With todays market conditions we need a plan of action more than ever. The Time is now to start your Business plan for 2008. Don't wait, start today!
This is your business, you need to have a written plan. The more knowledgeable you are about your market, your competition, your goals, and your listing, selling and closing cycle, the more accurate you will be in evaluating the various course of action you should take as a Realtor.
How important is Goal setting and Business Planing?
In a Harvard Graduate school study on goal setting, survey results showed that:
83% of the participants in the study had no goals
14% had goals but they were not written
3% had written goals
14% with unwritten goals earned 3 times as much as the 83% with no goals
3% with written goals earned 10 times as much as the 83% with no goals
How to set goals
Set S.M.A.R.T. Goals
Specific enough to know exactly what you are striving for
Measurable so you can tell when the goal is reached
Action oriented to indicate the activity that will achieve the goal
Realistic so that it is practical and can be achieved
Time bound to create a definite deadline
Compentents for a good business plan
Situation analysis: Where am I today? How well am i doing?
Goal Setting: Once you know your situation it helps set goals
Objectives: Financial concerns? Education? Top producer? Family?
Strategies: How will I accomplish my objectives?
Tactics: Action Steps
Measurements: Am I on target? Do i need to adjust?
Most of this information is from GMAC and has helped our Realtors deal with the changing market. The more you know the better you will be. Knowledge is King. treat your business as a business and hopefully you will see a increase in sales and increase in your family time. Hold yourself accountable. Take the time to think about your future.
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