PLANNING FOR SUCCESS
IMAGINE YOU’RE AT A DINNER PARTY in 12 months’ time and someone asks you to explain your business to them. What will you say? Is that explanation any different to what you would say if they asked you today?
WHAT ARE the differences between your business now and where you want to be in 12 months? And how did you get there? These simple questions can help you to identify your goals, clearly and concisely, for the coming year.
In order to achieve your goals it is important you have a realistic and measurable plan in place. To create this plan, segment your business into key development areas and allocate measureable KPIs for each quarter of the year. Implementing a structure like this allows you to measure the course of improvement and business development over the coming year.
Let’s look at some of these key areas.
Businesses create financial targets for the year, but often neglect to include a plan of how they will reach these goals. Without a tactical approach you are likely to proceed with business as usual, which will not produce the financial goals you desire.
If you are looking to increase your revenue over the course of the coming year, find additional revenue streams for your business. This could include hiring another property manager to increase your property portfolio, or appointing a dedicated business development manager. Consider how these different revenue streams contribute to your overall goal.
CUSTOMER SERVICE GOALS
Quality customer service is a simple yet proven method to improve your business profile and your revenue. What differentiates your business’s customer service offering from that of your competitors? Increasing your customer communications or using online owner and tenant portals could set you apart from the competition.
All property management businesses have a wide range of processes, but are yours the most effective method for completing your workload? Continually reviewing and improving your processes will ensure you are working in the most efficient way possible. Process goals can also include the implementation of technology, to automate your manual tasks and reduce the time spent on each job.
STAFF LEARNING AND DEVELOPMENT GOALS
Your staff are the foundation of your business, so it’s important you invest in their personal and professional growth. Implementing a training program will help upskill each individual, which in turn aids your business’s progression and performance.
These areas are a great starting point for your yearly business plan. Once you have identified these, start to plan for the long term as well. Where would you like to be in three or five years? Implementing, actioning and measuring your yearly strategic plan can help pave the way for your long-term business success.
BUSINESSES CREATE FINANCIAL TARGETS FOR THE YEAR, BUT OFTEN NEGLECT TO INCLUDE A PLAN OF HOW THEY WILL REACH THESE GOALS.
ALISTER MAPLE-BROWN is the CEO of leading property management software provider Rockend. For more information visit rockend.com.au.