As 2021 is winding down and we are officially making our way into the holidays, it is important to keep in mind that 2022 is right around the corner. As we prepare for the new year, Williamson County Association of REALTORS® is developing its strategic business plan for 2022.
In any business, it is important to have both a big picture long-term strategic plan, as well as a smaller-picture yearly business plan. REALTORS® are no exception. The best time to embark on writing a business plan for your business is whenever you can benefit from establishing more focus or direction, making a new year the perfect time to establish goals. Creating an annual business plan helps to narrow down the long-term vision of your business into smaller stepping stones. By doing this, you can ensure that you meet your goals for your real estate business. Breaking down your strategic plan into a smaller yearly business plan not only helps your ideas succeed, but also you lay out the groundwork for accomplishing both your short-term and long-term goals and objectives.
Although the idea of creating a real estate business plan or even a yearly business plan for your business can be daunting, it is important to keep in mind that there is no room for procrastination on something so important. The earlier you start planning for next year the better. A good business plan provides enough direction for each entity of the business to be able to support your goals for your company.
The National Association of REALTORS® has a great resource on how to create a business plan for yourself that lays out the groundwork to make the task less daunting. NAR’s 7 Essential Components of a real estate business plan include: clearly defining a business statement that shows your purpose and the benefit you provide, completing a SWOT (strength, weakness, opportunities, and threats) analysis, setting specific short-term and long-term goals for yourself, creating a strategic plan to accomplish your goals, setting a time frame for each goal, define your target audience and market, and lastly, creating specific systems and processes to achieve your goals. The whole plan outline from Nar can be found at nar.realtor/writing-a-business-plan.
As you can see, the planning of a stellar yearly business plan for 2022 is of the utmost importance, therefore our 2021 Executive Officers and Board of Directors have been hard at work over the past few months establishing a business plan for WCREALTORS.
We are so excited to install our 2022 Executive Officers and Board of Directors on Thursday, December 2, at Kalahari Resort and Conventions. We are ready to go back to the ‘80s for a night of celebration as we recognize our leadership and those who are recipients of our Industry Awards.