In A Growth Phase? 5 Business Planning Tips for Teams
A period of growth is exciting, but proceed with caution until you have a fully developed business plan. The Agency’s Mauricio Umansky outlines his advice for building a team that will find continued success in 2022
One of my favorite quotes by Napoleon Bonaparte, and one that I employ in my daily business practices, is, “Dress me slowly, I am in a hurry.”
What this means is, it’s always important to take your time in preparing before rushing head first into something without a fully thought out strategy and plan.
For any team seeing massive growth, first and foremost, I would caution them to think of this quote before forging ahead. Advancing your team and your business is a thrilling time and involves a lot of collaboration as you bring in field experts to help service your clients and your agents appropriately while also maximizing the momentum you’re experiencing.
Below, I have outlined five tips for teams that are in the growth phase to consider during this exciting chapter of their business.
One of the most important things the leaders of a team need to consider before growth periods is if their model allows for future scalability. To be successful in a growth period, there must be plans in place to ensure that the current model is sustainable as you grow.
I have learned as the leader of a brokerage that to make growth successful, I need to be mindful that what we are offering is sustainable and scalable.
Be sure to take stock of what you offer to agents that join your team and have plans in place to grow your resources as the team grows. One way of ensuring the plan is airtight if you don’t feel as comfortable as others in creating financial models and the like, is working with a financial or business planning expert.
It can be very exciting when your team starts seeing massive growth and agents from within your brokerage and other company’s believe in what you are working towards and want to join the group.
As Napoleon advised, it’s important not to rush ahead without thinking through each step thoroughly. As each member of the team will be a direct representation of you, it is important to make sure that you have a well-planned vetting system to ensure that your team will comprise the right agents who all share the same goal and vision and hold themselves to your moral and ethical standards.
The same can be said if your team is in a recruiting phase. Whoever joins your team needs to be the right fit. Just make sure when you are pushing forward, that you don’t forget to do your due diligence.
As your team and business grows, it’s important to identify key needs and services and then address those needs with appropriate staffing and resources. As real estate agents, you have to wear many hats when starting your business, including marketing, lead generation, transaction coordination and more.
Recognizing what areas of your business are growing and where experts can be hired to alleviate any stress and appropriately service the client and the growing number of agents is crucial during the growth process.
Part of your scalability plan should involve a staffing strategy for your growing team to have access to all the resources they need. Be sure to follow these plans as you grow as you never want to under deliver on something you have promised.
There are a lot of nuts and bolts to consider when your team is growing that can sometimes be overlooked as enthusiasm and excitement takes over. Be sure you have great operational support staff as you grow who will handle items like office space, technical set up and support, onboarding and more.
Setting your new agents up for success is the best first step you can take and a positive process will leave a lasting impression.
If your team is welcoming newer agents, be sure that you have the right educational support systems in place. This will ensure that new agents can grow and flourish under your leadership, and have the tools to become the next top producers.
Educational resources for agents can come in many forms — be it a mentorship program, tools your brokerage offers, weekly meetings or recommendations for coaches and learning programs.
Additionally, make sure that as a leader of a team you carve out time to connect with your agents should they have any questions or issues they need assistance with. Spending time nurturing your team will result in a loyal and successful group.
Growth is a very exciting time for the leaders of teams as it signals to them what they have built is resonating with others and they are excited and want to join the mission.
As with any teams that are growing swiftly, or on the verge of growth, I advise them to lay the foundations for success and to always remember what Napoleon taught us.
If you want to create something that is built to last, make sure you do it thoughtfully, slowly and methodically. This will allow you and your team to go from strength to strength and achieve great success.