Sense of Urgency
As I watched Dorian pass by Tampa, I exhaled. Any prior thoughts of preparation, gone. The sense of urgency to stock food, water, medicine, batteries and gas, gone. When the next hurricane comes, these thoughts will race back. Do we only pop the hood of our personal and professional health when there’s an emergency? “Climate is what you expect, weather is what you get.” What do you expect and what do you actually “get” from your business?
The ironic thing is, we all know what the solution is. Prepare. Do something before it happens. For appraisal productivity, preparing would be actually doing something. You can’t really make your business “Cat 5 proof”, but protect yourself with basic organizational initiatives. Uncomplicate it. If your current processes and technology don’t put you ”in the zone”, then re-evaluate.
Continuing to grow and learn helps your valuation business succeed. Otherwise we might be blindsided by a metaphorical storm: substantial drop in appraisal volume, loss of talent and general leadership malaise. Setting goals for a comp database, report writing and workflow that works the way you do is the preparation.
Analyze your business metrics: profit margin per appraisal, percentage of reports requiring review and late delivery. Metrics are the preparation. Feeling busy cranking appraisals, is just that, a feeling. Calculate your hourly revenue to discern your (productivity) preparedness. What about business development, you know, sales. What’s your metric for the number of prospect reaches per week?
Regardless if your valuation business is just yourself or 50, metrics are key. You can pretend that they don’t matter. But at some point, a “business Cat 5” might hit your business in the form of apathy, fatigue or general, “it’s not fun anymore.”
Operating your business in “it’s go time” mode can help you focus your resources. Prepare yourself as a valuation professional. Prepare your business for the next storm. There’s always another storm. Be ready. Train, both personally and professionally. It’s go time. Do you have any sense of urgency?