Many may not realize it, but the workspace your team is given can significantly impact their performance. Investing in a positive work environment means you’re investing directly into your business’s and employees’ success. From productivity and profitability to employee health and retention, the office environment is likely to play an influential role.
The decentralized work environment has become somewhat of the norm for businesses across North America. While there are certainly perks to this flexible work set up, the psychological effects of long-term distance from colleagues in addition to a static environment has resulted in the increase of troubling feeling of isolation fatigue and loneliness.
Your business exists for two main purposes: to fill a customer need and to be profitable. As it turns out, these two goals can be attained collectively by investing into customer experience. Research confirms, time and time again, that organizations that have better customer service are profitable. A study conducted by Temkin Group found a moderate increase in customer experience warranted an average revenue increase of $823 million over 3 years for a company with an average $1 billion annual revenue.
Cutting costs is one effective way for property management companies to turn revenue into profits, but eventually, they’ll run out of costs that can realistically be cut. Another option can be to raise prices but at a certain point, raising prices can alienate customers and increase churn. A third strategy for increasing profitability is to monetize additional services provided by your organization. This method grows revenue without a significant increase to operating costs.
There are many key factors to a well-performing business and high profitability, what you may not know is your team is one of those key factors. A highly engaged team can help to keep customers loyal and profitability up, which is one reason it’s important to keep a focus on your employee experience as well as your customers. Training, opportunity for growth, and regular feedback (both positive or negative) are key investments in your team, that when executed effectively build trust, create respect, and grow your bottom line.
Research shows that pricing is the element of the marketing mix with the greatest impact on profitability, in one study a 5% price increase led to an average 22% increase in earnings. While it might seem obvious, your profitability depends heavily on your service fees and product pricing. If prices are not optimized, organizations often end up selling themselves short, cutting out the opportunity for profits. On the other hand, if prices are set too high, profits can be put in jeopardy due to overselling your value. Pricing is a delicate balance, so here are a few considerations for companies reviewing their rates.
When small to medium sized property management companies are looking to strengthen their industry foothold whether they’re just starting out or revaluating their strategy, businesses often have to choose between growth or profitability focus. Because of the crowded nature of the property management industry, selecting one or the other can be particularly daunting, so it’s important to think long and hard about the best option for your company.
Profitability is essential to businesses. It’s a marker of success and it can always be improved. The more profits your property management company can drive, the more flexibility your business is capable of and the more opportunities for expansion you will encounter. Knowing where you can make small tweaks or big changes to your operation can help you derive a strategy that will help keep your company not just financially stable but profitable and booming. Here are 5 tips and tricks for increasing your business’s profitability.
Errors are inevitable when accounting department rely heavily on manual processes. Property management companies deal with multiple accounts, hundreds to thousands of customers, vendors, and more, which can make the volume of invoices, payments, balance sheets and other accounting tasks overwhelming and difficult to complete perfectly on the first or even second try. Errors are inevitable, but unbalanced books can double the workload and stifle productivity. So, how do accounting teams avoid the seemingly unavoidable? Here are 5 tips to keep your books in order.
Automation is sometimes a scary word, often associated with robots and dystopian future. There’s a common fear that automation and robots will take over jobs and displace people which is actually not what technology is on track to do. Less than 10% of jobs can actually be fully automated, however automation can be a great help to office workers when leveraged by companies to help improve their staff performance and overall reputation.