Hundreds of real estate entrepreneurs I have coached started their businesses with a dream, not a business plan. They felt didn’t need a documented, corporate strategy to get their business up and running for the first few years.
But then what happened?
Some of these businesses were stubborn and continued to operate on feelings and ignored the facts. They either went out of business or continued on making little to no money. However, real estate teams with a carefully crafted and well-executed business plan have not only stayed afloat but have grown into very profitable enterprises.
Today the fact that business plan is a must-have for all real estate teams can’t be denied.
Here’s a business plan evaluation checklist I have created for the millionaire real estate teams.
1. Start with a situation analysis
Starting with a situation analysis will help you understand where you stand in the market. Once you know your business’s position, you can determine what steps you need to take to build a solid business strategy.
2. High-level business objective
If you don’t have a high-level business objective then you don’t know where you are going. And I can’t stress this enough. Your objective must be clear, measurable, and have a specific time frame.
Example: Increase GCI by 20 percent by the end of the year.
3. A robust strategy to achieve business objective
Your high-level objective is what you want to do. Your strategy is how you achieve your objective. Ask yourself: What should I do to increase my GCI by 20 percent by the end of the year?
Examples:
- Focus on millennial buyers to diversify leads
- Penetrate luxury market to increase revenue
4. Tactics to accomplish your strategy
Tactics are how you realize your strategies. If your strategy is to focus on millennial buyers, you need methods to reach this specific audience.
Example:
- Use search engine and social media marketing to expand millennial buyer reach. (Tactics must outline, actionable and measurable actions as well as who will be accountable for completion of the task.)
5. Always Measure Your Results
If you’ve followed all the steps in your business plan, you will enjoy this part.
Look at all the metrics that are relevant to your plan and see what you can improve. Your results will help you create a better plan in the future.
Do you still need help creating or evaluating your business strategy? Fill out this form in a few seconds and get a Complimentary Business Evaluation.
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