How to Write a Business Success Plan HARRY NORMAN REALTORS
Class Overview
• Review of Your Business – SWOT Analysis & Reflection Questions • Your WHY – Foundation of Your Business • The How - 1-3-5 Business Plan • Tracking Your Business
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SWOT Analysis
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SWOT Analysis
• Strengths – Internal, positive attributes of your business. • Weaknesses - Weaknesses are negative factors that detract from your strengths. These are things that you might need to improve on to be competitive. Examples: your expertise, education, network, skills, reputation, systems/processes, and your location; physical assets such as customers, equipment, technology, and cash; competitive advantage over your competition or things that you need to be competitive. HARRY NORMAN REALTORS
SWOT Analysis
• Opportunities and Threats are external—things that are going on outside your company, in the larger market. You can take advantage of opportunities and protect against threats, but you can’t change them. Examples: current and potential competitors, economy/market trends, customer shopping trends, upcoming events, government regulations, evolving technology
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Reflection Questions
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The Why
“Products (or services) with a clear sense of WHY give people a way to tell the outside world who they are and what they believe. Remember, people don’t buy WHAT you do, they buy WHY you do it.” – Simon Sinek
WHY
Why – Foundation
HOW
How – Business Plan
WHAT
What – Day to Day Business Activities HARRY NORMAN REALTORS
The Why
https://www.youtube.com/watch?v=Wb8KpHqU5tg
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Your Why: Core Values
Accomplishment Advancement Adventure Affection Authenticity Competitiveness Cooperation Creativity Dependability Excellence Excitement
Family Freedom Fun Growth Hard Work Health Well Helpfulness Integrity Justice Learning Loyalty
Organization Passion Peace Power Recognition Relationship Respect Security Spirituality Teaching Wisdom
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Your Why
Why Statements to Inspire You • Airbnb‘s WHY: To connect millions of people in real life all over the world, through a community marketplace– so that you can Belong Anywhere. Because travelling could and should be so much more intimate than staying at hotels. • Warby Parker‘s WHY: To create a world where everyone can see clearly, stylishly, and at affordable prices. Because stylish eyewear shouldn’t have to cost an arm and leg. • Uber‘s WHY: Transportation as reliable as running water, everywhere for everyone. Because it sucks to be stranded without easy access to reliable transportation. HARRY NORMAN REALTORS
Your Why
A Real Estate Example: Mary Beth Lake & Associates Core Values: Genuine, Knowledgeable, Helpful WHY: Our aim is to be our client’s trusted real estate advisor because we genuinely care, and we are helpful and knowledgeable about the process and the Atlanta real estate market. We think there can be a “win-win” experience for each client, from start to finish.
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Your Why
When Developing Your Why ask these Questions: • Who do I most want to help & why? • What problem do I want to solve for them? • How will solving this problem make an impact on their lives? • What solution do I most want to provide for them?
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Your Why
Reflect on your answers and put together a sentence or two that explains your Why. “The answer to your why is where your brain and your heart connect.” – Ken Coleman
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Your Why
Use Your WHY to Inspire Others: Your WHY will be a key component of your Biography to give your followers and prospective clients a way to connect with you on a personal level. If your WHY resonates with them, it sets the stage for a loyal relationship that lasts beyond the transaction AND resists competition.
Use Your WHY to Inspire Your Goals: Your WHY will be the motivation behind all the goals you establish for yourself and your business. Read it daily to inspire and energize you. HARRY NORMAN REALTORS
1-3-5 Business Plan
1 Main Objective 3+ Goals to Achieve the Objective 5+ Strategies for Reaching Each Goal HARRY NORMAN REALTORS
1-3-5 Business Plan
1 Main Objective • This can be any inspiration that will motivate you! • If you are thinking money, a good idea is to use an overall sales goal that directly supports = Personal Expenses + Business Expenses + Retirement + Taxes
• GCI Volume Units HARRY NORMAN REALTORS
1-3-5 Business Plan
How to figure out how many units you need to cover your expenses: $
$ $ $
$
5,000,000 volume multiply 3% average commission 150,000 gross earnings minus 6,000 FMLS fees (.0012 of volume) 144,000 multiply 70% split with HNR 100,800 net commission
$ 5,000,000 volume divide $ 400,000 your average sales price 12.50 total number of units
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1-3-5 Business Plan
3+ SMART Goals • Specific • Measurable • Attainable (but don’t wimp out!) • Relevant • Time-bound HARRY NORMAN REALTORS
1-3-5 Business Plan
5+ Strategies • Specific actions to accomplish the goals • What are things that you have done in the past that have been successful? • What things can be done consistently? HARRY NORMAN REALTORS
1-3-5 Business Plan
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1-3-5 Business Plan Example
1 Main Objective:
12 Units Sold in the next 12 Months Goal #1: Build Marketing/Brand Presence so that I have 5+ inbound Connections a week by end of year 1. Post caravan videos throughout the week (no more than 3 houses a day) on Social Media 2. Graphic campaign post 3 x per week on SM 3. Become active on LinkedIn 4. Get Involved in Community A. Pajama Program B. Business School Alumni Group C. Tennis Team D. Small Group at Church 5. Purchase advertisement in Neighborhood Newsletter
Goal #2: Grow Database to 300 Contacts by the end of 1st quarter: 1. 2.
3. 4. 5.
Create Sphere of Influence (SOI) and organize it into database Organize contacts into groups (A, B, C), and develop a schedule to stay in touch with each group Add two new people to database each week Host more open houses to grow contacts Reconnect and ask for addresses/email addresses to keep database current
Goal #3: Connect with Database 2x month: 1.
2. 3. 4. 5. 6.
Send occasion cards; i.e. Christmas, Birthday, Thank You, Thinking of You, Congratulations, etc. Sign-up database for monthly ENewsletter from the HNR CRM Send market updates to select farming areas/neighborhoods Face to face Send just listed post cards to database Yearly Real Estate Reviews for each person in my database
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1-3-5 Business Plan
Strategy Examples • Creating a database • Face to face contact with your sphere • Sending “Brag” Postcards on what award/recognition you’ve won • Participating fully with a • • • • • • •
Club Church Group Volunteer Org Sports Team Parent Group Alumni Association Realtor Association
• Just Listed/Sold Postcards
• Sports Schedules • CRM emails with items of value and/or holiday greetings • Market Stats to sphere • Calling your sphere on the phone • Real Estate Reviews • Sending a referral source a handwritten thank you note with a small gift card • Meeting a friend for lunch/dinner/drinks • Client appreciation events • E-Newsletters • Farming
Open Houses Social Media Website Presence Create Videos Write a blog Advertise in local media outlets • Sending a note/gift/text to someone who has had a life event • You get the idea… • • • • • •
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What to do with the 1-3-5 Plan
Sphere
Involvement
Marketing
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What to do with the 1-3-5 Plan
Transfer to a Calendar • Time • Energy • Budget • For the plan to be successful, the plan must be implemented consistently HARRY NORMAN REALTORS
What to do with the 1-3-5 Plan
Share the Plan • Accountability is part of the process • Cheerleader • Must stay top of mind throughout the year HARRY NORMAN REALTORS
Looking Back to Look Forward
Tracking • Identify Patterns • Every year the data will become more rich in value.
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Looking Back to Look Forward
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Looking Back to Look Forward
Tracking • Who are your clients? • Buyer/Seller • Neighborhood (part of town) • Where did they come from? Sphere, referral, social media, past client, home buyer seminar, sign call, open house, relocation, etc • What generation are they in? • What price range are they in? Starter, Move-Up, Luxury, etc HARRY NORMAN REALTORS
Looking Back to Look Forward
Tracking • Prospecting/Marketing (Real Estate & Personal) • • • • • •
What does it cost in time? What does it cost in money? What does it cost in energy? What is the reach? How many sales can you track back to this form of marketing? How many “buzzes” can you track back to this form of marketing?
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Looking Back to Look Forward
Tracking • Budget • What are you paying for? • What income is coming in? • What is your average commission?
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Questions?
Mary Beth Lake 404-394-4519 MaryBeth.Lake@HarryNorman.com
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