interest rate, I can continue searching for other lenders or find a new prospect.

What are your goals?