The Top 7 Business Planning Mistakes
Have you started to think about your business planning for next year? Research has shown that agents who have a written plan generate significantly more revenue than those who don't.
While these are interesting and challenging times, it is important to not approach your planning as business as usual. To thrive, you must recognize that today's business climate and housing markets call for some inventive and even radical strategies. Otherwise, your results may be woefully short of your desired outcome.
Here are the areas where I find agents most often make mistakes, along with critical questions to address in the process. Assess how you are doing and think about how you can increase your results.
Mistake #1 - Not Knowing the Why
Why do you want to produce what you want to produce next year? Your career provides many benefits, but most people work only from the production side without giving thought to why they want to make a certain income. Miracles happen when you know your values and your working life expresses your passion.
- If you attained your financial goal, or the number of units you want to close, what would be possible or change in your life?
- Why would that be important?
- Is your goal to accumulate more stuff?
- Or to have a certain quality of life?
The "why" is the key to your motivation to work hard and stay in action. Ask, "Why do I want this?" or "What will getting this give me?" until you get to the bottom of what is really important to you. These reasons are your values.
With a big enough why, you will find yourself motivated to be extraordinary and go beyond the ordinary. This is the vital first step in creating your plan.
Mistake #2 - Ignoring the Personal
Now that you understand the "why," think about the "who." When you envision your goals for next year, include a plan for taking care of yourself. Think of it as your personal foundation. The higher a building is built, the deeper the foundation. It is no different with your personal well being. To soar high, taking care of yourself is non-negotiable.
Start with examining:
- How much time off you'll take next year.
- How many hours you'll work in an ideal week.
- Personal health issues you need to manage.
- Plugging in exercise time.
- Spiritual or personal time scheduled each week.
Your plan must include time for yourself, your growth, your family and your interests.
Mistake #3 - Holding on to Disempowering Beliefs
Because your mindset is your foundation for success, this piece perhaps should be #1. Attitude is everything. Or, as Henry Ford said, "Whether you think you can or think you can't, you're right!"
Our recent economic situation has given people great excuses for failure. You get much agreement that being in real estate is tough. But, does that belief make you feel better when your paycheck is less than you want?
Listen to what you say. Your spoken word is the outer reflection of your inner beliefs. If you catch yourself complaining or embracing the negative thoughts, notice and start to become more aware.
Your circumstances don't determine your results – your reaction to them does. When you utter a negative or disempowering statement, do a "stop action." Reframe that thought to the positive – to what's next or what can be done.
Instead of saying: "It's really tough in today's real estate market."
Perhaps: "This market has unusual opportunities." Or "There are some wonderful bargains for the buyers who can qualify or have cash for transactions."
As you practice turning the negative into a positive, you will gain insights into how to find the business that is there, instead of being a victim.
Share This Page:
Please log in to Facebook to provide comments. Comments will not appear on your Facebook wall without your permission.