How many times have you heard the statement, “That is the way we have always done it.” We tend to look at the past when we create the future. If you don’t believe that then think about how you create your annual goals. Do you just move the same chairs around? What happens if this is disrupted?
Yes, there are disrupters in real estate and we know them--Zillow for example. You may not see it coming. Have you ever thought, “if I disrupt my real estate niche what would it look like?” You can’t wait for someone else to disrupt—you should be the disrupter. That takes more than predicting the future—that takes MAKING the future!
These are some of the things you should you should be doing proactively:
1. Make sure you know what business you are in. Whether you are in real estate, construction and contracting, graphic design, or consulting you must define what you provide to the customer. For example, Kodak should have realized that it was not in the film business but in the image and impression sharing business. Are you a taxi service or do you provide rides (Uber and Lyft)? In real estate are you selling houses or assisting buyers in improving their lives?
2. Get in front of change. The best way to do this is to look into the future, understand the trends and how they affect your business and move yourself into them. One example may be the use of webinars vs. in person meetings. While arguments can be made about current quality of delivery, getting your arms around it and having a strategy to shift will keep you leading. There was a time when a digital camera was not an alternative to high quality film but by not leading that new technology, Kodak failed. And taxi and limousine commissions are panicking now because they can no longer sell expensive taxi medallians when there is Uber.
3. Assess your business. Take inventory of where you have strengths in the market as well as where you are weak and vulnerable. With that information look into the future to assess not just opportunities in your industry but also dangers and threats on the horizon. If you have done good business in an area where you know you are weak and you see new external threats on the horizon you may want to move away from that offering. On the other hand, look at new opportunities where you can exploit your strengths.
4. How do you communicate and market. The method and costs of marketing and communication have already changed drastically. Today, who looks to find something in the Yellow Pages? You need to embrace the new media. However, I caution you to evaluate and create a strategy first. Don’t simply follow the latest shiny new media application.
5. Understand generational differences. This is big and don't just make assumptions. Know the facts. Different generations have different needs, communicate differently, and engage with your business differently. If you are doing well serving one generation, learn why. Are the things that engage that generation of no value to the next generation? Failure to understand that dynamic will result in increasingly lost revenue.
These steps are great starting points. If you have not done a strategic plan or updated yours in the last 3 years you should get it done. It is vital to your future success. For a similar post on our web site see THIS IS THE WAY WE HAVE ALWAYS DONE IT - WHY?
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