Just a few short weeks into the New Year, you may still be in the process of defining and setting your goals for the coming months. With a stronger economy and much optimism for the future, most property management organizations are striving toward becoming more profitable.
But simply saying this and actually achieving it over the long haul are two entirely different things. In order to actually accomplish your objectives for the year, they have to be realistic. Otherwise, you will be setting yourself up for failure and won’t make any significant progress.
Let’s take a look at how you can establish profit goals that will successfully bring your property management company to the next level in 2018 and beyond.
Be SMART about it
One of the biggest mistakes executives make when planning for the future is being too broad with their goal setting. If your goals aren’t clearly defined, you’ll have nothing to measure your progress against, which means you can easily get knocked off track. The best way to approach goal setting for your property management firm is to use the SMART acronym, which stands for goals that are:
Here are a few tips for following the SMART criteria:
Define a specific, quantifiable goal
For instance, instead of saying you want to increase sales, specify by how much you want to see that number go up – say, 10%. Being specific in this way provides something to strive toward as well as a benchmark to measure against. Remember to be realistic about your goals. You want to stretch and aim high, but not so high that you’ll be unable to actually achieve them.
Next, define the specific methods you will employ to reach that target goal. So, in order to increase sales by 10%, you may plan to add a new service option, ramp up your outreach, expand into a new market sector, etc. This provides you with a roadmap that will help you achieve your goal.
Once you’ve identified your goal and created a plan for achieving it, the next step is measuring your progress. If you’re not hitting your targets, you may have to shift your focus or change your approach.
And lastly, assign your goals a time-based deadline. Saying that you want to boost sales by 10% but not defining by when can make it easy to drop the ball and lose focus. A goal isn’t really a goal until it’s got a deadline, so the last step in establishing SMART goals is to assign a specific deadline – say by the end of the year.
You may also wish to assign additional benchmark deadlines along the way. Sometimes breaking down a larger goal into smaller, more frequent objectives can help move things along better.
Measure, tweak and repeat
Once you’ve got your profit goals set for your property management company, it’s time to start tracking your progress. The more frequently you do this, the better you’ll be able to achieve what you’ve set out to do. This is important because it will allow you to identify and eliminate things that aren’t working and make adjustments where they’re needed in a timely and efficient manner. You don’t want to wake up a month from your final deadline only to discover what you’ve been doing all along hasn’t been generating the desired results.
Setting goals is an essential part of ensuring the ongoing success of your property management company. Take the time to go through the information above and apply some of the techniques we’ve recommended. With SMART goals and ongoing optimization, you should be in a much better place as 2018 draws to a close.