Don’t you just love the app store? Essentially anything and everything we’ve ever needed can be enhanced, managed or eliminated by simply downloading “The App”. I marvel at all the energy and determination we’ve exerted looking for ways to massage schedules and activities within the theme of organization and short-term and long-term planning. We’re seemingly inundated with the newest and best mouse trap. Yup that new app allows us to create a shopping list and even locates the closest grocery store. Congratulations to everyone. We are now efficiently planning our dinners. What about planning our business? Did you all write a business plan? How can we reconcile efforts made to plan our dinner but not our businesses? We should be looking at and adjusting our business plans quarterly at a minimum. This month we are going to touch on the one page business plan. It is easy and doesn’t have to be difficult or time consuming. It’s quick and easy… like that latest “App” I would like to acknowledge Jim Horan, CFO Consulting Group and his influence on my version of his one page business plan.
- Vision/Unique Business proposition – Using only a few well-constructed sentences describe the solution/vision or unique proposition your team, business or department possesses. For Realtors it could be “The Jane Doe Team provides retiring homeowners with a proven sales and relocation process that reduces stress, increases profitability and protects their wealth.”
- Purpose/Mission – “The Jane Doe Team’s purpose is to provide solutions that financially benefit owners, occupants and sellers by providing strategic real estate management.”
- Goals/Objectives – This area should include sales/revenue, profitability and no more than 6-8 “SMART” Specific, Measurable, Action-oriented, Results driven and Time-delimited.
- Strategies – Write a statement that sets direction, philosophy, values and mythology for running the business and managing the enterprise. Use 4-6 core strategies common to your industry.
- Plans – Brainstorm business-building or infrastructure-building action steps necessary to ensure business success. Make sure you include completion dates – possible milestone dates as well.
Writing a business plan doesn’t have to include pages and pages of data, colorful charts or overreaching business philosophy. Your plan needs to be routinely tested, adjusted and corrected based on market conditions, customer needs and new opportunities. Put the phone down! Resist looking for instant gratification by downloading the next app for business plans. Just sit for an hour and complete steps 1 – 5. Share your plan with an accountability partner or a triad team of stakeholders or partners. A study was completed and it concluded only 8% of business owners write and manages against a written business plan. See you next month…. Go build a striving Realtor business!