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REALTOR Mag 3 Business Plan Blunders and How to Avoid Them ‘A business plan is crucial for building an efficient, profitable business strategy. But by avoiding common pitfalls, youll be able to set your business. ‘onthe right pathin the coming year ‘ToRR.2008 [8 IDILEV Lets be honest: Sometimes no matter how nard you plan, you just dont get th ls you wan [Abusiness plan can help you seta strategy for the year and outline the goals you want to achi Ist of your unaccomplshed objectives? fo But how ten do so many business plans become marely 2 Itoften bois down to three main reasons: unnecessary complexity, lack of focus, and itl to na metivation. Realng thi, you can make adjustments in these three areas to avoid such common mistakes and formulate an iteligent business plan that gets you resus. Problem ts your business plan oo complex? Most business plans designed for realestate professionals have too many moving parts. ter all, most practitioners do not come from business backgrounds and have no taining in even wring a businss plan (see Howto Approach a Gusiness Plan Makeover for some general guidelines). Therefore, a common problem f to error on the side of providing way foo mich deta But the more complexaand detailed is, the les kel you wilbe able see though al ofthe gobbledygook to realize your main objectives. Solution: Keep it simple and in e28y terme. Oon't reduce the goals n your plan ta mere acvies, The are too many possible actives to choose trom! Its too cumbersome to track each tsk, and there are loo many fo focus on atone tine. Out of frustration or contusion, youl simply stop the planning process or stop using the plan. Maks sure your business plan includes only what you need fo manage your business. Problem 2:Are yu focused enough? Irs easy to lack focus if you have so many deals in your business plan that theyre competing for your attentan. A change 1 a simple, single focus allows you Solution: To improve your focus, reduce your measurable goals in your business plan to inal appointments with new clients, and stop there. De not

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