With all the talk about a "new normal" how to pivot in these turbulent times of uncertainty, those savvy small business owners and yes that means you as a realtor or real estate agent have already returned to their strategic plans. They are researching, analyzing, and making the necessary course corrections to transition their businesses to this "new normal."
Outstanding strategic plans are goal driven with key performance indicators (KPI) to ensure the goals will be achieved. For example, one real estate KPI that most Realtors share is inventory. Without inventory, there will be no sales, no growth, no sustainable business.
From my experience as an executive consultant and sales coach, I can personally attest to those who have a solid, goal driven plan know to consistently review it and update it when necessary. Pivoting for these individuals is almost second nature.
What I also know is many engaged in real estate as well as other small businesses especially those non-employed (having no employees, think independent contractors) fail to invest the time to craft a comprehensive strategic plan. Instead they demonstrate “spray and pray” behaviors. Spray their actions all over the place and pray something will stick.
This past week I listened to a successful Realtor who said when he decided to go into real estate, he embraced the D.A.N.G.E.R. Report and built his strategic plan around that report. This report is very well organized and dangers can be easily integrated into a SWOT analysis. Personally, I revised the SWOT format and titled it SLOT. I believe limitations are far more restricting than weaknesses.
Yes, if you want to pivot, to be ahead of the flow, then invest the time to engage in strategic thinking. If you need some additional guidance or support, please feel free to reach out to me.
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