Loan Officer Leadership Podcast

041: 2020 Business Plan

December 04, 2019
Loan Officer Leadership Podcast
041: 2020 Business Plan
Loan Officer Leadership Podcast
041: 2020 Business Plan
Dec 04, 2019
Steve Kyles
Show Notes Transcript

Join us in this week's episode where Steve Kyles discusses 4 tips to creating a strategic business plan. In this episode we answer these questions:

  • Why?
  • Where?
  • Who?
  • How?

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speaker 0:
Hey, guys, welcome back to the loan officer leadership podcast. I'm your host, Steve Kyle's. And, uh, it is the holiday season. And so it has been a fun time of year and just really looking forward to finishing the year strong. It's been great to have good friends. We had Adam just a few weeks ago talking about what he's done to catapult his business, literally in his second complete year in the business to hit 42 million first year hit 17 million. Also, my good friend Sean Kaplan. I hope you guys enjoyed that podcast love, Shawn. And as a matter of fact, both of these guys ah, and so many more are part of the loan officer leadership group are the Facebook group. So if you're not a part of that group, make sure to go in and join the conversation. Our commitment is this. We're going to continuously have contributors people in the title space, in insurance space and in the credit space and one of the spaces I love. I want guys who are further ahead, turning around and coaching up because here's what I believe that together we can break through whatever your goal is in 2020. And so I'm just thankful to have good friends in the group asked questions. Challenge each other. Let's see if together we can continue to get better. And so one of things I wanted to do. Just take a few minutes in this week's podcast to talk about business planning. And I know that that is a hot topic where in the first part of December, rolling into 2020 most of you probably at least half form or have already completed your business plans and turned it in are turned them in to the people that you're going on. This journey with your manager's, your market leaders and what I really want to encourage you is this is as you're building a business plan. That's what I wanted to talk about today. What are the things you're doing? What are the things you're thinking about? Uh, argue doing in 1/2 day off side? I know for my team and I, we spent a few weeks ago we took 1/2 day and really came up with our strategic plan in the role that I have. I'm a market leader as well as a producing loan officer team. And so we put together goals for both. So my team, in its very nature, helps lead our market because the loan officers that were bringing on and the people that are joining ah, we're helping to coach up and coach through the process. And so what I want to challenge you is this When you're looking at your business plan, there's really four things you want to look at and considering I thought we would just have a conversation around It s o. The 1st 1 when I'm building a business plan is a clear why. So what is driving you to do what you do? And you know, so many times there's great books. Start with why there are a lot of good resource is that talk about this. But here's what I find is in this business. We've gotta have something that is driving our motivation, something that causes you to get up and out of bed each and every day. And I don't know about you guys, But when we came off of Thanksgiving, that was funny. J. J. Has oh, in the group in the Facebook group. I just asked, Hey, what do you do in the prospect? It's like calls, calls, calls. And I left because I thought that's exactly what we have to be doing calls, calls and calls. But really, you're clear. Why drives you to make Cole's when you don't want to make calls? And I don't know about you, but after the Thanksgiving holiday, it's discipline and a strong mindset that's gonna keep you doing the right activity. But even more than that, it's the why you do what you do every single day. What is driving you to do your business to grow your business, to be better to be the best version of you that you can be? And so, as you're building your business plan, I want to challenge you. What is your Why why are you doing it? What makes you get up out of bed when you don't feel like it? What makes you make that additional phone call win? You're tired of hearing the word no, or you're tired of making additional calls. And so, in building a plan number one, start with a crystal clear why Number two is where we going. You know you can't take people on a journey until you know where you're going. And I used to think it was really complex and complicated. Here's what we'll do in the Facebook group. I'm gonna put ah, one year business plan one of the ones that core puts together. And then I also put some other notes around business planning out. And so you guess, can see some of the resource is, but one of the things is where you're going, and it doesn't have to be complicated. How many units do you want to close this year? For some of you, it's 50. Some of you, it's 200. Some of you it's 600 units or the where could simply be. I want to make X number of dollars. Eso Are you looking at? The revenue you're making? Not just the gross, but the net revenue you'll take home. But you've got to have in your business plan a clear where, um, and I know it can be reduced. The number of hours it can be increased the net income. It can be closed, more transactions and help more families. But in your business plan out of the four number one is why number two is where where are we going? And gas? It doesn't have to be complicated. It was so fun a couple of weeks ago when I did the offsite with my team. You know what we've really boiled it down to, and I know this may oversimplify it, but for us it was We want to hit a certain number in millions, and then you just divide what your average loan amount, which led to the number of units, which led to how many leads a month. Do you have to get to close that number of units then led to how many relationships do you have to have? But it was super simple. We just started with the number where and then we dissected. Where are we going? And, you know, and I think business planning people think it's super complicated. You gotta have 14 strategies to get you to two different places and go three different ways, and that is ridiculous. So when you're thinking about business planning, why am I doing it? Where am I going? And here's the other thing is, who do I want to take on the journey with me? So it's an interesting thing. So why, Where and who? So who do I want to take on the journey with me and some of you? You may say, Hey, I love originating loans by myself. That's what I want to do. Where do you want to go? You want to produce the same amount of volume you've done consistently over the last 10 years, and that's a good business plan for you. Ah, but for those of you who want to grow or you're saying you know what I want to doom or it's important that you're identifying in your business plan who and I'll give an example in my role, I'm working to grow the market alongside my personal production. So whenever I'm doing that, what I actually did was we created an avatar of who is the perfect candidate to join me as I'm growing what I'm growing in the Houston market. And in that simple exercise, it wasn't, you know, what's their name? What's the color of their hair? How tall are they? It was simply what did the units they're doing? What is their makeup as faras? Are they younger? Are they knew her in the business? Have they been doing it a while. I started with something simplest. I need X number of guys that are producing X and girls producing X number of volume per month. And it helped me begin to create the Who. I need to be on the journey that I'm personally going on also on your team. You know, when I look at the growth and where I want to go from 2019 to 2020 if I'm growing from and let's just say you're growing from 150 units to 250 units or 150 units to 200 units, the question is, who do I need on the team to help me facilitate the amount of growth I'm looking to achieve in 2020. And so when you're building your business plan, you've gotta have a crystal clear. Why you've gotta have where we going? Number three is who is going on this journey with me. And if you don't have him identified, then at least an avatar or an idea of what that person looks like, because here's what I know. If you'll begin to build a blueprint of what that looks like for you in 2020 you'll begin to start in its very nature, identifying and attracting people that can help you achieve the goals that goddess placed in your heart. You know, it's interesting for about a year. I don't know about you is listeners there Times. I've been doing the originating for 17 years, and it's interesting. There have been seasons. I've got great vision and I know what I want to accomplish in man. I've got monster goals, but last year was a year. I didn't have a lot of vision. Um, here's what I knew. I can close loans. I make a great living doing what I'm doing and I've cut a great team and I'm at the right place. And so with that, sometimes you may not have a lot of vision for your life in that season. You've got to just keep peddling. You know what I would challenge you with If you don't have a lot of vision, just grow 10 20%. So whatever you close this year, add 10% to it. Whatever you close this year at 15 or add 20% that is a phenomenal growth rate. But then What you're looking for is, as you create margin in your life, I really believe that margin gives you the ability to rest and the ability to begin to see again. And oftentimes, when you don't have vision, it's two things. Number one. There's a reason maybe guts closed the door for a reason, causing you to be consistent and faithful where you're at. Or the second thing is you're running at such a fast paced there's not enough margin to dream. And what I want to challenge you is this, Um, when you're dreaming, begin a dream. Who do you want to go with us. And if you're in a season where you're not dreaming, you want to maintain or try to grow a little bit, at least who needs to be the next step in your growth for 2020? You've got to know who they are because I'll tell you for me personally when I begin to unfold. Last year didn't have much vision, and then this year, in a coaching Cole, my good friend Rob Durden and said Coach eyes coaching me this semester, just a phenomenal guy, and he didn't even realize what he said he said two or three things. And I said, Hold on, Rob. You don't even realize what you just did. You just unlocked a ton of vision that I have been looking for for a year, and I really feel like it was a divine picture that was literally just formed. I was like, You know what? Now I can see what it is I'm supposed to build in this season. And then what I did was I just said Okay, How many guys and girls? How much are they producing? What does this look like? What are my goals? And as I did that, I kid you not. Within a matter of a week and 1/2 I instantly had, like, five or six solid candidates that I'm like, Wow, it's illuminated. I see 123 These guys all fit and what we're doing. And it's it's something special that when you've got vision and you uncover who it is you're looking for, you'll begin to attract those people. Hey! And the last one is This is how you know what I would always encourage. When you're looking at a business plan, you got to know your why that gets you up in the morning. Whenever the feelings or not there remember your actions. Lead your feelings. Follow number two is where we going. Super simple units. Volume Maybe. You know, I know I have looked at years where it's like I wanna build based on what I can give instead of just make. But where you going? That's important. You got to know it. Who are the people that need to be on the journey with you? And if you don't have him identified, what did they look like? So that when they come in your life, you'll know? And then the last one is how how is, really it's the piece that begins to unfold. So let me give an example. I love it in coaching. Or I think it's so funny when you're coaching somebody you're talking to someone you say, Hey, where you going? In there like, man, I closed Ah 100 units this year and I'm closing 200 next year and the next question is always this. What are you going to do? Different. And then they'll stand there like What do you mean? What am I gonna do? Different? We're just gonna crunch it. I'm gonna go from 100 to 200. And what I would challenge you is this The bigger the gap from this year's volume to next year's goal, the bigger are the Maur. Clear. Your plan has got to be on how you're going to get there if I'm going to double my business. My question is, what am I doing to double my activity? That leads to double results, because if I'm gonna do the same thing I've always done and I'm choosing to put my goal at a higher amount. But I have not identified what I'm gonna do differently to get higher results. I'm really just setting myself up for failure, and it's interesting. You know, there's times where I'll talk to people in year over year over year, they're throwing up the same numbers. And then I ask, What do you do in different? Well, kind of just doing the same thing. Making my calls have going to a couple of events doing the prospecting that I do. Yet they expect each year is gonna be a growth year. So when you're building your business plan, it's a crystal clear. Why? Where am I going? Super simple. It's just the numbers. Who am I who needs to be on this journey with me, and how am I going to get there? So let me give an example. One of the things we do is we put together what's called an agent playbook, and for us, it's been a huge hit. But I went to my team this last week and I said, OK for us. We know what our number is. And in order to start January and February out of the gate with strong numbers like we're posting up in October, November and December, we need to actually double our prospecting efforts because here's what we know. January, February and March are traditionally lighter months. So if we do what we've done to get a great October, great November Great December, we're gonna roll into January and it's going to be slow because doing what we've done is not going to get us where we need to be. So we actually started doubling our prospecting efforts, and one example of that is we have an agent playbook. And so I went and said, Great, I'm going to all three of the relationships that we have, We're and a A. We've got a relationship with the real estate company and so we immediately started masterminding. So within a matter of a few days, we put together four additional masterminds in November 4 additional in December. We've got now 1/5 1 that's rolling on in January. And I'll tell you, what we've done is we said OK, in order to get more than we got this last January and February. We've got to do more activity leading up to January February. And I got to tell you, even yesterday one of the classes that last month only had 15 or 20 people. We had 31 agents show up, and what it tells us is I can't expect different results if I'm not willing to do either Maur of what's working or choose to do. Different things were gonna work at a high level. So I wanna encourage you with that. Hey, keep watching the Facebook group because we're gonna be posting up tactics own not just tactics, but what you can do tow, have a solid business plan and, um, I know we've got some things in the works to be looking at the Facebook group. And remember this anything worth doing is worth doing badly. Just get started. I would encourage you if you've never had a business plan. Let this be the year you develop a business plan. For those of you who have already put together your business plan, go back and look at it. What? You're why? What's going to drive you in the tough days? Where you going? Is it clear enough for others to follow? Who needs to be on the journey with you? Hey, and listen not get out. The part go after the giants go after the ones that you said if they joined us, we would grow exponentially. And the fourth thing is, how are you going to get there? Are you doing what you've done to get where you're at? Is that going to be enough to cause you to grow where you want to grow in 2020? Hey, I hope these thoughts help you love you being a part of the podcast in the community. It's exciting to see the Facebook groups growing a lot of engagement. We've got some great guests coming on here in the next few weeks ahead of the holidays. We want you to know that the loan officer leadership podcast We're thankful that you tune in week after week after week. We've got a big announcement coming up the first part of this year, excited to roll that out to everybody. And you guys have a great holiday season, and with that, we'll see you later.

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