Why Create a Business Plan?

I get this question a lot from agents who have practiced for 10+ years and have been successful without one. Fair enough. But like everything in life, the more you cultivate a growth mindset and are open to new ideas, the more prepared you are to not only attracting more business but also to outsmarting your competition.

If you can answer all of these questions, then perhaps you don’t need a business plan. If you can answer only a handful, then consider hiring a business coach like us!

• Do you have a steady lead flow and full pipeline?

• Do you track performance, monitoring growth and setbacks?

• Do you invest back into your business (eg. pay to play)?

• Is your online presence optimized?

• Are you nervous or fearful of hiring help since that would require time, money, and energy -three things you’re often short on but want to solve?

• Do you have efficient workflow processes?

• Do you have a concrete content and communications plan with prospects and past clients?

• Do you implement consistency in your operations and marketing campaigns?

I can’t tell you how many agents are pleasantly surprised after creating a business and tracking progress quarterly (or monthly for those go-getters.) It’s not just putting numbers down. It’s about analyzing past production to reduce expenses, to pivot, or to dig deeper as well as forecasting the future and leveraging past success. Often times agents learn to spread their eggs across multiple baskets. I highly encourage agents to create a business plan each year and track performance quarterly, if not monthly. It also should include a stretch goal and backburner ideas that you can implement once you set more time or money aside.

It’s generally an effective exercise to understand the growth or decline of your business, and for the record, most top-producing agents I have worked with do create and adhere to one; it’s one motion that has helped them get to the top, and, more importantly, stay at the top.