Good financial practices are a critical component of success in any business, including property management. Accurate numbers enable timely and data-driven decision-making. The more soundly you run your business, the more your clients will grow to trust you, which means greater longevity and a better bottom line. Let’s take a look at five best practices to not only keep your books in the black, but also maximize profits as much as possible.
The pressure to operate your business using sustainable practices has existed for quite some time. General concern about the environment has been growing since the 1950s, now at its peak, businesses are making changes that reduce their impact on their environment. The decision to be more sustainable has many push factors but one main reason companies choose to “go green” is because it resonates with their customers and attracts new prospects. Once your company starts implementing their new strategy, you must then ensure your customers know about the changes, for it to affect your customers.
The state of the environment impacts business and business impacts the environment. As environmental concerns become more dire, customers are more concerned about how their spending decisions effect the planet. A 2018 Futerra survey found that 88% of customers want businesses to help them achieve a more sustainable lifestyle, but 43% of respondents said that businesses make it harder to live sustainably.
In our society we depend on energy for every part of our day to go smoothly. Whether it’s turning on the lights, starting the car, or making a morning coffee, we depend on some source of energy. Every source of energy has some impact on the environment. The magnitude of that impact depends on the energy source itself, for example renewable sources have far less global impact than crude oil. One way to reduce your company’s environmental impact, besides alternative energy, is by retrofitting your properties and your offices.
In Canada and the USA, we produce waste at an exceptional rate. Food, water, and other resources are being consumed far beyond our actual use for them. When they are used, they aren’t being used sustainably. The World Bank predicts that the amount of trash in the world will increase up to 70% by 2050. Reducing waste in your offices by creating a culture centered around sustainability can help cut costs, enhance brand reputation, and improve employee morale.
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.
Communication has gone through an evolution following the advances of technology in general. The way we’ve communicated as individuals, groups, and organizations have all been disrupted by innovation. Property managers often act as a liaison between customers, colleagues, vendors, and others, which makes optimizing communication incredibly important. Being able to send documents like letters, notices, or even invoices electronically and en-masse can offer a multitude of benefits for your company.
An important part of business is communication. The ability to stay connected to partners and customers at any given moment, can affect the efficiency of your operation. Traditionally writer correspondence and physical mail was the most common way to communicate, especially when communication was sensitive. Direct mail is still frequently used but there are now alternative methods of communicating that prove to be better options. Relying on traditional mail for important business matters can actually be unfavorable compared to newer, more effective options.
The rise of the smart home came quickly. Just like any other amenity like swimming pools or gyms, a property equipped with smart technology increases the appeal and value to prospects. Giving customers the power to control their home from the comfort of their smartphone can set your service apart from competitors.