Last week Dreama and I sat down and came up with our goals and our plan for all 3 of our businesses that we run.  In this blog post I’m going to go into more details about how we planned for our real estate investing business for 2011.

So here is the exercise that we did for each company.

First, for each company, we come up with goals.  In our real estate investing business it’s a number of houses that we want to flip.  In our other companies, it’s a certain amount of revenue we want/expect to do in 2011.

We review what we did in the past year, and then we come up with 3 numbers:

1.  Need
2.  Target
3.  Goal

“Need” is the bare number that we NEED to hit.  This is our “can’t miss” number that we need to maintain our existing lifestyle.  The second number is our “Target”.  This is the number that based on our existing business, what we have in the pipeline, and what we did last year, we expect to hit.  Finally, we have our “Goal” number.  This is what we’re aspiring to do, sell, close, etc.

Our “Goal” number is always aggressive, but it should be.  If we hit our goals, we’ll be incredibly happy and 2011 will be our best year ever.  If we fall somewhere between our “Target” and our “Goal” numbers, 2011 will still be an outstanding year.

For example, in our real estate investing business, our goal this year is to do $250,000 in PROFITS in 2011.  That means closed deals, minus all expenses, our goal is to put $250,000 in our pockets (or just over $20,000/month).  If we don’t hit this goal, but only hit our target (what we EXPECT to close, at a minimum), we’ll still be just fine.  (Remember, our home flipping business is only 1 of 3 businesses that we currently run).

After we completed our “Need”, “Target” & “Goal” numbers for each company, we then moved on to writing down a number of new projects that we’d like to accomplish.  However, for these, we only made a list of projects to get done in the first half of the year.  Many of these projects are directly associated with specific interns, who will be helping us accomplish all of these.  These projects are not only going to help our interns get great experience, but also help us get more sales, more leads, more revenue and more profits for our companies in 2011.

After we did this exercise for all 3 of our companies, we then sat down and wrote our personal and family goals.  This is everything that we want to accomplish both individually, and a family in 2011.  For example, in the last half of 2010 I lost over 20 pounds.  My goal for 2011 is to keep my weight under 190 pounds.  We also made it a goal to take a trip once a quarter to further “explore” Southern California as a family and not get stuck in a rut doing the “same old thing” every weekend.

Now, most importantly, all of these goals have been PRINTED OUT and will be hung on the wall in our office.  This ensures that we see them every day, and the time we spent coming up with our goals wasn’t just a futile exercise to make us feel good about ourselves.

Anyway, it’s just a quick blog post to let you know how we planned out our 2011.  There’s many different ways to set goals for yourself.  We’d love for you to leave a comment and let us know what you did to plan out 2011.

And if you haven’t done anything yet for planning 2011, take our model and try it out!  Hopefully it works for you!

Go ahead and leave a comment and let us know what your goals are for 2011, we’d love to hear them!

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