Why a quarterly business plan review is a good idea

You’ve heard me say before that having a business plan is an absolutely essential part of getting to where you want to be in life. But no matter how good of a plan you make, at the end of the day, it is still only a plan. That means it is meant to be followed, adjusted, and revisited in a regular business plan review, not written and set aside. That is what this business plan review is for.

It’s the role of a good coach to not only give you business plan tips, but check in on your progress and keep you on pace, so that’s exactly what I’m hoping to accomplish here in this blog.

According to your business plan, the strategies you’ve put in place so far can either:

• Launch you to where you want to be (if you refine them) or
• Send you spiraling into a crash (if they’re left unchecked)

It’s probably fair to say you’d prefer the first one, right? In that case, I’m giving you one of my favorite simple business plan review techniques. All you have to do is get all your numbers ready, pull up your business plan, and answer 20 questions.

Got everything ready? Then let’s get started.

How often should a business plan be reviewed?

Your business plan should be reviewed at least once per year. In today’s fast paced business world, it is easy to get caught up in the day to day operations and lose sight of the bigger picture. That is why it is crucial to schedule regular business plan reviews. Updating your plan annually helps ensure that your company stays competitive and on track to meet its long term goals. With so much at stake, you cannot afford to wait until the last minute to sift through all the numbers and make necessary changes. By reviewing your business plan regularly, you will be able to identify areas of improvement and make strategic adjustments. Do not let your plan become a static document. Keep it alive and thriving by scheduling regular reviews.

What business plan questions should you ask in a quarterly review?

The best business plan questions for a quarterly review are the ones that connect your daily activities to your long term goals. Start with questions about your purpose, your role, and whether your activity level matches your ambition. The right business plan questions force you to compare your goals with your actual results, so you can see what is working, what is not, and where to adjust your time, systems, and marketing before the next quarter.

Why is a business plan review important for real estate agents?

A structured business plan review is important for real estate agents because your market, your inventory, and your personal goals are always changing. When you pause to review your numbers, ask hard questions, and look at your plan with fresh eyes, you can double down on your strongest lead sources, cut what is not working, and make smarter decisions about your schedule and expenses. Over time, this rhythm of review helps you create more predictable income, a better client experience, and a business that supports the life you actually want.

How to review business plan results at the end of the quarter?

The simplest way for how to review business plan results at the end of Q1 is to gather your key numbers, compare them to your targets, and then update your plan for the next quarter. Begin with closed units, volume, and GCI, then look at your conversations, appointments, and conversion rates. When you focus on these levers, you will clearly see how to review business plan performance, where to raise your standards, and which specific actions to commit to before Q2 is over.

Business Plan Review Questions to Ask Yourself

As you work through this list of business plan questions, remember that every honest answer gives you more clarity and more control over your future.

Question No. 1: What’s your WHY? This is something you should already have written in your business plan, but it’s a question worth repeatedly asking not just at the end of every quarter but every day. So look at what you wrote down in December and then ask the question again. Has your answer changed? It’s okay if it has but make the adjustment.

Question No. 2: What’s your role?

Define your job, because your job title defines how you approach both your work and your business plan review. Are you operating as a real estate agent or like the CEO of your company?

Question No. 3: Did you make enough money to achieve your WHY?

Before we dive into any of your actual numbers, let’s establish a monetary value for your WHY. Not everything in life has a price tag: love, peace, honesty… But most things do, or at least money plays a role in them. Maybe you want to pay for your kid’s college. Maybe you want to start investing in properties. So ask yourself if over the last three months you’re on the right track for these goals and what being on the right track would actually look like.

Goals vs. Reality

Now we move into the part of the business plan review where you compare what you wanted with what actually happened.

Question No. 4: Units Closed vs. Goal Units Closed?

Question No. 5: Volume vs. Goal Volume?

Question No. 6: GCI vs. Goal GCI?

Question No. 7: What’s your average price per listing?

Add up the sum total of what all your listings have sold for and divide by the number of listings taken.

Are You Following Your Plan?

Any powerful business plan review must also look at whether you actually followed the plan you wrote.

Question No. 8: Are you using all the lead sources you said you would on your business plan?

Question No. 9: Which lead sources are you underutilizing?

Question No. 10: Have you put in place the systems you wanted to have by Q2?

Question No. 11: In what ways do you need to adjust your plan to catch up to where you want to be by Q3?

Question No. 12: Expenses vs. Income. Are you staying in the right range?

If not, how far off are you and where is that money going?

Finding Your Personal Metrics

This is the section of your business plan questions where you turn vague goals into concrete, trackable numbers.

Question No. 13: How many conversations did you have?

Then break this down to how many you had each day, week, and month. Create a daily average.

Question No. 14: How many appointments did you take?

Question No. 15: How many conversations does it take you to get an appointment?

It’s simple division that creates massive predictability for your business. You should know this number and live it every day. Remember: Appointments are the only currency that matters today.

Question No. 16: How many appointments does it take for you to convert a listing?

Important Questions to Have Framed in Your Office

These final business plan questions are so important that I want you to keep them visible in your workspace.

Question No. 17: How much money do you make from each conversation you have?

Divide your GCI by the total number of conversations you had. Then take this number and put it somewhere that you and every person on your team can see every day. When you do not feel like making your calls, just remind yourself that this is how much every call is worth to you.

Question No. 18: What went well for you in Q1 and how can you do more of it?

It is important to not only focus on where you have fallen short, because your strengths are what you need to rely on here, which means it is important to know what they are.

Question No. 19: What do you need to stop doing and leave behind in Q2?

It is time to strip away all the baggage that is slowing you down, whether that means it is time to hire someone or maybe it is a lifestyle habit that is getting in the way of your success.

Question No. 20: Are you getting the support you need?

In my 35 plus years in this business, I have never seen anyone figure everything out by themselves. Even for people who are thriving right now, imagine what you could do if you had professional support to guide you on your journey.

My guess is, you would learn that you are not setting your goals high enough. Because we do not know what we are capable of until we have a valued mentor bring it out of us, push us to new limits, and show us the blind spots we cannot see for ourselves. So, if you are ready to take this next step and fully commit to becoming the best version of yourself in Q2 and beyond, self schedule a free real estate coaching consultation right here. It only takes about an hour and might just change your life.

Recap: Business Plan Review FAQ

Need to create a business plan first?

We have made it easy to gain immediate access to our acclaimed seven point business plan template, essential tips on fostering the right mindset to conquer today’s volatile market, the chance to arm yourself with the knowledge and tools to thrive, and more insights from Tom Ferry.

If you are still learning the basics of what is a business plan or how to write a business plan, start there so you have a clear foundation before you measure your progress.

Once you have your real estate business plan mapped out, you can adapt the same structure for a realtor business plan or a realty business plan that fits your specific market, team, and growth goals.

If you would like more business plan tips or to use our planning resources, follow this review, and repeat the process every quarter to stay on track.