Welcome to….. RI Module 409: Business Development Course Objectives: Upon completion of this course, you will be able to: • define the difference between a goal and an activity. • formulate an effective and measurable business plan. Course Objectives: • determine when a personal assistant is needed, develop a budget for hiring, and develop a job description for an assistant • identify professional networking opportunities • identify ways to retain current clients and make them permanent, i.e. “clients for life”. Building a Positive Professional Image: *Show consideration *Self-confidence *Communication Mission Statement & Establishing Goals A Mission Statement Allows You To: • 1. Examine your innermost thoughts & feelings • 2. Clarify the purpose of your life • 3. Identify what’s really important to you---in your business and your personal life Developing & Writing Your Mission Statement: Setting Goals: “If you fail to plan, you plan to fail” How Do You Get To Rockefeller Center? Short-Term Goals: Achievable Measurable Deadline-oriented Compatible with long-term goal Should be in writing Long-term Goals Require Decisions Regarding: 1. 2. 3. 4. 5. 6. Money Hours of work Sacrifices Relationships Health & recreation Other time commitments (volunteer work, etc.) 7. Spiritual needs A Successful Business Plan Includes: • • • • • • Goals Objectives Action Plans Daily Actions Personal Promotion Plan Budget My Five Business Goals Are: Write them down on Page 14 Now Prioritize Your Five Business Goals Write Short-term Goals and Action Plans for Your Top Two Goals Starting on Page 16 After Class, Complete the Balance of Your Goal Writing Constantly Evaluate Your Goals Ask yourself: What have I found to be the toughest aspect of writing and sticking to goals? What can I do to overcome this obstacle? Complete Your Financial Analysis Beginning on page 20 If you completed it prior to attending class, give yourself a well-deserved break! What Did You Learn from Completing the Financial Information? Business Sources and Networking Identifying your SOI---Sphere of Influence! My Top Three SOIs Are: 1. 2. 3. (enter them on page 28) Develop Your Marketing Plan Personal Assistants and Groups/Teams The “Dream List” of Tasks for a Personal Assistant include: 1. 2. 3. 4. 5. 6. 7. 8. Questions to Answer Regarding a Personal Assistant 1. 2. 3. 4. 5. 6. 7. Full or part-time? Activities to perform? Skill sets required? Resident in office or virtual? How to compensate? Time/patience to train? Write out a job description Attracting, Interviewing and Selecting An Assistant Should You Hire a Licensed or Unlicensed Assistant? Benefits of Working as a Team: 1. 2. 3. 4. Detriments of Working as a Team: 1. 2. 3. 4. Planning Your Budget Projected Annual Income Goal Projected income goal $____________ divided by 12 = $__________ average per month to reach my goal. Each month, I must sell ____ # of homes (sides) at an average sales price of $___________ in order to meet my monthly projected income of $_____________. Prioritizing Your Time to Generate Business Determining the Cost of a Transaction Side Last year’s expenses divided by the number of transaction sides you did (one side per listing; one side per sale) Example: $36,000 expenses divided by 20 sides = $1,800 cost per side Projecting Income and Closed Transaction Goal 1. Use last year’s production as a “benchmark” a. Last year’s income _________ (a) b. # of closings last year _______ (b) c. __________ (a) divided by _______(b) Equals _________________ (Average Income Per Closing) Projecting Income and Closed Transaction Goal 2. Estimate the number of closings necessary to meet next year’s income goals a. Income desired ____________ (a) b. Average Income Per Closing __________(b) c. __________ (a) divided by ____________(b) Equals _________________ (Total Number of Closings Needed to Reach My goal) Finalizing Your Business Plan ---on page 42 Your Daily Planner Question: What do you use and how is it working? Your “To Do” List ---on page 44 Time-saving Tips: What Works for YOU? Name Three Steps You’ll Take to Implement What You’ve Learned Today: 1. 2. 3.