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How Strategic is your Strategic Plan?

by Marilyn Wilson on March 15, 2012

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The real estate industry is in a state of flux – many of the rules as we know it are changing before our eyes. Demanding consumers now require a lot more from their agents. Agents expect more from their brokers. Brokers believe their Associations and MLSs need to do more to help them survive. Every group in the real estate “food chain” is at risk of becoming overpriced, irrelevant or both by the changes before us. So what is YOUR organization doing to prepare for the inevitable changes being thrust upon it? Is your group looking at “worst case” scenario planning?   Are you consciously thinking about all of the entities that may threaten your very existence?   If you are thinking about the threats to your businesses, are you thinking about how to proactively prepare for the worst?  Are you thinking about ways to shore up your organization and even make preemptive strikes to fend off potential new competitors? Let’s start at the beginning.  Does your organization conduct a strategic plan annually?   If so, do you talk about tactical, evolutionary changes or do you question everything about?  Do you think about your business models?  What about your leadership or governance structures?   Do you critically evaluate whether your company is truly poised for growth? Does your business  have the resources, human or otherwise, to implement breakthrough new strategies you may be considering?  Do you think about where you’re spending your money and whether you know if the monies are truly providing the return on investment that you would like? Importantly, when you think about yourself as a leader, are you truly open to embracing the potential for fundamental changes to the way you do business or are you trying to make the current models “fit”?   If you are open to changes, are you putting together a strategic planning initiative that will help others around you understand the need for evolution and maybe even “revolution”? Now here’s the even tougher question…when you look in the mirror can you truly say that you are leading your organization to be driven by the ever-changing needs of your customer base?   Are you as close to the needs of your customers as you need to be? When is the last time you listened to your paying clients tell you about what they really need from you?   Can you clearly articulate who your customer base is?  Do you […]