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Do you have a Business Plan?

By
Real Estate Broker/Owner with Blanchard and Calhoun

 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.

 

 

 

Christopher Smith
TREGO REALTY - Cedar Rapids, IA
Tom, thanks for the reminder and importance of having written goals for our business each year.  Have a great weekend!
Nov 02, 2007 03:20 AM
Find a Notary Public needAnotary
QEC Internet Services - Long Beach, CA
Timely post!  I like the use of the  SMART acronym.
Nov 02, 2007 03:22 AM
Keith Stoller
Keith Stoller Tax & Business Solutions - Bakersfield, CA
I've seen this many times and it never fails to lose it's impact.  Classic good advise and a solid reminder that planning for tomorrow begins today.  A great way to start a Friday morning. Best regards.
Nov 02, 2007 03:59 AM
Erin Stumpf (Attardi)
Coldwell Banker - Sacramento, CA
916-342-1372 / DRE# 01706589 Sacramento, CA

Thanks for the reminders and advice...I think we could all use that every once in a while...

Nov 02, 2007 08:24 AM
Matthew Zgonc
Aksland Real Estate - Modesto, CA
Realtor, CFS, CVS
thanks for the tips.  I know having a business plan is important but many people don't understand how to create a good one. 
Nov 02, 2007 08:35 AM
Tyghre Collentine
Coldwell Banker Burnet - Minneapolis, MN
Love the S.M.A.R.T. goals...brings me back to my principles of management class!
Nov 02, 2007 09:25 AM
Rick Tourgee
Robert Paul Properties, Inc. - Provincetown, MA
Provincetown and Cape Cod

Tom-

Great post and great ways to think about the goals and objectives for 2008...........time to do a business plan!

Nov 02, 2007 09:35 AM
Tom Horner
Blanchard and Calhoun - Augusta, GA
Augusta Georgia Real Estate

thanks for your comments Christopher, Ntsike, Elizabeth, Keith, Erin, Matthew, Tyghre and Rick

 Many Realtors think about their plan but few take the time to do it.

Nov 04, 2007 06:39 AM
Dale Campbell
Virginia Real Estate - Mechanicsville, VA
Great stuff - another great motivator is a future chart.  Whatever you want your future to be, clip out pictures, articles, whatever, and put it close to where you spend the most time.  For example, my family and I would like to have a house at the beach, so I have clippings of beach houses in my office.
Nov 07, 2007 10:53 AM
Julie Neerings~Lifting Hearts ♥ Building Dreams~
Agent Referral - Salt Lake City, UT
Tom-Thank you for the reminder to complete a business plan for 2008.  I have a portion of it started, but do need to complete it asap.  
Nov 07, 2007 03:39 PM