One of the first things they teach you in a business class is the importance of conducting a SWOT analysis – that is, identifying the Strengths, Weaknesses, Opportunities and Threats of your property management organization. But when is the last time you actually sat down, rolled up your sleeves and really examined these areas? The truth is, even if you did engage in such an analysis way back when, things may have dramatically changed since then. A refresher can help ensure that you’re positioning your business for continued success. Need a refresher? Here you go.
First, identify what is working best for your company. In what areas are you firing on all cylinders? Where are you seeing the most success in terms of lead generation, conversions and repeat business? What things set your property management firm apart and make you better than your competition? The list you come up with will be your strengths. These are areas where you may want to invest more money to produce even better results.
Now, flip that coin and take a good look at what’s not working. Where are you not seeing the results you were hoping for? What areas of your business simply aren’t running smoothly? Are you experiencing high turnover? Is your website outdated? Are your social media efforts not garnering as much engagement as they should be? Perhaps it’s time to make some changes in these areas. One of the biggest reasons organizations do not achieve their fullest potential is because they fail to recognize areas of weakness. Remember, you can’t fix what you don’t see as broken.
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Next, determine how embracing your strengths and addressing your weaknesses can bring your property management firm to the next level. What could your business achieve if you beefed up your marketing efforts? What emerging markets could you tap into if you allocate enough of your budget to that area? Most importantly, when these opportunities are defined, they should then be fleshed out into strategic objectives and clearly communicated to the entire company.
Finally, to reap the full benefits of a SWOT analysis, you’ll need to also identify what barriers are standing in the way of achieving your goals. Threats can come in many different forms, whether it’s competition with another property management company in your area or a lack of leadership from within. Pinpointing what’s standing in the way of greater success will allow you to develop an action plan for overcoming these obstacles.
When it comes to making sure that your property management firm remains a step ahead, keeping your finger on the pulse of operations is critical. Conducting a SWOT analysis every so often can help keep your business performing at its very best.
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