Some more good information about revising your 2010 business plan and preparing your 2011 business plan. Doing the right things is a critical part of business planning. An experienced professional shares some good advice and information.
Business Planning for 2011 - Amended
This is an unintentional blog that I hadn't planned on writing, but I was inspired to write it after reading a blog by Trisha Bush. She highlighted some quotations from some famous people who'd been successful in an number of various fields, and perhaps the most inspiring part of her blog for me was a photo. She began her blog this way When planning for 2011. The photo I am referring to is that of Albert Einstein.
He is one of the most brilliant men of the early 20th Century. I recall him being famous for a couple of quotes, and I will paraphrase rather than try to be exact. First, he stated that the greatest invention of all time was not a scientific discovery, rather it was COMPOUND INTEREST! I think that as real estate professionals we can all appreciate that one.
Perhaps the great quote, and again I'll paraphrase, is that the solutions to today's problems cannot be found at the same level of thinking that created them. In a note, in order to fix things, we need to think outside of the rules or box that created the system.
This is an extended route to my subject of Business Planning for 2011. Hopefully you'll agree. In reviewing 2010, I have had to examine a number of things in my business behavior. Was I effective doing everything that needed to be done? Was my business plan for 2010 successful? Where do I need to modify it? What activities worked? What didn't work? I think you catch my drift.
My coach said to focus on the 20% of my activity that produced 80% of my income. Many of you know that as the 80-20 rule. I had some success with it in 2010. So how do I modify my plan for a more successful 2011? In my previous blog about PLANNING FOR THE NEW YEAR, I talked about loading more big rocks and my election to the Phoenix Chapter-Womens Council of REALTORS(R). These 'rocks' have been joined by weekly coaching and planning sessions, AR blogging time, and various community involvement.
The smaller rocks are some of the traditional activities such as good old phone calls, cards and letters, lunches and coffees. While Facebook and Twitter, YouTube and Flickr, and everyone else in social media are making it 'easy' to reach out to people, I have learned that nothing beats good old 'face time'. Another activity which I had not calendared in 2010 was time for R&R. Now for me, R&R is time away with my best friend, my wife Laura.
It is so easy to be busy with the business of business in these crazy times. Classes for updates on HAFA, HUD, FHA, this certification and that renewal class. While all of these are important, so is the time for family and friends. We enjoy real estate because we like people, we enjoy being of service and helping people, and we have the opportunity to earn a nice living.So for 2011, my business goal is to focus on the 20% of activities that will earn help me earn 80% of my income. (My coach call this "DOING THE RIGHT STUFF"). In this way, I'll have 80% of my time to be with my family and friends and 20% of my time to earn a fantastic income. (I know the 80-20 is correct, but I'll have to get some input from my coach on the time thing).
I would like to wish everyone in AR Land a Merry Christmas / Happy Holiday Season and a prosperous Happy New Year 2011. And if you haven't finished your plan, it's not too late to do BUSINESS PLANNING FOR 2011.
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