Have you ‘hit the wall’ when it comes to the growth of your property management business? Are you suddenly losing managements, clients and team instead of gaining or retaining them? This is usually caused by not having the right growth plan in place for your business.
While many business owners have a Financial Business Plan, many do not have an ‘Operational Business Plan’ in place. Here are four reasons why you need an operational business plan.
1. Helps you set realistic and achievable financial targets
The operational business plan is your blueprint (or ‘purpleprint’ as we like to say) to achieving your business’ financial targets. That’s why you should put together your operational business plan before creating your financial business plan. This ensures that your financial targets are truly in line with your business’ current situation and future potential, making your targets realistic and achievable.
2. Allows you to measure, monitor and manage your business
An operational business plan allows you to measure, monitor and manage your business’ performance, productivity and profitability. That’s because an operational business plan outlines your business and individual performance indicators. These fundamental indicators allow you to measure your results, giving you the data needed to successfully monitor and manage your business.
3. Sustainability, scalability, serviceability and saleability strategies
To ensure your business operations remain strong, no matter the market conditions, an operational business plan maps out strategies for the four key pillars of success. These pillars are sustainability, scalability, serviceability and saleability. The operational business plan provides strategies to keep these pillars strong so that your business remains on track.
4. Empowers you to make proactive decisions
The operational business plan provides the insight you need to make proactive decisions. This helps you be a ‘deliberate’ leader, allowing you to make informed and strategic decisions about your business. This ensures that you have the measures in place to achieve financial targets and ensure your business is financially viable.
Jo-Anne Oliveri, CIPS, TRC, Founder and Managing Director of property management business solutions company ireviloution intelligence, is an international real estate identity who has trained over 500 agencies and thousands of agency owners and property managers worldwide. Visit ireviloution.com to find out more.