You must be F.I.T. for business

 

Being willing and able to adapt your business plan to unexpected market changes will help to keep you afloat.

Every year during the months of November and December, Realtors and their affiliates are working on their business plan for 2018. Their companies host business planning workshops/seminars for them to attend or they will seek the appropriate resources to do so. They are working to plan for the future in their business.

Each time, I hear someone talks about it. I remember these two quotes: 1) By Benjamin Franklin, “If you fail to plan, you are planning to fail” and 2) By John Beckley, “Most people don’t plan to fail, they fail to plan.” Many business experts believe if you have a business plan, you will succeed in growing your business and have a great year. That is not always true. It is only part of the equation.

From my experience of helping business owners double their income over the last 20+ years, I have seen people have a business plan and some do not but they are able to grow their business. How is that? From my experience, there are some elements that I believe if you implement in your business plan, your business will grow but the bottom line, it comes do to you!!! Are you F.I.T.? F.I.T. stands for F = Flexible, I = Innovative, and T = Trainable.

Here are some elements should be added to your business plan:

1) Write it down versus having in your head. This allows you to have a baseline to measure what is working on and what is not working.

2) 90 Action Plan/Map on what specific strategies and tactics are you going to focus on to develop new business. This allows you to break down your business plan into achievable, actionable, and measurable outcomes.

3) Take your strategies and tactics for generating new business and create a daily ritual of spending 2 to 4 hours x 6 days a week in your calendar blocked out

4) Spend time at least one an hour a week, monthly, and quarterly reviewing your business plan to make sure that you and the business are on track.

It is about you, even with the best business plan, you have to be willing to be F.I.T. Let me tell you a story, I have a friend who was a past client who was real estate appraiser. We worked increasing the business before the crash of 2008, the business was doing great. She was getting the new business primarily from mortgage companies directly. After 2008, the business was changed because of legislation that created AMCs. AMC is Appraisal Management Company that works with Big Mortgage Companies that offered better, more independent appraisals. Resulting where the same appraisers would get at least $350 per appraisal directly from the mortgage companies before this change; now, these AMCs would be alike third party administrators and the real estate appraisers get less. The primary source of business had changed. The business declined almost 50% because of the change. Many appraisers could not make a living because of this change.

My client at that time was in a Sounding Board with her, another client who was Realtor-Broker/Owner of Small Real Estate Broker firm, and me. With spend about an hour brainstorm and thinking is there anything we can do. I suggest we need to go to another target market and offer the modified service. The realtor came up with idea that it would be great come up a pre-listing appraisal before the house was put on the market to make sure it was worth selling. I asked the real estate appraiser is there is a service like that. There was not. From there, the pre-listing appraisal service was born.

During this process, we determine that the best people to market this new service are realtors and real estate agents who do listings, investors and sellers. From that day on, because my friend was F.I.T.; the business was saved. It produces short-term cash flow then and eventually to this date; that type of work has done so well, it is 60% of the business revenue now. The business is not only stabilized, it is thriving.

Being Flexible, Innovative, and Trainable (F.I.T.) can allow you the ability to make a change in your business especially if the business is not doing well even despite if you have a business plan or not. Sometimes in business, it is ok to make change for better. I am reminded of this quote by Reinhold Niebuhr, “God grant me the serenity to accept things I cannot change, the courage to change the things I can, and wisdom to know the difference”. Bottom line, it is your business. You are the business owner.

If you have any questions about how you can be F.I.T. for your business, contact Tanyag & Company at 757 752 8169 or email at info@tanyag.net.