As anyone in executive leadership will tell you, growth is almost always a top priority. Chances are it’s also high on the list at your company as well. The problem many companies face, however, isn’t necessarily in achieving that growth. It’s in the ability to adapt accordingly as it happens. For those organizations that experience rapid or explosive growth, adjusting to the sudden and often significant changes can be incredibly challenging. The secret is agility. Does your property management firm have what it takes to scale up? Here are 5 tips that will help get you there.
Define Your Culture
First and foremost, you can’t expect to navigate the changes that come with growth and emerge on the other side unscathed unless you’ve already established a solid foundation – that is, a strong company culture. That way, as you scale, you’ll always have those values to fall back on. If you’ve already created an internal culture, the time to solidify it is now. If you haven’t yet done so, the first step should be figuring out who you want to be as a company and then taking the necessary steps to develop into that ideal company. And, of course, communicating that culture to everyone who works for your firm.
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Embrace Collaboration
When it comes to adapting to major change, as is often the case with rapid growth, success requires all hands on deck. Facilitate a smoother operation by fostering collaboration amongst employees, teams, management and anyone else who may be a part of what’s happening, such as clients and stakeholders. Leverage today’s technology to make it easy and efficient for everyone involved to work together, regardless of location. Collaboration breeds innovation, which is the catalyst for successful change and growth.
Maintain Transparency
When your property management company is experiencing a growth period, it’s important that everyone remain aware of what’s happening around them and why. The changes that come with expansion can create a sense of uncertainty, which can lead to resistance that will hinder progress. In order to remain agile, openness and transparency are key. This will help everyone involved to understand the direction the company is headed in, the reasons behind the present changes and – most importantly – how they fit into the mix.
Focus on People, Not Profits
Of course cash flow is important, but you can’t expect to increase those profits unless you have driven, committed individuals pushing your property management business forward. This is why it’s so important to focus on people rather than the financials. Having a strong company culture and being transparent is a great start, but it goes beyond this. Organizations that are agile enough to scale up without many hiccups along the way are able to do so because their employees feel valued and understand their roles in the big picture. Invest in your people and they’ll repay you tenfold in loyalty, hard work and a willingness to embrace change.
Related Post: 3 Proactive Ways to Make Your Property Management Business Extraordinary
Make Communication a Priority
Last, but certainly not least, it’s absolutely critical that open communication across all channels and along all lines of business is made a top priority. As your company grows, staffing numbers will inevitably increase, roles will change and new teams and departments will be established. Working good communication into the very culture of your organization can help to prevent mixed messages, duplicate efforts and all the frustrations that come along with these things.
As a top leader in your property management firm, it’s on you to ensure that the growth you’re pursuing doesn’t come at too high a price. By understanding what to avoid and knowing what things to focus on throughout the process, achieving growth and remaining agile through it all will ensure that your company comes out stronger on the other side.
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Get your free copy of The Property Manager’s Guide to Proactive Management — And make the time necessary to plan for an extraordinary future.
