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In this short excerpt from the 7th Module of my Real Estate B-School, I discuss how to create what I consider your true roadmap to success, the One-Page Strategic Plan. I got the idea from the book Mastering the Rockefeller Habits by Verne Harnish, and if you haven't read that book, I highly recommend it. It's one of those books I am constantly coming back to even though I first read it years ago.
The One-Page Strategic Plan is a way to let your team know what you're working on, where your focus is, and what your big picture goals are. It gives you and your team an easy way to develop and communicate the strategic focus areas of your business and to keep everyone on the same page.
The plan starts with the big picture. What's your 10-year BHAG, or Big Hairy Audacious Goal? From there, you narrow your focus down to a 3-year, 1-year, and Quarterly Plan. We go through KPIs or Key Performance Indicators, Critical Numbers, and anything you're focused on constantly, the things that matter most in your business. The quarterly goals have action plans with responsible team members, so this helps divide and assign responsibility among those in your business.
Even those who are solo or have a small team can benefit from analyzing and structuring your business based on the principles within your strategic plan. Looking at your business in this way will give you the framework for how you're going to achieve your 10, 3, and 1 year goals.
One of my favorite things about how this Plan is arranged is that it's merely updated quarterly rather than updated and altogether reinvented on a regular basis. This reinforces in you the fact that real estate is a simple business. You have buyer leads and seller leads, and you help them buy or sell a home, and do it in a way that they refer others to you. There's no need to reinvent the wheel or drastically overhaul your business once the plan is in place.
In the beginning with no clear mission or vision, it can be difficult to imagine or conceive of a tangible long-term business goal for yourself. In this video, I share with you my 2014 Lars Group One-Page Strategic Plan so you can use its framework to get you started on your own plan.
From DVPM (or Dream, Vision, Purpose, Mission) to Core Values, Strategic Intents to Primary Objectives, and 3-Year Targets to Annual Priorities, watch this video to see exactly how I structure my business and plan for its future. It's a really easy and necessary way to organize your strategic focus areas based on the core philosophies and the foundational DNA of your business.
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