5 Common Business-Planning Pitfalls
As a KWU instructor, I love teaching other agents how to plan for success: It is by far one of my most rewarding experiences. And, as a real estate agent, I enjoy learning firsthand what works and what doesn’t. It allows me to teach with experience, not just conceptually. Throughout my career in the field and in the classroom, I have identified the cornerstone to a healthy, thriving business – and it is planning.
Stick to the System
What seems elementary can be challenging in practice, and can feel downright impossible without the right models and systems. Thankfully, Gary Keller has given the real estate and greater business community a guide to leverage: The Millionaire Real Estate Agent.
The book illuminates the road to earning and netting a million in annual income through a comprehensive, step-by-step model.
I know firsthand that success is not easy, and it takes a lot of hard work. Don’t make it any more difficult than it has to be. Read up on and commit to model, do the activities, and avoid these five most common mistakes
“Success is simple, not easy.” – BOLD Law
#1 – Thinking too small. No one trains for a marathon, and then on race-day says, “I’ll just run a mile and be happy.” If you are training for a million, go for the million. Once you remove the limiting belief that you can’t do it, you will see that you can in fact do it. So many people never reach their full potential because they don’t realize how great it is. Think BIG when you set your goals, and put the activities in place to reach them.
“The power behind having Big Goals is really about the power of acquiring Big Habits by beginning with the end in mind.”
#2 – Getting creative too soon. The MREA is built on one, large goal – netting a million dollars.
I tell people in every class, don’t be intimidated thinking you can’t do this. You. Can. Net. A. Million. if you stick to the MREA model. Don’t make the common mistake of picking it apart and getting too creative too soon. There’s plenty of room to be creative in how you do the activities, but the formula is your foundation.
“The reality about using models is that if you begin with creativity and then try to add a model, or if you try to add creativity to a model you haven’t fully implemented, you risk rendering the model completely ineffective.” – Gary Keller
#3 – Ignoring your business plan. Don’t set it and forget it. Business planning is an ongoing activity that goes beyond your planning documents. Show up for yourself every day, do the activities, and check in with your plan at least once a week to avoid operating in complexity.
“Life and business are complex, but the road to success in life and in business is paved with simplicity. All plans must be reduced to simplicity in order for us to be able to implement them. No one can live or operate in complexity for very long – lasting success always lies in our ability to reduce things to their simplest level.” – Gary Keller
#4 – Not being committed or held accountable to your plan. Establishing and writing down your goals is just a first step; the real work comes in adhering to the activities that will help you accomplish your goals. One way to be committed to your goals is to find an accountability partner, share the plan with them, and have them help hold you accountable all year long. Great accountability partners will not let you off the hook, because they care about your success.
“There’s a difference between being punitive and holding someone accountable. Accountability is simply awareness.”
– Lucas Sherraden, Regional Director, Keller Williams
#5 – Not having confidence. Have confidence in yourself and in the plan. Big goals will challenge you and may even scare you. That’s a good sign. Believe in yourself and accomplish all you set out to do.When you don’t create a functional business plan to keep you on track all year, you end up living below your potential. I want to empower you to see that you are bigger and greater than you think. It’s time to finalize your business plan, stick to it, and live a life by design, not by default.
Take COMMAND in 2020
If you’ve decided that 2020 will be your best year yet, set up your goals in Command. The function makes tracking all your business-building activities seamless. No need to maintain a separate spreadsheet to track appointments, listings taken, etc. The moment you log in, you’ll be able to see where your activities are at in relation to your goals.
Click below to follow the Kelle Guide. Go to Reports, then select the “Goals” tab.
About Joseph Klosik
Joseph Klosik is the current operating principal at Keller Williams Realty Charleston-West Ashley in Charleston, South Carolina, and a KWU instructor. Working alongside his wife Lynne, in business and in life, Klosik has been with Keller Williams for 18 years. With a strong desire for empowering agents in his market center, he teaches business-building courses three to four times a month, while simultaneously running his own successful real estate business.