December is always a hectic month for all of us in the real estate industry. Buyers and sellers want to close before the end of the year, family is flying in and out for the holidays, and you still haven’t bought Christmas presents for your co-workers! Yikes! These reasons, along with a few more, led us to host our December Coffee Corner on Preparing and Implementing Your Real Estate Business Plan in 2014.
With help from one of our underwriters, Old Republic National Title and their Shared Success Program, we held our best Coffee Corner yet this past Tuesday! Bobbi Alonso, an Old Republic Account Representative led the discussion and helped organize professional and personal goals for 2014. While our classes are smaller, they allow for a more intimate setting and foster discussion among attendees.
While the class went over many useful topics to get your plan in gear, here is a small overview of the most important points that were reviewed.
- A business plan starts out with a purpose. Why are you writing down this plan? What do you want to attain from making this plan? These reasons can be both personal and profession. As a matter of fact, they certainly should cover both. An anonymous author once said, “Taking time to live life will only inspire your work.” Think about that quote when you are forming your business plan.
- The most helpful portion of the class was reflecting on personal strengths and weaknesses. This spreadsheet, known as the S.W.O.T. Analysis, challenges you to look at your Strengths, Weaknesses, Opportunities, and Threats. Identifying these will help you guide your plan for success for 2014. The most important category (in my opinion) was weaknesses. If we don’t identify what can potentially hold us back from reaching our goals, we will never accomplish what we set out to achieve.
- After identifying these factors, you can start listing your goals. These aspirations should be specific, measurable, achievable, realistic, and timely. Make sure you can easily keep track of how you are working toward your goals and give yourself a little reward when you do. This goal tracking will help you stay organized and will guide you through your day to day dealings.
- Whether you want to track your progress virtually or keep a written journal, you should always have something to look over and analyze at least once a month. Also plan on going over your entire business plan once a quarter to see where you stand in comparison to what you originally planned to complete.
New Year’s resolutions can be daunting and cliché. Don’t think of your 2014 business plan as a resolution. Think of it as evolution. The real estate industry is in constant flux and to keep ahead of the game you need to be aware of what challenges you may face and learn how to overcome them.
To help you with your new streamlined and well organized business plan, our January Coffee Corner will be covering a few technological advances that will greatly help you stay on target and reach all of your goals that you set in 2014. We will be announcing the details for the class soon so stay tuned!
If you were unable to attend our December Coffee Corner and are interested in the spreadsheets provided by Old Republic, email Christina@titlesecurity.net.