Change is a natural part of business, especially in the property management industry. Oftentimes a company will reach a point at which strategic pivots are necessary, whether it’s in response to market changes, a new competitor on the horizon, to support growth initiatives or something else. How can you know when your business is ready to evolve into its next phase? Here are a few telltale (and not-so-obvious) signs to watch for.
You’re doing the same thing, but no longer seeing results.
One of the biggest indicators that a business needs to evolve is when the same practices that once brought success are no longer producing the same positive results. Many business leaders then make the mistake of doubling down on their efforts when in reality, change is the only answer.
New opportunities are emerging.
As time goes by, new opportunities may arise where they weren’t present previously. For instance, a boom in business development in your area may open up the door for you to expand your portfolio to include commercial property management. Keeping your finger on the pulse of the market can help you quickly identify these opportunities and develop a strategy for capitalizing on them.
You’re no longer serving your customers’ needs.
Simply saying “that’s how we’ve always done it” is no way to achieve sustainable success – especially in an industry that is as competitive as property management. For example, today’s consumers demand things like self-service options and mobile technology. If you aren’t keeping pace with your competitors, you’ll inevitably lose ground and may not be able to recover. Stay in tune with what your clients’ needs are at all times and adapt your approach accordingly.
Your profits are declining.
Obviously the goal of any business is to maximize profits as much as possible. If you’ve noticed a trend downward that can’t be traced to a specific incident, such as an economic recession, it’s probably time to take inventory of your people, processes and policies to see if a pivot might be in order.
You’re no longer growing and/or cannot see a viable path to future growth.
The moment your business stops growing, it’s time for a pivot. Otherwise, you will soon find yourself lagging behind and unable to catch up to the competition. Likewise, if you are struggling to find viable ways to continue to grow, chances are a shakeup is inevitable. Keep in mind that growth isn’t only measured in revenue. It can also be achieved through things like efficiency. As such, a change as simple as adopting property management software can be enough to get your company back on track.
Simply put, change is an inevitable part of being in the property management industry. By knowing what signs to look for, you’ll be able to adapt your approach and stay on the course to ongoing success.