Surveys show only 3% of all agents have a formal plan. A 25-year study of Harvard Business School graduates showed that the grads who have a plan earned more than 100 times those who had no plan or a loosely defined plan. Your business plan is YOUR guide to SUCCESS, a silent partner, a daily reminder and your coach’s best friend for keeping you accountable and on course. A minimal plan requires three steps:
1) Schedule some time for yourself (alone) to think and reflect. Begin with a blank slate, (paper or electronic) and write down what is important to you and why. Take some more time and reflect on the following two questions:
• What went great last year?
• What was most frustrating for you to complete/accomplish?
Now, push yourself and answer “how can you be more?” Feel free to give yourself some advice. Remember, advice is free. It costs nothing. It only costs if you take action before you are fully prepared. The first cost of implementing change is your time, the time to plan. So make sure your plan is grounded. Take some time to look at your track record. Now, you are ready for the second step.
2) Review last year’s plan. Know your data: where your business came from and how you do business. Your data may support your answer for “what went great last year.” If not, you may want to revisit/add to “what went great last year.” Things are starting to shape up: you have a clear understanding (written down) of what is important to you and why. You recorded what was great and what was frustrating. Your advice for greatness in your notes. It is time to proceed to the final step.
3) Re-tool. Adjust your number of transactions, commission percentages, and how you do business. This is the action step: the place where you write your new business goals and break them into actionable steps. You are at the critical phase of your new business plan. Just as important as your new goals is the time and reflection that goes into your goal setting. And of course, the new knowledge you have gained about your business is of great value and the lessons your new goals will teach you during the upcoming year are the foundation for your future. Go for it!!!
Congratulations! Now you have a business plan. It may be a little loose, and it may need a few more details. If you would like some help in creating a Business Plan, check out my 17-Step eCourse at http://www.realestatebusinessplanningguide.com/