Is the Vision Big Enough?

You know you need a clear vision of how you want your business to grow, but is the vision big enough to reach your full potential? When you can think beyond conventional real estate business models and explore other areas you may not have considered, you will realize some real business growth.

A common pitfall for principals is doing too much of the work themselves. You can’t scale if you are personally writing the highest percentage of your business numbers because there’s a limit to what you can do alone. Without a team of people working for you who can function in areas beyond listings and sales you miss out on other lucrative opportunities your business could be expanding into.

To give you some perspective, here are some scalability factors a venture capitalist looks for in an investment company:

• Diversified revenue generation with no one person generating more than 25%
• Multiple streams of income including sales, management, conveyancing, finance, and other diversified income streams
• Multiple locations overseen by a strong management team
• Consistent replicable systemisation for performance and profitability

There are always unexpected challenges beyond your control. A cohesive team can respond and execute properly if you have a plan in place and everyone is aligned with your vision and purpose.

Planning for business growth is an ongoing project. It requires regular review and updates to maintain focus and direction. A year of business planning will entail designating at least 13 days each year for team meetings:

• One two-day meeting each year to revisit your vision, direction and target goals
• Quarterly meetings to discuss major projects, actionable tasks over each 90-day period, and the Big Three for each team member.
• Monthly meetings to review the status of major projects, discuss opportunities and challenges, and ensure everyone is on track

Vision isn’t really about money and luxury. Vision is an inspiration that drives momentum and delivers exceptional service to your customers. You have to ask yourself what you ultimately want to create. Is the vision big enough, and can you actually do more? The greater the vision, the more you can accomplish.

I hope you’ve enjoyed this month’s Growth, Leadership and Management Tip, and I look forward to seeing you here again next month.