If You Fail To Plan You Plan To Fail
One good philosophy to implement when running your real estate business is to make sure that you plan. It’s the old adage … if you fail to plan, you plan to fail.
Importance of Proper Planning
The phrase “if you fail to plan, you plan to fail” is a popular adage that emphasizes the importance of proper planning in achieving success. It means that without proper planning, the likelihood of failure increases significantly.
This saying applies to all aspects of life, whether you are pursuing your academic goals, career aspirations, or personal objectives.
Proper planning is essential to achieving success because it helps you identify your goals, create a roadmap, and execute your plans efficiently. Without a plan, you are likely to encounter obstacles that could derail your progress, and you may not have a clear direction on how to navigate those challenges. Therefore, taking the time to plan, set goals, and create a strategy can help you stay focused, motivated, and on track toward achieving success. Remember, the more detailed and specific your plan is, the more likely you are to succeed.
In this case, this expression is related to running a business without having a clear-cut plan about what you want to achieve, what are your goals, what is your vision, and what is your mission.
Defining Your Goals
Goal setting is the process of identifying what a person or organization wants to achieve and establishing a plan to achieve it. It is an essential practice for both personal and professional development, as it helps individuals focus their efforts on specific objectives and measure progress toward them.
Effective goal setting involves setting specific, measurable, achievable, relevant, and time-bound (SMART) goals. This ensures that goals are clear, realistic, and can be accomplished within a specific timeframe. It also helps individuals to stay motivated and focused on achieving their goals, even in the face of obstacles or setbacks.
A lot of people get started in business and they get started because they like something, for example, they like cooking. So, they open a restaurant. Or they like owning a home, so they start investing in real estate. Or they’re technically savvy, so they start looking at how to create a business online.
So, what happens is they just started going off in different directions. They have no idea what they want to achieve. They only have sort of a long-term or a big goal in mind. They want to make money, or they want to be successful, but they don’t have any milestones or goals.
For example, in real estate, I want to own 10 properties within a year. I want to own a hundred properties within three years. I want to focus on fix and flips. I want to focus on wholesaling, I want to own 20 rental properties. So, I put together these different goals and different target milestones.
Next, I had to put together a strategy, a plan is what you need to do to achieve those goals, how you want to achieve your mission, and how you want to achieve your vision.
Develop a Plan
Once you have those goals, then you say, okay, so how do I do that? What kind of plan do I have to make? What are the activities I need to perform: I have to contact 20 realtors this week. I have to talk to 20 mortgage agents this week. I have to apply or have to research a hundred listings. I have to make 10 offers.
By setting those clear goals and developing a plan to achieve them, individuals can improve their performance and achieve the success they desire.
Creating a plan involves several steps that must be followed to ensure the success of the plan. First you determine your goals. Conduct research and analyze data to identify potential obstacles, opportunities, and resources necessary to achieve the goals. Once the research is completed, develop a plan to achieve the goals and objectives.
The plan should include a timeline, tasks, budgets, resources, and stakeholders involved. You can use a simple project man tool to help you create and manage your plan.
The plan should be reviewed regularly to ensure that it is on track and to make adjustments as necessary to achieve the goals. Additionally, the plan must have a method for measuring success and reporting the progress to the stakeholders.
Creating a comprehensive plan requires careful consideration and collaboration among all stakeholders, which can help ensure its success.
So, these are all activities associated with your goals and associated with your vision, your mission, which when all put together, is a plan.
Big companies usually come up with three-year, four-year, and five-year plans… maybe not five-year plans anymore because every industry is changing so fast that it’s hard to plan out that length of time. That being said, they usually have long-term plans like that and then they just revise them every year.
A plan should also include what your accomplishments will be, what your milestones will be, and what your financials are going to look like. What will your financial prospectus look like? Meaning what are your target profits? What is your target income? What are your target expenses?
So… when starting out a business or when starting out in anything, make sure you have a plan. As I said, if you fail to plan, you plan to fail.
Disclosure: I may receive affiliate compensation for some of the links at no cost to you if you decide to purchase a paid plan. This site is not intending to provide financial advice. This is for entertainment and information only.
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