Last year was weird.
I bet your 2020 vision board didn’t involve sweat pants, elbow bumps, or toilet paper wars. However, it might have included record sales volumes and a growing client list, both of which 2020 delivered in spades.
If you began 2020 with intentionality and preparing for your big business boom, you were ready to accommodate the increased demand. Your continuing education hours were completed methodically throughout the year with courses that equipped you to execute your job with excellence. Your pipeline was refined, “touches” to past clients planned, and your marketing materials were streamlined and ready to roll.
Sound too good to be true? It’s not.
It is time to rewrite the old adage “good things come to those who wait.” The reality is, good things come to those who plan, prepare, and WORK.
One exercise that many successful business owners perform to evaluate their current position before planning a new strategy is a SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
To begin, take a piece of paper and divide it into four sections. Give each section one of these four titles:
In this section, write down things that you do particularly well or something that distinguishes you from other real estate professionals. Ask yourself what your competitors might see as your strengths.
Next, consider your weaknesses. Honesty is important in each step of the SWOT analysis, but it is of critical importance here. Think about what you could improve, and what practices you should avoid. Take time to examine why other real estate professionals are experiencing more success than you, what are you lacking?
What are some openings or chances for something positive to happen? Openings might arise through market developments, new technology, changes to government policy, changes to social patterns, population, and lifestyle fluctuations.
Need some ideas? Attend CCAR’s Blast Off 2021, a virtual event happening on January 19 and hear Dr. Adam Perdue, Research Economist at the Real Estate Center at Texas A&M University, discuss the economic relationship between Texas cities and regions, the distribution of economic activity within cities, and the impacts of public policy on urban life and real estate.
The virtual event will also feature a panel discussion with McKinney Airport, Texas Central, and the PGA, as well as a panel on race, diversity, and fair housing.
This section allows you to search and evaluate anything that can negatively impact your business. It is critical to anticipate and manage threats before they have a chance to stall your growth.
Don’t complete your “threat” square before hearing Blast Off 2021 speaker Trista Curzydlo, J.D. Curzydlo’s career as an attorney both in the courtroom and the State house provides her with a strong grasp on the “why” behind difficult legal topics while her experience as Legal Counsel for a Realtor association allows her to provide the “how” for risk management in a manner that everyone can understand and enjoy.
No matter what the future holds, the time you spend today evaluating your business and preparing for success will be worth the effort. To learn more about the 2021 Blast Off event, visit www.ccar.net/blastoff.