Now that you have your Wholesaler Business Plan Template from Wholesaler Masterminds®, you need to make certain that all of the goals you set are S.M.A.R.T..
S.M.A.R.T. goals are:
Here’s how to formulate a S.M.A.R.T. Goal:
• S = SPECIFIC
Specific – A specific goal has a much greater chance of being accomplished than a general goal.
To set a specific goal you should begin to answer the six “W” questions:
Who: Who is involved?
What: What do I want to accomplish?
Where: Identify a location.
When: Establish a time frame.
Which: Identify requirements and constraints.
Why: Specific reasons, purpose or benefits of accomplishing the goal.
EXAMPLE: A general goal would be, “Increase the number of sellers in my region”.
But a more specific goal would say, “Increase the number of million dollar producers from 8 to 14.”
• M = MEASURABLE
Measurable – Establish concrete criteria for tracking progress toward the attainment of each goal you set.
When you measure your progress, you have a far better opportunity to stay on track, reach your target dates, and experience the satisfaction of achievement that motivates you on to continued effort required to reach your goal.
To determine if your goal is measurable, ask questions such as:
How will I know when it is accomplished?
Example: In order to reach the Specific target of 14 new one million dollar producers, I know that I can Measure the progress of YTD production each month in pursuit of the ultimate goal.
• A = ATTAINABLE
Attainable – When you identify goals within reason that are most important to you, you begin to figure out ways you can make them come true.
You develop the attitudes, abilities, skills, and financial capacity to reach them.
Conversely, if you set goals which are too far out of your reach, you probably won’t commit to doing the things necessary to achieving them.
Although you may start with the best of intentions, the knowledge that it’s too much for you means your subconscious will keep reminding you of this fact and will stop you from even giving it your best.
Example: Moving from 8 million dollar producers to 25 is more than likely not Attainable.
Moving from 8 to 14 likely is.
• R = REALISTIC
Realistic – To be realistic, a goal must represent an objective toward which you are both willing and able to work.
A goal can be big and realistic; you are the only one who can decide just how lofty your goal should be.
But be sure that every goal represents substantial progress.
However, Realistic is not a synonym for “easy.”
Realistic, in this case, means “do-able.”
It means that the learning curve is not a vertical slope; that the skills needed to do the work are present and/or available.
Example: Going from 8 one million dollar producers to 14 is realistic. Going from 8 to 25 likely is not – unless there are extenuating circumstances, such as a new firm signed on in the region.
• T = TIME- BOUND
Time-Bound – A goal should be grounded within an identifiable and realistic time frame.
With no time frame tied to the goal there’s no sense of urgency.
Example: “Increase the number of one million dollar producers from 8 to 12” isn’t time bound.
“Increase the number of one million dollar producers from 8 to 12 by the end of the 3rd quarter” is time-bound.
And you’ve set your unconscious mind into motion to begin working on the goal!
So, Time-Bound must be measurable, attainable and realistic.
As you complete your Personal and Professional Development Goals in your Wholesaler Masterminds Business Plan template be absolutely certain that your goals are S.M.A.R.T.!
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