The Data Conundrum: Finding the Right Numbers for Profitability

It's the new year already—and for many brokerages, that means it's time to set goals for the next year.

• "We want to have reached X in revenue.”
• "We want to have gained X new agents.”
• "We want to have increased sales by X percent.”

It's easy to say that at the start of the year, when everyone is ready and excited for a fresh start. But more often than not, those Xs become unscalable cliffs by the end of the year.

Why?

Goals need a solid foundation to work.

When goals reach that unattainable state, it's usually because they didn't have a solid foundation. Maybe they were based on numbers that didn't give a broker clear vision into how the brokerage was performing; maybe they were based on only a few key performance indicators (KPIs) rather than a full-picture view.

For goals to work properly, they need to have concrete foundations. They need to be set on the right numbers, incorporating the right trends and accounting for the right nuances.

The problem that most brokerages have is they first have to identify the right numbers. And then they and their already-busy admins must do the legwork and collect the data they want to look at. And if the broker doesn't know exactly which numbers to compare, then the data they collect is nothing more than numbers on a page.

Data by itself isn't enough.

We all know it doesn't matter how many forks you have if what you need is a spoon. Similarly, all the numbers in the world won't do you any good if you aren't a data expert. No, what you need isn't data—it's clear insight.

A lens to show you what information to look at, which KPIs to focus on.

A key to translate all of that information into something that helps you make decisions that ultimately lead to profitability.

A way to regain the clear vision into your brokerage that you wanted all along, so you can stop your goals from growing out of control into unattainable pipe dreams.

And the answer to all these things isn't as far away as you might think. Stay tuned to meet Lone Wolf Insights in early 2020—and see how it will give you the 20/20 vision you need to realize your profitability goals this year!

To view the original article, visit the Lone Wolf blog.