The Truth about Keller Williams Realty – WarriorTalk with Dave Jenks

kwIn 1996, after 15 years as a leader in the real estate industry (with Century 21 and Prudential), Dave joined Keller Williams and teamed up with Gary Keller and Mo Anderson . Over the next 12 years the company grew from 2,000 agents to over 72,000. Now that Dave has been away from KWRI for over 4 years, he wants to share the real “truth” about the company – the inside story.

In this Warrior Talk podcast, Dave goes behind the numbers and the growth to talk about things that most real estate industry players don’t realize about KW.  His many decades of work in real estate franchising and the research he did in co-authoring a series of best selling books, including MREA, MREI and SHIFT give him a unique perspective on what makes the company tick.

Whether you are with Keller Williams or not, you will find Dave’s comments revealing and intriguing.

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The Truth about Planning: WarriorTalk Podcast with Dave Jenks

The scariest thing for an entrepreneur to face.

The scariest thing for an entrepreneur to face.

For entrepreneurs, the new year is a blank page.  They know that what they write on that blank sheet – their goals and plans – will determine what happens. So the task is both exciting and daunting.

In this Warrior Talk, Dave shares the truths he has learned about fully engaging in this magical process.  First, he will explain why it is so hard to do.  Then, he will reveal why it works and how to get it done.

Of the five entrepreneurial skills that Dave identifies in his audio book, this is the first and most important.  He calls it “missioning” and it involves visioning, goal setting and planning. Those who master it build great ventures.  Those that don’t, won’t.

Invest the 15 minutes it will take to listen to this important message.  Pass it on to those who are in your venture and to those who desire to be high-achievers.

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It’s Always About The Money – WarriorTalk Podcast with Dave Jenks

In the sub title of The Millionaire Real Estate Agent, the book our own Dave Jenks co-authored, they say “It’s not about the money.”

But is that always true?

Recently, Dave was heard saying the OPPOSITE of this statement.  So, which is it Dave? Tell us what you really believe!

So he did – in this session of Warrior Talk.  You may be surprised by his answers.

Here’s a hint: he says that many people don’t understand the money side of business.  Sometimes, they even say that “the money doesn’t really matter to me.”  But, Dave shows us why it ALWAYS matters; even when it’s NOT your purpose or the primary mission of your business.  This is also true for not-for-profit ventures.

In the brief few minutes of this podcast, you will come to a deeper understanding of why “it is always about the money.” And, how to make that truth work for you.

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Being a Peaceful Warrior – Staying Calm in the Storm: WarriorTalk Podcast

Not long ago, we stumbled upon a blog post by Jonathan Fields called “Embrace the Thrash.”  In it, Jonathan discusses the stressful challenges of building anything new.  We loved it, especially the word “thrash.”  It really describes what almost everyone encounters when starting something from scratch.  It’s hard to describe, but you feel it and you know it’s for real.

In this new podcast, Dave Jenks discusses this “thrash” post and what he has done to help get through tension-filled times.  He shares the mindset and the  pragmatic techniques that minimize the stress and maximize the success.  In the end, he shares the four classic books that have guided him and why they are so helpful.

You can read Jonathan’s blog post here.

Books We Talked About:
How to Stop Worrying and Start Living by Dale Carnegie
A New Guide to Rational Living by Robert Harper
Feeling Good: The New Mood Therapy by David Burns
How I Found Freedom in an Unfree World by Harry Browne

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WarriorTalk: Business Culture

The question “What makes a great business stand out from a good business?” gets asked and debated often.  Everyone has a different opinion.  But many times, the answer is quite simple.

Great businesses have something that’s powerful, motivational and lasting: it’s called a CULTURE.

In this edition of WarriorTalk, Dave Jenks talks about the importance of a business culture and how an organization can grow one that is values-based, high-performance and keeps the company strong for years to come.

 

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How Top Agents Have Leveraged the Current Market to a Million Dollar Income

 Dave Jenks & Craig Proctor discuss why 80% of agents do not reach their goals and exactly what you must do to take control of your life and get the results you want.

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Strategic Partners: Who Needs ’em?

You do!  As your marketing efforts grow, think about who best to refer you to clients.  One answer is connecting with a trusted service provider who knows you and loves you.  First, make a short list of those providers who would give you a great referral if asked.  These are your “Advocates”.  Next, reach out to the Advocates and see who would be interested in increasing awareness with clients in each other’s sphere of influence (SOI).

Some of the ways you may increase awareness are:   put flyers/brochures in the office of that serivce provider (passive), insert a link to each others website on your sites, give them a testimonial to send out or hold some type of event that brings your SOI’s together (active).  Obviously the event type is more work but there is more to be gained by it.

One group, BNI (Business Networking International), that I’ve had relationship building results with, does this on a local level.  BNI uses strategic partners to construct a structured, positive, and professional “word-of-mouth” program that enables them to develop long-term, meaningful relationships with quality business professionals. 

Jump start your own system by sitting down with your trusted providers for one-on-one meetings; go for a cup of coffee and brain storm how to bring the two spheres together.  Remember it has to be organic, meaning natural rather than forced.  So what if your business is not on a local level, that trusted provider is only a Skype call away. 

At FEW we’ve found that the often overlooked Advocates are your best cheerleaders and you want to know who they know.
 
I’d love to hear your stories about how you’ve used Strategic Partners to boost your business, email me at tina@freeenterprisewarriors.com

Dollars and Sense

 

Financial Analysis may sound like a daunting task to some people, especially if the subjects have never really been explained to them in a common sense way.  I had an opportunity to teach a Finance student of mine what I like to call Common Sense Financial Analysis in 20 hours, and within that 20 hours, I’m confident he learned more than in four years at our prestigious local University.

Essentially we reviewed the three critical financial statements, the components of each, why those components were important, when a company reported, to whom they reported to, and essentially, what information you could get out of the numbers you were given.   Sure there are a million ratios and terms to make things sound fancy (like the beloved weighted average cost of capital) but common sense is where you start, and ironically, once you understand basics, the rest comes relatively easy.

 

Boiled down Financial Analysis:

 

An Income Statement tells you whether or not a company (through selling its goods or services) is making money or not.  Extended analysis will shed light on revenue trends, expense management, margins, consistency etc, but essentially it’s called a Profit and Loss statement because that’s exactly what it tells you:  during a period of time, did this company experience a profit or a loss.

 

Balance Sheet tells you at any given point in time, what a company owns, what it owes, and the difference, which is what it’s worth.    If your house was on a balance sheet, what you own (your asset) is worth say $100k.  What you owe (your liability) is $80k, and what you own (your equity) is $20k.  What you own, less what you owe, is what you are worth.   Assets- Liabilities = Equity.  Or on a balance sheet Assets = Liabilities + Equity.   They must equal so the sheet balances, hence the name.   Extended ratios from the balance sheet will tell you if a company is too leveraged (borrowing more than they should), has a good cash cycle (A/R and A/P analysis), Liquidity (can they pay their short term bills) and insights into ownership structures (is the company financed through stock, borrowing, owners capital etc).

 

Our third statement, a Cash Flow Statement essentially tells you, again over a period of time, what inflows (sources) of cash you had over that time, and what outflows (uses) of cash you had.  The interesting thing about a cash flow statement is it is created by the change of the balance sheet from one period to the next.  So, changes in what you own (buying or selling) would be uses or sources of cash.  Changes in what you owe (borrowing or paying off) would also be sources or uses of cash.  Changes in equity (selling stock, buying stock, and investing capital for example) are also sources and uses of cash.

 

As you can see, this is not rocket science, but you would be amazed at the number of financial and non financial people that can’t make these simple connections to their work and businesses.  The really cool thing about business financial statements is that they can be applied at a personal level as well.  You can calculate your personal ‘profit or loss’ for a given year, your personal net worth on your balance sheet, and your personal cash flow statement (changes in your balance sheet) over time.

 

Not understanding your financials is like driving with your eyes closed.  Sure you may be able to make it down the street, but I wouldn’t recommend the highway.


 

 

 

 

Accountability – why do we let it stop?

School started this month and my 11th grade daughter had some scheduling issues.  We had been unable to contact her guidance counselor and the issue needed to be addressed.  I told her the only way that it was going to get changed was to go in there and ask the counselor to meet with her right then, or to make an appointment for the next day.  We agreed that she needed to make sure the issue was handled by that Thursday. 

My daughter called me from school on Wednesday and told me that it was taken care of and she was happy with her schedule.  Wow, discussing an action plan and a deadline really worked!  She even followed up, I was so proud of her. 

But what happens to this scenario when we grow up and become adults?  As a child we are accountable to our parents and teachers.  Sometimes they put our feet to the fire and tell us we can do better.  Sometimes they check up on us to see if we’ve done our homework.  They always want to see our report card.  The watch us, and they have high expectations for us. That caring and attention (and the inspection) propel us forward.

What happens to that accountability when we are adults and on our own?  Sometimes, if we work for someone else, our boss or supervisor holds us accountable?  But, if we are self-employed or we own our own business, how do we keep ourselves accountable?  Who is watching us and asks if we’ve done what we said we would do?  Who encourages us and then checks on our progress?

The most successful entrepreneurs and business owners build accountability into their lives.  They give another person, perhaps a coach or consultant or even a board of directors the permission to hold them accountable.  They schedule regular meetings with an agenda and a way to report what they have done and how it turned out.  It keeps them focused and on track.

One of the easiest ways is to find an accountability partner – someone you can trust to tell you what you need to hear (not just what you want to hear).  This person should be like-minded and success oriented, like you.  You share with them your clear business goals, action plans and deadlines.  Then you keep track of what happens and report it to them on a regular basis.

In a sense, you allow them to treat you like your parents did when you were young.  This adds structure and rhythm to what you do.  It keeps you focused and alert.  It doesn’t let things get off-track. It prevents you from developing the wrong habits.

Just like when you were in school, this accountability spurs creative thinking and gives you energy.  I call this “accountability partner momentum”.  And, the neat thing is, you can make the process mutual and hold each other accountable.  Of course, if this doesn’t work, you can always go ask your mom!

Are You Willing to Let Us In? A short study in Collaboration

Working with our “Virtual COO Services” clients has become for me an enlightening experience. We have clients in different industries, different financial situations and different motivations. Without a doubt, the most successful work we have done has been with those clients that are ready to collaborate with a team. When an entrepreneur is ready to open up, we can work together to create a process by which some of the most interesting and profitable ideas start. If the entrepreneur is not open to collaboration we have seen the energy just fizzle.

We try to keep to a weekly schedule of 45 minutes to 1 hour of team sharing. We do set an agenda for the meetings, but often we go off on tangents that produce some of the most creative action items. We then go ahead and implement those ideas and then meet back the following week to measure how that worked or didn’t work.

When everyone knows what the schedule is it also become a kind of accountability exercise. Everyone on the team knows what is expected of them for the next meeting. It has the strength of a boulder rolling down hill. It keeps building on itself until it has a momentum on its own.

When an entrepreneur is not ready to share or has not gotten to the frustrating and overwhelming tipping point when they know with all certainty they need a collaborative effort, we all just end up spinning our wheels. They may see minor results but not the intensity of sharing ideas that come from a committed team environment.

This for me has truly been a learning experience and continues to open my eyes to creative collaboration.