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Do’s and Don’ts of Creating an Innovative Business Strategy in 2019

By Mitchell Vinnitsky

Do’s and Don’ts of Creating an Innovative Business Strategy in 2019We may already be well into 2019, but it’s never too late to start thinking about innovation. In fact, even if you haven’t had the time, energy or direction to create a business strategy yet, it’s entirely possible to do so - even this late in the year. And don’t worry – you’re certainly not alone. Many other property management company owners and leaders are finding themselves in the same boat. The good news is, you can right your ship today by focusing on the following three areas and some do’s and don’ts for each.

Mission

If you’ve been in business for some time, chances are you already have a mission statement, but it may be time to start thinking bigger. For instance, rather than just describing what your property management company does, you may want to drill down and define details such as the kind of impact you hope to make on your customers and how you’d like your company to be known.

Your mission statement should not include specific financial goals, but rather focus on a deeper, more meaningful objective, such as being “passionately committed to helping property owners achieve their goals.”

A few well-known examples of great mission statements include Nike, which has a mission “To bring inspiration and innovation to every athlete in the world,” or Intuit, which focuses on “Powering prosperity around the world.”

If you haven’t yet come up with a mission statement or the one you have could use a little tweaking, start by spending a bit of time thinking about how you want to impact the world around you. This should help put you in the right frame of mind and get your creative juices flowing. Once you’ve nailed down your new mission, share it with everyone, both internally as well as on your website.

Vision

Unlike your mission, which describes your company’s overarching purpose, your vision statement should be focused on the future. In other words, what is your firm’s future position? What do you aspire to become or to accomplish? A strong vision should be emotional, inspiring and large-scale.

Take Ford Motor Company, for example, whose vision is “To become the world’s leading consumer company for automotive products and services.” Or Southwest Airlines, which aspires “To become the world’s most loved, most flown and most profitable airline.”

As you can see, a vision statement is often quite lofty in nature. Will you eventually become the most trusted resource in the property management industry? Maybe not. But when you set that as your vision, you and your employees will have something ambitious to pursue. And even if you don’t quite reach that pinnacle, you’ll still accomplish a lot along the way.

Developing a good vision statement should involve dreaming about what could be possible. It also typically covers how you’d like your business to be perceived. As you brainstorm, try not to be too broad and keep the final statement short, sweet and powerful.

Strategies

Once you’ve defined your mission and your vision, you can move on the last step: developing strategies for achieving those goals. You now know who you are, who you want to be and where you’d like to go. Now it’s time to figure out how you’re going to get there.

To help you with this step, here are a few examples of strategies that support a mission and vision.

  • Increase client satisfaction
  • Improve on or create a new property management service
  • Add a new niche to your book of business
  • Change your pricing structure
  • Create an app and/or design a new service around it
  • Increase or add additional streams of revenue
  • Diversify your customer base
  • Discontinue a certain service or client type
  • Improve customer communications
  • Adopt a new technology
  • Open a new location
  • Enhance internal culture
  • Grow your team
  • Adopt or improve on internal training
  • Improve digital presence
  • Purchase additional assets, such as new equipment or a new building
  • Expand to additional locations

These should, at the very least, help you to pinpoint some of the various things you can do over the next several months that will help get you to your goals faster.

What are you waiting for? Start innovating!

Tagged Technology, Property Management, Communication, Engagement

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