ARE YOU STAYING AHEAD OF THE CHANGE CURVE?

By
Education & Training with Performance Development Strategies

I agree when someone says if it is not broken don't fix it.  But don't be complacent.  Are you watching trends?  Incremental changes could be occurring in your business? Over time things have changed in Real Estate, haven't they?  Just think of technology, online presence, demographic and generational shifts.  Now I am not saying that everything you do should change.  Our friend Barbara Todaro has shown us that you don't throw away print advertising for online.  However if you read her you know she constantly tests her relevancy. 

Right now I am working with my Westchester County NY business owners on developing their future business plans. I urge every business owner to have a Strategic Business Plan.

A strategic plan will consider the business today, look into the future, and then plan to create the business's future. To remain successful a business must have that plan now and in the future. Here are some of the things I discuss when helping my clients with a strategic plan:

  1. Make sure you know what business you are in. This is not about what products or services that you provide. Rather you need to know how your customers needs are served and what those needs are. What need is being satisfied? The product successful in the past may not satisfy the need in the future. In that respect do not forget to take technology into consideration. Lately, I have noticed that people still need to buy stuff as much as ever,  but malls are closing. Instead people are buying online. That is just one example. In real estate, are you selling houses or assisting buyers in improving their lives?
  2. Get in front of change. This is what I mean about creating the future. Steve Jobs created the future when he created the iPhone. Think creatively and think out of the box. Be a disruptor before someone else. In my own business I have found that webinars have been more effective than in person meetings. Interactive online training has proved more effective in some companies than classroom training. Times are changing. 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.
  3. Assess your business. Take inventory of where you have strengths in the market as well as where you are weak and vulnerable. Then use that information to 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 past business in an area where you know you are now 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 but don't throw away the old if it works well. I caution you to evaluate and create a strategy first. Don’t simply follow the latest shiny new media application.
  5. Understand generational differences in customers and employees. Different generations have different needs, communicate differently, and engage with your business differently. If you are doing well serving one generation, learn why. Make sure you look at demographic trends. If you do well serving Baby Boomers, for example, will you have enough customers in the future? Discover the things that engage each generation. Do they still have value? Failure to understand that dynamic will result in increasingly lost revenue.

Change Management

You can make changes as you go but if you want to create the future tweaking won't do it.  You will need to transform your business.  For a similar post of our web site see ARE YOU TWEAKING OR TRANSFORMING YOUR BUSINESS?

Need help in creating or update your strategic business plan?

Contact us to learn more

or call 914-953-4458.

 

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Peter Mohylsky, The Beach is closed but I am open. 01/27/2020 06:28 AM
  2. Roy Kelley 01/28/2020 01:00 AM
  3. Jonathon Griebel 01/29/2020 11:18 AM
Topic:
Real Estate Best Practices
Location:
New York Westchester County
Groups:
Coaching and Mentoring
Tags:
strategic planning for business owners
strategic planning in westchester
understanding your business
understanding your customer

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Show All Comments
Rainmaker
2,091,129
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Jeff - it is important to step back from time to time to see the larger view.

James - good for you!

Andrea - you are right. You can't afford to snooze.

Brian - tweak at minimum.

Sheri - constantly asking, "is this still working?"

Eva - it is certainly something to think about.

Jan 28, 2020 10:10 AM #31
Rainmaker
398,297
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
MC Dwyer-Santa Cruz Mountains Property Specialist

These are all important questions to ask; we need to consider alternative answers and observe what is working over time and how it may change.

Jan 28, 2020 11:51 AM #32
Rainmaker
499,786
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Adapt ... Adjust ... REPEAT

Jan 28, 2020 12:47 PM #33
Rainmaker
2,091,129
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

M. C. Dwyer - it is always good to measure.  That way you can catch the trends.

Jan 28, 2020 01:35 PM #34
Rainmaker
2,091,129
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Diana - yes that is right.  It is a loop process.

Jan 28, 2020 02:06 PM #35
Rainmaker
2,533,773
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I will add to your decent posting: Complacency as you say but also be weary of resignation where one accepts their fate or circumstances but doesn't have to

Jan 28, 2020 02:55 PM #36
Rainmaker
2,091,129
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Richie -  your point is well taken.

Jan 28, 2020 03:33 PM #37
Rainmaker
1,776,765
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

I love the concept of knowing what business you are in and are you selling homes or improving people’s lives. Great challenges

Jan 29, 2020 04:16 AM #38
Rainmaker
576,438
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

Powerful message to take in for a re-assessment or re-evaluation of the business strategy.

Thank you for giving this for free Grant!

Jan 29, 2020 05:14 AM #39
Rainmaker
137,175
J Perrin Cornell
Coldwell Banker Cascade Real Estate - Wenatchee, WA
Broker, ABR, VAMRES

It is a fine line between being aware of changes and jumping at changes. Also all the changes are not necessarily good. But most importantly technically they are merely tools. Personally they are your interactions... what you say, write, or do is you... Sometimes there is a conflict there. One agent I have mentored is accomplished, polished, and caring but the $$ drives his business and he comes across poorly on a personal level. Another agent has all the qualities except knowing when to shut up... talks herself out of business and does not see it. These two are both very technical aware and on top of it but the other side kills them. Finally as Buffini often says "are you working on your business or in your business". 

Jan 29, 2020 08:00 AM #40
Ambassador
1,981,498
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

We are really analyzing this year. The market has changed a bit, but we both realize there is plenty of business out there, we just need to make sure we are using the best methods to attract our clients. 

Jan 29, 2020 09:33 AM #41
Ambassador
2,175,503
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Thank you for the wise words and thoughtful advice to ensure future business growth.

Jan 29, 2020 10:32 AM #42
Rainmaker
2,091,129
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Lise -  that recognizes that the customer is at the center.

Maria - taking a long term view and stepping back.

J Perrin - it really is about stepping back and seeing the big picture and working ON your business.

Debb and Bernie - it is good to step back and survey look at trends, etc.

MichelleCherie - if you fail to plan you plan to fail.

Jan 29, 2020 11:20 AM #43
Rainer
10,447
Kurt Uhlir
Showcase IDX - Roswell, GA
Real Estate Marketing Coach & Speaker

It's can be so hard to get ahead of change. We first have to see the world as it really is, ourselves, and our businesses. I liked your follow up comment about needing to take time to step back and evaluate.

Having wise counsel, friends, and business associates can help too.

Jan 29, 2020 12:38 PM #44
Rainer
562,776
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Great points!

This is not about what products or services that you provide. Rather you need to know how your customers needs are served and what those needs are.

Feb 01, 2020 04:41 AM #45
Rainmaker
1,364,506
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Great reminders, Grant. Online purchases are far more common in our house than any trips to the mall - and in real estate, the majority of the home search is done on line. 

Feb 01, 2020 01:04 PM #46
Rainmaker
1,000,158
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Having worked on the Strategic Plan for my Association, I can testify to knowing what that is and what changes to make.  Re-assessing your business from time to time is an excellent idea - thinking ON your business.

Feb 06, 2020 03:17 PM #47
Rainmaker
227,555
John Henry, Florida Architect
John Henry Masterworks Design International, Inc. - Orlando, FL
Residential Architect, Luxury Custom Home Design

Great points here, Grant!!!  Glad I found this.  I like this idea the most: Be a disruptor before someone else

Feb 25, 2020 09:13 AM #48
Rainmaker
2,091,129
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Kurt - all of that is very important.

Sham - knowing who your customers are is very important.

Wayne and Jean - and real estate agents have learned how to use online to their advantage.

Jan - yes, and it should be done often.

Feb 26, 2020 06:59 AM #49
Rainmaker
2,091,129
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

John - if you don't someone else will.

Feb 26, 2020 07:00 AM #50
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