5 Reasons Why Every Property Management Business Owner Should Implement Business Systems
Business systems are frameworks designed to manage a company’s processes, policies and procedures, while at the same time continuously enabling improvement. Business systems are essential to your success because they allow your company to attain consistent and measurable results, which benefit customers and team members. The result is reduced costs, increased revenue, and steady growth.
Taking the time to critically examine each step of a process or procedure and creating a record of it becomes invaluable, as you are at the same time determining which areas need improvement. The goal is to get you, as the business Owner, to stop doing the work yourself, and instead focus on the big picture. Implementing systems ensures knowledge retention, business continuity and employee retention. This means you will be able to work on properly scaling your business while resting assured that your team does the actual work, with the help of these reliable guides.
Don’t forget that business systems must be regularly reviewed for efficiency and accuracy, and improved as business practices evolve.
Here are five ways effective business systems contribute to your success:
- Maintain consistency.
You can keep your services within the same level of quality using business systems. Once you’ve created your systems and documented the sequential steps, your employees will be able to consistently follow the proper procedures.
And when that fails, systems make troubleshooting issues much easier. Whether it’s maintenance coordination, leasing assistants, marketing operations, employee training or any other area of property management, you can clearly see the root cause of problems and their obvious solutions.
- Change is less difficult to implement.
Systems help you make a business more predictable. So, when change affects your business — which is very common — knowing which business systems need to be modified becomes easier. You will be aware of the current work process and will be able to predict how change should be handled while maintaining your systems.
Your systems will be easier to monitor once they are part of a flow chart or written as a set of sequential tasks and procedures to follow. Tasks will be completed correctly and efficiently, and changes will be addressed more quickly.
- Training new employees becomes easier.
When there is a written set of procedures for new hires to follow and they know exactly what is expected of them, they can be quickly integrated into your Property Management Business.
When you have a measurable set of guidelines to review, you can easily implement KPIs for the new employee, making it easy to determine their performance.
- Enable employees to focus on what they do best.
When attempting to complete a project by a specific deadline, you will want to avoid any problems that may arise. We suggest designing business systems that best match the available employee talent. Allowing people with specific skills, knowledge, and abilities to be in charge of certain aspects of the business results in higher quality work; everyone can then focus on what they do best.
- Added value.
You gain leverage by automating, delegating, and systemizing your business activities and functions, which is essential for creating and scaling a high-growth Property Management Business.
Even if you’re just getting started, you should develop a systems mindset before hiring your first employee or subcontractor. It’s the key distinction between being self-employed and being an entrepreneur.
Over the years, I have assisted hundreds of property managers in increasing profitability, implementing strategic planning, employee training, systems, and setting future goals. They all shared one feature. They wished to reduce confusion, improve clarity, and boost operational efficiency.
Which of the following statements apply to you?
- You want your company to run more smoothly.
- Employees want more clarity on who does what and why.
- You’d like to improve your employee accountability chart.
- To advance to the next level, your company’s projects must be more efficient.
- Meetings in the workplace should be more purposeful.
- You want to increase or improve your key performance indicators (KPIs).
- You want to improve your company culture by establishing meaningful core values, a mission statement, and long-term goals and vision.
If one or more of those are relevant to your Property Management company, our Build SMART Course might be useful for you. Contact us to discuss how we can help your business thrive!