Where Are You In The Stages Of Business Development Right Now?

Where Are You In The Stages Of Business Development Right Now?

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A real estate agency, like any other business, will go through many stages over its lifetime.

There will be the heady days of pure life, the point of no return, which is survival, and, perhaps, the delicious taste of triumph.

So, what are the stages and how do you transition from one to the next?

 

The Five Business Stages

No matter what industry you're in or what services and products you offer, according to Harvard Business Review, there are five basic stages of business.

These are some of them:

Existence — When your company is in the early stages of development, passion is high and ambitions are high. You might be performing a lot of the work on your own or with a small team at this time.

Survival — At this point, your company is either breaking even or making a tiny profit. You might have a small group of people working for you, and you're having some success. It's one of the busiest times in any organisation, especially if that team is juggling many responsibilities.

Success - Success is rewarded with reasonable profits and a certain level of comfort. Many agencies succeed and happily stay in this period, which allows them to manage their personal and professional lives while earning excellent money.

Taking off – Your company has reached a whole new level at this point. The financial payoff is substantial, and additional prospects in the form of expansion may present themselves.

At this point in the business cycle, the leader may decide to stand down. They could also have many managers in charge of different departments.

Maturity - A mature business has a demonstrated track record and is stable. The question then becomes how to stay current and reinvent yourself as needed.

 

The Transition From One Stage To The Next

As simple as it is to discuss the many stages of business, the real challenge is: how can you move your company from one level to the next?

Whether you're a solo agent or an agency seeking to step it up a notch, ramping up a gear entails knowing where you want to go, reverse engineering the result, and then putting in place the processes and procedures required to get there.

And this occurs in a variety of ways...

Goals

Whether you're wanting to establish a team, start a business, or expand an agency to numerous locations, knowing where you want to go is always the first step.

When you know what you want to do, you can start reverse engineering the outcome to figure out what steps you need to take.

Success Expanding

Compounding previous results is one of the most difficult difficulties for any agency or organisation wanting to take the next step.

That's why you need to break down what has worked in the past for your company to figure out what more has to happen to get you to the next level.

Marketing

Whether you're a one-person shop or a multi-national corporation, marketing is essential to your success. To stand out from the crowd, you must invest in it and define your point of distinction.

And, to avoid stagnation, you must always provide value in your marketing and reinvent as needed.

Technology

Your company should be able to run more efficiently while also improving the customer experience if you use the correct technology.

Embracing technology, like anything else in business, can be a long process, but it must address a clear problem that allows you to streamline your operations and better serve your consumers and sellers to advance to the next level.

Support

It's crucial to have peers and mentors you can bounce ideas off no matter where you are in your business journey.

These individuals will assist you in staying true to your business objectives, provide insight into what is required to go to the next level, and advise you on how to get there you want to go faster.

 

 

Is it time to move on to the next stage?

Realestate Uno can assist you in moving forwards in any of the five stages of business. More information is available here.

 

 

 

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