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.
There are many metrics property management companies can use to pinpoint the value of their business, increase the profitability of their service, and decrease costs to their operation. Leveraging software that facilitate these measurements or regularly run property management reports allow organizations to actively improve or maintain profitability and increase cashflow to continue to grow their business. Collecting and analyzing data are key element of planning so businesses can stay financially healthy. If you operate a property management company and intend on growing, here are some strategies to effectively measure your profitability.
Of the 2.7 billion smartphone users and additional 1.35 billion tablet users worldwide, people are spending 90% of their time on apps rather than web-browsers. By offering employees access to their property management software from a mobile app creates, companies are providing a platform that is more adaptable to both their job and lifestyle. Apps available on smart devices provide additional efficiencies to users and can also facilitate a new and improved standard of productivity.
Technology and business have long held the promise of the paperless office. Despite the countless resources available and new software, many companies have not yet made that transition. The use of paper and physical files is still rampant among office workers and shows little signs of slowing. In an Edelman Berland Survey, 59% of companies said they would like to be more digital, yet only 2% of offices use no paper for business contracts and transactions.
The conversation about going paperless and introducing sustainable business practices is not new. For the last few decades there has been an ongoing discussion about the reality of going paperless. There is a clear dependency on paper that spans industries, yet most offices haven’t made significant change in the volume of their paper use. Many people attribute that lack of commitment to security concerns.
Technology at work can be complicated. As business executives mull over the advantages and disadvantages of installing specialized software, various factors are considered in the cost-benefit analysis. Arguably, the most important effect to consider is how technology supports your team. PWC research found that 90% of C-Suite executives felt like they were making decisions related technology that reflected their staff’s needs but only about 53% of staff agreed.
Integrated payment processors were once met with distrust and uncertainty by the general public, now the apprehension towards online payments is fading. In the U.S. e-commerce totaled over $146.2 billion by Q2 in 2019. Payment processors have grown in popularity because of the benefits and ease they offer both customers and businesses that physical cash and checks can’t.
Security and privacy are growing concerns for businesses, customers, and the general public alike. Implementing internal controls in your organization is an effective way of mitigating and monitoring potential security risks. As you decide what controls would work best for your business, consider these five main elements of internal controls.
A Chief Data Officer (CDO) is a relatively new C-Suite position that sometimes overlaps with responsibilities of a Chief Information Officer. Nearly 64% of leading corporations have hired a CDO since 2018. CDOs are growing in prominence and relevance in correlation with the growth and prominence of data in business. There is some variance in what businesses expect from their CDO, but the position indicates a shift in business stressing that data is an essential part of modern businesses and needs to be represented at the highest level.
Anyone who is actively engaged in the business of leasing, renting, and managing real estate is required to provide 1099 forms. The most commonly used version of the 1099 form is the 1099-MISC.