connect with us:
Follow us on Facebook
Follow us on LinkedIn
Follow us on Google+

Does Your Business Plan Include the 'Thought' Process?

Dec 10, 2013

Posted by

Carla Cross

About Carla Cross, CRB, MA                           Read more

It's business planning time. And, usually we just plug in some numbers in a 'template' and call it good. (If we do it at all!) No wonder we don't look at those plans all year!

In the complimentary business planning webinars I just did, I asked agents and managers the percentage of managers who had business plans. Both groups said less than 20%.

We know we are in charge of running our own businesses. We know business owners use business plans to guide their businesses. So, why don't we have business plans?

I think one reason is that we know just the numbers won't do us much good.

What's Left Out in Most Business Planning Processes

The thought process--this is the first part of the strategic planning process and it's the part that helps you think through what happened in your business. And, it provides the inspiration and motivation to do what's needed to succeed at a higher level next year. These portions are:

Your vision--tells you what your 'end in mind' is; your values

Your mission--tells you your core business

A review of your office for this last year. This is the step most planners leave out….so they don’t get any ‘hints’ for the future from their own past! That’s like trying to market your product without knowing why people love it. A review will also give you ‘talking points’ with your agents about their own plans. Especially look at these statistics:

  1. Number of listings taken to listings sold—in normal market time (you will look at this with your agent, too)
  2. Percentage of sales to listings sold (you will look at this with your agent, too)

Does your business planning system include these 'thought' steps? If not, no wonder the business planning process is uninspiring and not useful. Add these 3 parts to your strategic plan and you'll use it to guide you in 2014.