Include training in your long term strategy

For any business owner or manager, ensuring the continuing training and education of your staff members is incredibly important to the ongoing success of your business.  It is for this reason that training should be embraced as an integral part of any long-term business strategy. 

Every business, including real estate franchises, must handle different challenges that require us to alter the way we operate.  In many cases, such challenges can be seen as opportunities, if the timing is right and the resources are present.  But regardless of whether you view changes in the external environment as hurdles or chances for success, they are outside of your control and the success of your real estate franchise is dependent on your ability to adapt to them. 

Change for a real estate franchise can come packaged in many different ways.  It can be the result of technological innovation, which has the potential to alter the way your staff work, possibly even improving efficiency.  Changes to laws and regulations in the industry will also impact on what your agency is allowed to do and say, possibly forcing you to modify your business practices.  The list goes on – over the lifetime of a business, even the most successful companies must adapt to a huge number of modifications to the external environment in which they operate.

In order for your business to survive, it is important for you and your real estate agents to engage in training, developing the necessary skills to deal with new challenges and take advantage of the opportunities that can arise. 

The recognition of ongoing training is therefore an essential inclusion in any business plan.  Not only does this proactive approach recognise that your real estate franchise will have challenges that need to be overcome at some stage in the future, it also identifies the value that having staff whose knowledge base are current will add to a business. 

Many real estate businesses find it to be good practice to conduct a regular review, whether it be half yearly or yearly, of the macro challenges that the company could find itself facing over the next period.  These sessions allow companies to plan for the measures that will be needed to prepare staff to adapt to such environmental changes, and incorporate these into budgets and financial objectives. 

As any business owner will know, there are not many feelings worse than the knowledge that your organisation has been left behind.  Recognising that change will occur, and proactively planning so as to be able to take advantage of such challenges will give your real estate franchise a first mover advantage, allowing you to capitalise on changes in the marketplace as and when they occur, as opposed to after.   

 

Posted by George Tarbey on 21/06/2011 at 8:56 AM | Categories:

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