Morning! A helpful post for you on Business Planning - get planning your 2015! Business Planning 2015. This post will help you (hopefully) write a great plan for 2015. Can you guys add to this post so all members get great advice on planning and delivery, so we can hit 2015 running. My thoughts: Take time to write your plans, so that you have a great 2015. Remember Stephen Coveys advice (he is the author of The 7 Habits of Highly Effective People, a classic). Sharpen the saw. Meaning, take time to plan your year, make your tools the best they can be and you will get the job done well. When I write our plan, I focus on 4 things 1) The Headline Business Plan - ie how many houses, how much income etc, the classic 2) The Activity Plan - this is super important. What activity will I need to do to get to the headline business plan. So an easy example is - I know that Ash (our main sourcer) views 9 houses for every one he buys. So I need to plan the number of houses we want to buy * 9 to equal the number of viewings we have to do. That goes into the activity plan. Viewings, not houses bought. Because the houses bought drop out automatically if we do the correct number of viewings. So for me, the measurement of the activity plan is of much greater importance than the classic business plan. But to make it so, you need to measure your ratios - ie how many houses do I need to view to buy one, how many tenant viewings do we need to do to place a tenant etc. 3) Review Dates. I review the progress of our plan and work once a month, on the last day of the month. Make this happen religiously. 4) This is what I am doing this morning (duvet surfing, in geek heaven doing systems!!) though if someone could bring me a cuppa now, that would be appreciated.... Systems - all very well to have great plans, great work activity mapped out and review dates...but those plans and workload needs to be dealt with effectively, and efficiently. So this is where systems come in - if you do something more than once, start writing a system for it, rather than re-inventing the wheel. A good example is Tenant payment, tenant late payment process - we have a clear system we follow every month - I dont waste a brain cell on is, as it was written a couple of years ago... Templated texts for each message, where I put in the name and the amount. Templated letters, same thing. So it takes me a short time to chase laggers, with no thinking needed, as the system is planned ages ago. And, funnily enough, we have no bad debt, as it is a tight system.... There is a good book, The E-Myth, by Michael Gerber, which gives good insight into systematising a business. OK, longish post, but good content - can you guys bring your good comments and thoughts, so we get a quality conversation about business planning for 2015 - I think a lot of folks will be writing plans now and over the holidays and this could be very helpful. youtu.be/OI_vMu-MDQA
Posted on: Thu, 18 Dec 2014 07:30:22 +0000
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