There are few who will argue that any business armed with a clear, well thought out and articulated business plan is positioning for failure. On the other hand, many would agree that a business lacking such a plan is not poised for success. Without one, under-performance is more or less assured.
So what then should a business plan contain? Is it a fixed or iterative document? In an industry such as real estate where so many are independent contractors, is it really necessary? Business plan templates are as plentiful as the industries in which they are employed. Naturally, a factory in the practice of producing a certain number of widgets on the production line will have a very different template to that of a real estate agent’s plan. Yet, at the end of the day, both templates serve to achieve the same end result for their creators, and contain certain, fundamental similarities: they must be written down, actionable, measurable and include accountability benchmarks.
As an industry, Real Estate Sales is one which attracts people from all walks of life. It’s not uncommon for new Realtors® to have little if any business background or acumen. If you are one of the fortunate ones who does know his or her away around common practices such as business correspondence, budget creation and management, marketing, or corporate negotiations, then you are already ahead of the game assuming you use what you know and practice the basics. Writing your plan will come easily. If business planning represents utterly new territory, then hopefully I’ll be able to offer some valuable insights to help get you started.
Over the coming days, I’ll be posting some pointers on building an effective plan beginning with developing and creating a mission statement. Personally, I believe it to be the pivotal component to any plan. After all, if you’re not clear on where your headed or what you want your business to be, how you intend to get there isn’t particularly material.