Planning for how you’ll run your company is not a one-time thing. A successful business plan may help you get going, but don’t forget that it requires continuous updating and revisiting. Think of it as a living document driving your strategy success.
Keep the below tips in mind to maintain a business plan that adapts to updates in the industry and your own business changes.
Market and competition research
A constantly changing property market requires flexibility from brokers. Keep up with trends and potential competition by adapting your business plan accordingly.
This includes watching out for opportunities to tap into. For instance, many mortgage brokers don’t focus on commercial clients. The typical broker arranges three of these deals per year, versus thirty residential loans, according to Deloitte research. See if engaging with this market could put you ahead of the competition and adapt your overall plan for greater focus in this area.
Monitor cash flow
Even if you’ve seen a lot of growth lately, figure out why. Include in your regular plan updates on any vendor deadlines or challenges, and figure out how often you’ve had cash coming in.
You can then create a cash flow forecast for at least each quarter, ensuring you’re covered for the near future.
What’s your unique selling point?
Every business needs a unique selling point – your way of approaching your products, services and clients that’s different than anyone else. You may have included something similar in your initial plan, such as a mission or vision, but it may be time to update it.
As a business grows and becomes successful, new unique qualities emerge, and you may find yourself going in a direction you didn’t think you’d go.
Start with these tips and re-evaluate your plan regularly. Just by having greater awareness of how your business operates, you can better plan for the future.
For more resources for your business, consider joining Finsure. Our network of brokers gains access to further education, marketing tools, admin support, CRM platform access and more.
Contact us today to learn more about what we offer.