b a c k n e x th o m e

04/07/23

Business PlansBusiness Plans

Where to start?How to get started?

And keeping on track!

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Do you consider this Do you consider this YOURYOUR business?business?

If you have control over your accounts, clients, contacts, income, you SHOULD!

Some companies provide you with tools and training to aid in your success, but the actual success of your business is up to you!

AND you need a plan to maximize success!

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Been successful without a Been successful without a plan?plan?

How do you know? What might you have done WITH a plan? When will you plateau? Or, worse? Even if YOU don’t burn out due to lack of

systems - what about your support staff? Are you an example of “Business by

Accident”?

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Facts and StatsFacts and Stats

“I don’t need to write it down. I have it in my head!” 3% of the world write down goals or plans. Yet, 8 out of 10 are accomplished if they are written.

Why? If it doesn’t work on paper, it probably won’t work in the real world.

Why wouldn’t you write them down???

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Subliminal Reasoning Subliminal Reasoning (aka: (aka: excuses)excuses)

Not feeling in control of an unfamiliar task Fear of doing it “wrong” Aversion to doing anything that does not

derive immediate results• It’s easier to: work on this appraisal issue, do a

CMA, talk to my loan officer, follow up on ….

“People who fail to plan, plan to fail.”

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According to ResearchAccording to ResearchPeople that use goal setting and planning

effectively:

Suffer less from stress & anxiety Concentrate better Show more self confidence Perform better Are happier and more satisfied

*Research by Damon Burton

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Okay. Okay. Where do I Okay. Okay. Where do I start?start?

You’ve already taken the hardest step! Simply making the decision to give it your time and attention!

Honestly assess your current position.• SWOT: strengths, weaknesses, opportunities and threats.

AND those of your competition. Stuck already? I have a document to help you with that piece

of the puzzle.

Prelim Prelim BPBP

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Basic Components of a PlanBasic Components of a Plan Values, Mission and Vision

• Keeps you on track with who you are and what you want to Keeps you on track with who you are and what you want to become known as.become known as.

Goals, Objectives, Action Plans• Goals are the what. Objectives are the how. Action Plans Goals are the what. Objectives are the how. Action Plans

are the scheduled implementation strategies.are the scheduled implementation strategies. SWOT Analysis

• Strengths, Weaknesses, Opportunities, ThreatsStrengths, Weaknesses, Opportunities, Threats Resources & Budget

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Targeting GoalsTargeting Goals

Use the 2 question “Goals Grid” to identify those worth keeping:

– Do I already have it?Do I already have it?– Do Do II really want it? really want it?

Goals should be:– writtenwritten– believablebelievable– specificspecific– measurablemeasurable– have a deadlinehave a deadline

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Example: Production GoalExample: Production Goal

I want to be the number one agent in Colorado! Even though written, would not be specific, measurable

I want to close $20,000,000 between Jan 1, 2010 and December 31st, 2010.

Now, don’t forget: it’s got to be believable

Here’s where the next piece of the puzzle comes in handy.

Proj vs Proj vs budgetbudget

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Goals vs. Objectives & TasksGoals vs. Objectives & TasksGoal: $20m next year? Is it believable? Prove it (to yourself) with Objectives:

• In order to accomplish this, I intend toIn order to accomplish this, I intend to– cultivate new listings (list, compare, +%)cultivate new listings (list, compare, +%)– create X# new relationships by (detail, timeline)create X# new relationships by (detail, timeline)– mine expireds, FSBOs, (growth charts help)mine expireds, FSBOs, (growth charts help)set timelines, amounts, compare apps to close ratio, total.set timelines, amounts, compare apps to close ratio, total.

Now define your tasks. # of calls; e-mails, drip, This is the one part of a business plan you actually have control over. It’s This is the one part of a business plan you actually have control over. It’s

also the part that is most likely ignored!also the part that is most likely ignored!

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At a Glance:At a Glance:Goals: The WHATWHAT ($20 mill)

Objectives: The HOWHOW (Acquire Clients)

Tasks: The ACTIONACTION! (Make Calls)

Suggestion: List only one goal with associated objectives and tasks per sheet. Makes review & revision of goals easier.

Then move tasks to your calendar during monthly review.

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Did he say Did he say REVIEW?REVIEW?That’s right - review!

Tasks need to be reviewed weekly, if not daily.

Objectives need to be reviewed monthly, if not weekly.

Goals need to be reviewed quarterly, if not monthly!

An Accountability Partner helps keep you on track.But, you don’t want to be each other’s partner. Too easy to let each other slip. Plus, you’ll

want to constantly be exposed and expose new accountability concepts & ideas.

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GOALS, OBJECTIVES, ACTION!GOALS, OBJECTIVES, ACTION!

If you decide you’re overwhelmed, you have two choices:• Just focus on your goals!Just focus on your goals!

Or…• Use the format developed to help with that Use the format developed to help with that

piece of the puzzle, too!piece of the puzzle, too!

BP BP TemplateTemplate

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You’ve now got all the You’ve now got all the pieces!pieces!

Current Current AnalysisAnalysis

Projection Projection vs Actual vs Actual ComparisonComparison

Business Business Plan Plan

FormatFormat

Monthly Monthly AccountabilityAccountability

My 2010 My 2010 Business Business

PlanPlan