July 30th, 2010

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The Business Planning Process
STEP #1 - ESTABLISH GOALS
Setting goals is one of the most critical tasks in building any quality business plan. Goals play a major role in motivating an individual to perform duties, but more importantly, goals are your choices road map. One should choose to perform specific tasks based on the power of the task to move one closer to his/her goals.

STEP #2 - SECURE AND IMPLEMENT A PROVEN BUSINESS PLAN
Goals have value only if they are supported by an action-plan. It is the minute-by-minute performance of activities that enable an agent to reach his/her goals. A business plan is simply a road map. It provides the agent with the structure, organization, and direction necessary to make wise daily activity choices.

STEP #3 - DISCIPLINE YOURSELF TO FOLLOW YOUR PLAN
Character is defined as the ability to follow-through on a decision once the emotion of having made the decision is past. A business plan without consistent implementation of the plan is of little value. Have character! Use daily task lists that include only activities that are outlined in your business plan.

STEP #4 - BALANCE YOUR LIFE
There is no success without happiness. There is no happiness without balance. Be sure your business plan balances family, personal, spiritual and business time.

STEP #5 - FOCUS ON PROFITABILITY
Too many agents are willing to spend all their profits to buy plaques. Never forget, you cannot spend peer approval. Don't be afraid to spend 20 cents to earn a dollar but don't spend a dollar to earn 20 cents. You must budget investment dollars to grow your business. Plan these expenditures wisely!

STEP #6 - IMPLEMENT QUALITY SYSTEMS
As you perform the daily tasks on your business plan, your transactional activity level will dramatically grow. You will have a substantial increase in the volume of obligations you must fulfill daily. The key to building an incredible real estate career, and to remain sane while doing so, is to install efficient systems into your business.

STEP #7 - CREATE 48 HOUR DAYS
We all have 24 hours in any given day. Or do we? It is possible to buy or borrow other people's time. As your business grows, you may have to use/hire other people's time. Every great real estate career will, to continue growing, reach a point where the agent must delegate to others the performance of various tasks.

STEP #8 - MONITOR YOUR PROGRESS
The only way to consistently follow your business plan is to monitor your activities and results weekly. Set time aside weekly to evaluate your progress. Make adjustments as needed.
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