When I first started my wholesaling business, I had no vision, no purpose. No WHY. I didn’t feel a deep purpose for why I was doing business. I was solely focused on numbers and making money for security, notoriety, and recognition.
I stopped focusing on impact. I was ultimately chasing money with no end goal in mind.
When you’re starting your business, mission and vision statements are critical to strategic planning because they help create your company’s identity. Clear vision and mission statements will serve as guides to help you make company decisions.
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Defining Your Mission and Core Values
To start this thing off, I want to be completely transparent with you guys. For eight years, I conducted business without a clearly defined mission or core values.
I want to encourage you guys to sit down and really think about the reason you started your wholesaling business. Think about the impact you want to have on others.
Let’s first discuss core values and the importance thereof.
Core values are the fundamental beliefs of an individual or organization. Establishing these will help drive your mission, vision, and goal setting.
It wasn’t until roughly two years ago that I decided I needed to make a change in my wholesaling business. That’s when Simple Wholesaling was born. At this time, I hired a business coach to help me define my company’s vision, core values, and goals.
Here at Simple Wholesaling we have five core values:
- Simple and Smart Systems
- Leaving a Lasting Impression
- Mission Minded
- Faithful Servanthood to People
- Enjoy the Ride
Now that we have defined our core values, we ensure that everything we do as a company, and every person that we hire, aligns with our core values. If I have to let someone go, it is typically because they didn’t follow through with our company’s core values.
Keep in mind that you don’t need to have a lot of them. I recommend establishing between three and seven core values.
We aim to always be mission minded. It’s no longer all about money or how many deals we close. It’s really about our mission.
Once you have your mission, vision, and core values in place, the next thing you’ll need to do is set companywide goals.
When I hired my business coach, he took me through a book called Scaling Up.
This book looks at the business habits of the Rockefeller family and how they used those habits to scale their businesses and become the most powerful family in the United States.
Scaling Up includes a one-page strategic plan, which walks through various aspects of a business, from defining company values, purpose, strengths, weaknesses, and goals. There is a section called the BHAG, which stands for Big Hairy Audacious Goal.
A BHAG is a clear and compelling goal. It’s where you want your company to be in 10-to-30 years.
Now keep in mind that your BHAG may be so huge that you may have no idea how you’re going to obtain it. But this will become your company’s focal point to ensure your team remains focused on the end goal.
Once you have your BHAG defined, you’ll want to work yourself backward and clearly define your five-year goal, your three-year goal, one-year goal, and then your 90-day goal.
Breaking down your BHAG into smaller steps will not only help you define your goals, but it will also allow you and your team to know and understand the role you all play in achieving these companywide goals.
Now, let’s dive into a few strategize we use to keep our team focused on the end goal.
Measuring Your Goals
Have you ever played a pickup game of basketball? Did you keep score?
You probably did, because someone has to win, right? Well the same concept is true in business.
If you are setting goals but you aren’t keeping score, how do you know if you’re winning the game?
This business is a numbers game. It’s important to keep metrics in place to help you reach your goals.
Let’s use this scenario as an example…
Your goal is to make $25,000 a month. Here’s an example of things you may keep track of:
- How much money you’ve made each week in wholesale deals
- The average amount you make on each deal
- How many deals you need to make a month in order to meet your goal
- How many calls and interactions it will take to close enough deals each month
Just continue to break down each metric. Then, once you have the math figured out, you can communicate these metrics to your team. This way, each person knows which metrics they have to hit order to reach the monthly monetary goal.
We review our monthly scorecard and metrics to help us evaluate our goals and staffing needs.
Having a scorecard is a great opportunity to hold your team accountable, because it gives everyone specific metrics they have to try to hit each week.
If we are trying to increase our leads by ramping up our direct mail campaign, we know only one person can handle mailing our 5,000 letters a month. If we want to double the amount and send out $10,000 a month, then we know we’ll need to hire another person.
Have you ever played football or watched a football game?
Have you ever observed how the team gathers into their little huddle before the play so the quarterback can tell them the next play? Now everyone on the field knows what they’re supposed to do next.
We do something similar that we call the daily huddle. We quickly gather on a 15-minute phone call each morning, and each individual shares what they are going to do to move the needle.
We also have a weekly meeting in which we discuss various things happening within our company. We talk about our scorecards during this time as well.
During our team meetings, at least once a month, I mention the core values just to remind our team. During our team meetings, we also take the time to congratulate team members who are living out our core values.
My goal with this month’s post is to help you paint the vision of what you want your wholesaling business to be—to help you set goals and break down bigger goals into achievable quarterly, monthly, weekly, and daily goals.
Do you have tips for setting and achieving goals?
Share them with us below!