Reading Jeff Turner’s and Gahlord Dewald’s posts prior to reading this one will help put what I’m about to say into the proper context.
So, I’ve attended dozens of real estate conferences over the years, from small intimate Bar Camps to the multi-day extravaganza that the National Association of Realtors puts on at its Annual event drawing thousands of real estate professionals.
Sessions are often lead by people who shell out tactical advice on how implementing “X” into one’s business will yield “game changing” results. I watch attendees leave these events, heads swimming, as they reflect on all of their newly acquired knowledge; thinking about which products and services will take take them and their business to the “next level” and how they’re going to implement it all. . . tomorrow.
Unfortunately, this is backwards… really backwards.
The traditional real estate conference has fostered an environment of tactical addiction, where all of the focus is on how to use and abuse a myriad of shiny new things, products and services. There is little to no focus on actual business strategy that can help qualify any of the tactical advice you’ve previously received, even applies to your business.
It’s time to Refocus.
By the time you reach my session “Key Activities, Resources and Costs”, you should already have ideas around the following (and more):
- Who you’re really building value for.
- What problems you’re trying to solve.
- What channels you’re going to communicate these values through to your customer.
- How you’re going to build and maintain relationships.
- How you transform these values into revenues.
Now that your context has been pried open, we’ll begin to facilitate the identification of the activities and resources that are required to fulfill your Value Propositions, Channels, Customer Relationships and Revenue Streams.
We’ll help identify your businesses most important costs, which activities and resources are the most expensive, yield acceptable returns as well as briefly dive into various cost structures.
To get your mind moving… Key Resources may include things like intellectual property, people who help set company culture and/or office space. Key Activities are those things that you need to do day to day to succeed.
Remember, all these things relate back to the other blocks on your business canvas. As you identify certain things in one block, what you thought belonged in other blocks are likely change.
Your canvas will become a living, evolving framework for your business.
It’s important to note that we’re not here to give you answers. We’re here to help raise questions. We’re here to move you to think critically about vital components of your business, regardless of which aspect of the industry you serve.
Expect to be challenged.
Expect to be pulled out of your comfort zone.
Expect actionable results.
Expect to see your business and greater industry in an entirely new light.
This will be a fascinating and deeply personal experience.
You will be covering material not taught in conventional real estate-related schools or continuing education courses… the process and results are far more actionable, lasting well beyond your two days at RETSO.
Once we’ve completed our session, Daniel Rothamel will guide you through the “Key Partners” block of the business model canvas.
It’s time to Refocus on how you view and evaluate current and potential vendors, products and services.