Or at least plan to read this
I get it – creating long, complicated plans for work can be boring, time-consuming, and way too overwhelming. Isn’t it more productive to actually do the work?
The importance of a great plan can’t be overstated. It helps you stay on course, eliminate the stuff you don’t need to be doing, and gives you a guide to look back on so if you happen to veer off course, you know how to get centered again.
Every great business should have four plans:
1. Business plan
Your business plan is your north star. It should guide all your major business decisions, and be a point of reference you check in on throughout the year. It should include important benchmarks, and answer questions like:
How much business do I need to do to make a living?
When am I financially ready to expand my business?
What do I need to do to make that happen?
It doesn’t have to be complicated, and it should be flexible enough to adapt to uncertain circumstances. The important thing is to refer to it and update it constantly – you control the plan; it doesn’t control you.
2. Marketing plan
Wondering how a marketing plan is different from your business plan? Think of your marketing plan like the image you present to the world, while your business plan is more around the structure and how you’ll make your income. Your marketing plan should include your social media and online presence goals, how you expect to grow your business, and how much is an appropriate amount to spend. Many great agents may partner with an external agency or contractor to help develop this plan, and it can be wise to get some professional help.
3. Personal time plan
This is an especially important one if you run your own show. When you take a day off, or head on vacation (remember – vacations are critical to your success!), your business doesn’t stop. How will you manage incoming emails, phone calls, and any social media accounts you’re managing? Don’t let your business go dormant while you’re enjoying cocktails on a beach or skiing black diamonds – plan ahead, and come back to an organized (and still running) business.
4. Financial plan
Probably the plan everyone’s the most worried about, but potentially the most important. No matter how junior or senior you are, trust me – you need a financial plan. What happens if the market surges and you have to bring on someone new to help with all your listings? Or – knock on wood – things take a dive, and you have less business for an extended period of time? The businesses that are able to take advantage of markets, and stay afloat through difficult times are the ones who have a strong financial plan.
Whether you’re starting from scratch, or just want a second opinion on your hard work, why not set up a call? In fact – let’s plan on it.