Wednesday, January 10, 2018

Business Planning

What is a business plan? Entrepreneur describes it as a written description of your business' future: a document that describes what you plan to do and how you plan to do it.

Each year at this time, I sit down with the brokerage and refine my goals and objectives for the year. I usually have a fairly good idea where I want to be or what I need to do, but it's good to get their input into those goals and objectives.

It's important to review the previous year to set the direction for the current year. This also is a great time to pat yourself on the back for all you've accomplished and consider the challenges you faced. When I did that for 2017, it reminded me that last year I listed more properties than ever before; I increased my volume; and I was elected to the Board of Directors of the REALTOR® ASSOCIATION OF PIONEER VALLEY. As for challenges, time constraints, tons of paperwork, and marketing costs are something I had to contend with.

Working without a business plan is kind of like trying to drive from Massachusetts to California without using a GPS--you might get there, but there will be a lot of wrong turns and detours along the way.

Entrepreneur has an article on writing a business plan if you are interested. If you search for them, you'll also find industry specific ones that can be helpful.

Anyone else writing a business plan this year?

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