Established Businesses Need Planning and Goal Setting Too

Most all successful business entities have Company Mission Statements, Goal Setting and Planning encompassed in their Policy and Procedure Manuals. This goal setting and planning objectives are the foundation of any successful business. Having a common balance between the company and employees ensures permanence.

Established companies are not immune or insulated from changes in the economy. If they are not ahead of the curve and don’t adapt with their competition, growth will be impossible. Ability to plan and set goals for success will keep them viable.

With the housing market we have seen numerous agents fail and get out of the business. Their lack to plan ahead and set goals for the future caused them to spiral downward quickly. The old saying ‘to fail to plan is to plan to fail” could not be truer. Every real estate agent I’ve taught to set goals or plan their success has failed that has not taken these practices to heart. It does not matter how smart or intelligent or business-minded we are, if we don’t have goals we will fail. Here are some of the most common analogies I heard over the years from employees and business owners.

I am hard working and disciplined and know what needs to be done. This might be true but just thinking what needs to be done, will continue to set you on a path in a backwards direction. This thought process, however positive, won’t be good enough. What might work one year does not mean it will work in the future. Always plan ahead and be prepared. Make a group effort today for tomorrow’s success.

THERE’S NO NEED TO PUT IT IN WRITING! An unwritten goal doesn’t exist. An unwritten goal means nothing to your employees. Making your goals and business plan known to your employees tells them they are critical to the success of the company.

I wrote down my goals, so therefore I will now be successful. It is more entailed than just writing your goals down. They require further execution, management and harmonization. Rest assured Donald Trump, Warren Buffett or Bill Gates acted upon their written goal setting and planning.

THERE’S NO NEED TO REVIEW MORE THAN ONCE A YEAR! This belief might have been true with some businesses in the past, but with the economic downturn and turmoil over the past several years, a revisiting of our written plan and goals makes sense more than once yearly. Adaptation and redirection could save the life of a company if properly sequenced.

As we approach another new year, it will be important to consider our established goals and reset them; either to meet increased production, or even to downsize if necessary. A well thought out business plan and appropriate goal setting will make navigating the stormy business seas less perilous. Keeping a constant vigil on that plan and its course will allow you to make necessary and profitable changes during the year, and not waiting for the New Year.

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