Business Planning Power Planning Your Business Plan
Why the gap between what we believe and what we do? Or, in this case, don’t do? I’ve heard a lot of reasons for not planning, but these four top the list: “I’m doing fine – I don’t need a plan.”
Are you flying by the seat of your pants? Before setting out on a trip most people have some sort of plan. Typically, we would have a destination in mind, a mode of transportation, a route, and how much money it will cost, figured out before we set off. After all, most of us wouldn’t risk leaving our precious vacation time, and dollars, totally to chance. Now, think about your business as a journey. Have you thought through the year ahead with the same level of detail? Are you clear on your destination (goals)? Do you have a route to achieving your goals (strategy) mapped out? Or are you deciding on a course of action as you go along, without navigation aids, flying by the proverbial seat of your pants? Only 3% have a written business plan It’s remarkable that most of us will spend more time planning a week’s vacation than we spend on creating a plan for the
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very thing that funds our lives. Research from a variety of sources consistently tells us that only 3% of REALTORS® have a written business plan. In my experience as a business consultant and with my exposure to literally thousands
When I left consulting in the United States in early 2006, the average REALTOR® was starting to clue in to the downturn occurring in America’s residential real estate market. The media didn’t catch on for another few months. But the REALTORS® I was working with knew what was happening and were actively making changes in their businesses. They didn’t have a crystal ball but they did have the next best thing – a business plan. It was telling them they weren’t hitting their targets and adjustments were needed. They knew that when the wind direction changes, you need to adjust your sails. Those who adjust early are more prepared for whichever way the wind blows.
It’s remarkable that most of us will spend more time planning a week’s vacation than we spend on creating a plan for the very thing that funds our lives. of REALTORS®, I have to concur that very few have taken any time at all to create a business plan and most are operating without clear goals. Yet, when asked, REALTORS® consistently tell me they believe a business plan with written goals would help them to be more successful.
“I’m too busy.” Being busy doesn’t necessarily equate to being profitable. Being reactively busy is typically less dollar productive than being busy as a result of your business strategy. A strategic business plan need not take more than a day to complete. Taking one day out of the year to work
