How to Prepare
a Business Plan
By David Murphy, SIOR, CCIM
“It’s not the plan that’s important, it’s
the planning” – Graeme Edwards
In this uncertain commercial real estate environment, suc-
cessful brokers need to create a road map of where they are
and where they want to go.
I frequently have the opportunity to mentor aspiring brokers
trying to break into the commercial real estate field. When
I ask a new agent what his or her goals are, too often I hear,
“To make a lot of money,” or “To be the best agent in the market.” Unfortunately, new agents fail to take the extra step of
quantifying what “a lot of money” or “being the best” agent
means to them. Fewer contemplate why they want to achieve
these goals and whether these aspirations square with their
inner motivations. Unfortunately, even experienced agents
spend most of their time reacting to calls, putting out fires,
and doing the same things they have done in the past that
made them successful without giving thought to what direction they are heading in. When they fail to gain market share,
they blame it on the market or on luck. In reality, they never
had a concrete strategy in place to improve their business.
Why Create A Business Plan?
If you are reading this, you are likely a successful commer-
cial real estate practitioner. Your experience and knowledge
of the market will ensure that you receive your fair share of
business. Do not rest on your laurels. Your competitors are
evolving and becoming more proficient every day. To reach
your full potential, you must have a road map that tells you
where you have been, where you are, and what direction you
are heading in.