Business LeadershipElite AgentOpinion

Has Your Business Lost Its Mojo?

When someone is on their game, the energy they exude is contagious. In the same way, when a real estate business is on its game you can feel it when you walk in the door – they are ‘on a roll’ and can do no wrong. But what if you’re not feeling refreshed and positive going into the new year? What can you do if you feel like your business has lost its mojo?

The real estate industry is a fast-paced, highly competitive environment with big demands on the individuals involved. Burnout is not uncommon – you simply cannot go 100 miles per hour 24/7 forever. Businesses are no different.

Ever sensed that a business has lost its mojo? They lack the passion, the energy and the drive that they need to make the business a success. To use the Jim Collins analogy, it is like driving a broken-down bus, forever looking in the rearview mirror to see your team hanging out the windows.

How do you know if a business has lost (or is losing) its mojo? Constantly declining sales. Increased staff turnover. A new, more passionate competitor steals market share. Team not showing up for meetings or events. Accumulating ATO debt. A sure sign is when the individuals in the business have stopped putting forward new ideas or are reluctant to take on anything new – they are avoiding change.

Has your real estate business lost (or is it losing) its mojo? If so, here are my tips to get out of a rut and get your mojo back.

1 REVISIT YOUR VISION AND WHY YOU WENT INTO BUSINESS IN THE FIRST PLACE
Dig up your old notebooks, business plans and inspiration for going into business in the first place. Maybe you can reignite the spark in your business or realise that something fundamental has caused your plans to go off track. Often financial decisions are made when money is tight that are not truly aligned within your bigger-picture vision. Reflecting on your original plans and realigning your strategy may be just what you need.

2 DON’T IGNORE IT – START THE CONVERSATION
Burying your head in the sand will help no one. Have an outsider give you their view, or just start sharing with a respected friend, colleague or mentor. Your team will also have some great insights – hold a staff workshop to get the conversation started. Don’t assume; get the facts, even if the cause is more personal than business.

3 DO SOMETHING POSITIVE
Turn your back on the negatives and do something positive. Organise a staff or client event. It’s amazing how when you shift your focus, you subconsciously become more positive and create opportunities that uncover the root cause of your problems.

4 STOP DOING SOMETHING
Everyone needs to grow and evolve. Doing the same old, same old for too long is not healthy for you as an individual or your business as a whole. Stop doing one thing every year that currently falls under your responsibility. Have the business stop doing one thing that causes angst or distraction in the office.

5 HAVE A BREATHER – GET SOME FRESH AIR
I often challenge those who come to me saying they want to get out to get some fresh air and take a breather before they make a decision. It’s hard to see the barriers to success when you are stuck in the daily grind of business.

6 REFRESH THE BUSINESS MODEL
Review, reflect and refresh your business model – the core structure, processes and strategies delivering value in your business. If something’s not quite right, you will find it so much harder to implement change.

7 GET OUT
Sometimes just having a break is not enough. The burnout can be so bad you just cannot see a light at the end of the tunnel. Don’t be surprised, though, if down the track you regret the decision and have another crack at business.

Over to you. Do you know someone who has lost or is losing their business mojo? Reach out and help them do something about it.

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