But, the big problem with creating a business plan is that agents and brokers often get bogged down in the details. Harvard Business Review (HBR) stated that the chances of success rose by 12% for those that spent no longer than 3 months on their plan. In this post, we’ll look at actionable steps agents and brokers can take to outline, execute and measure the performance of a business plan. Instead of wandering aimlessly, push towards your goals and objectives with clear direction.
A business plan is a written document that captures the future of your business. Specifically, it conveys your business goals, the strategies and tactics you’ll use to achieve them, potential problems you may run into along the way and how to overcome them, roles and responsibilities, SWOT analysis and measurement strategies. The numbers back this up: A study showed that 64% of companies who created a plan grew their businesses, compared to 43% of companies that hadn’t yet finished a plan. How many sales will you have to make to cover expenses?
Few agents are able to fully develop their business in only a year, while planning five years into the future can be very speculative.
For most new agents, three years is a reasonable time frame for achieving a degree of financial success and establishing a viable career in the industry.
Before setting out your facts and figures, it’s important to put a spotlight on your target market and how you’ll serve this niche.
This helps you decide what’s realistic and feasible to achieve in your business plan.
Even better if that goal is a SMART Specific, Measurable, Attainable, Realistic, and Timed – goal.
Examples of SMART goals you might set for your growing real estate business is: Pick one at a time and focus on it!
The business plan will answer critical strategic and operational questions: Who is your ideal client? What are the biggest threats and opportunities in your market?
The plan should be flexible enough to allow your business to pivot with internal and external forces.