The ONE thing property management business owners need is an annual ‘Operational Prognosis’. Every year, you should hire a trained specialist to help you re-access your business goals to ensure these are still relevant, and your strategies to achieve them are still appropriate. An Operational Prognosis is what you need to keep your business healthy and on track towards achieving success.
What is an Operational Prognosis
An Operational Prognosis provides a snapshot of the current state of your business. Real-time facts and data are detailed in a report. This report uncovers unnoticed areas of concern relating to your operations, systems, customer service, income drivers and critical factors, and flags current risks and vulnerabilities. This information assists with strategic business planning.
An Operational Prognosis is like an X-ray of your business. It scans your internal operations by analysing and cross-referencing reports, processes and policies. Just like an X-ray, it goes beneath the surface to find underlying causes of risks and vulnerabilities. This allows a scientific diagnosis to be given about your business’ current state, or health, so that stabilisation and growth strategies can be recommended.
How an Operational Prognosis improves your business’ health
Strategies to eliminate risks, fortify vulnerabilities and ensure stabilisation
It not only reveals risks and vulnerabilities, but proposes suitable stabilisation strategies. Unlike other methods, an Operational Prognosis scans beneath the surface to ensure that recommended strategies directly combat what may be hindering your business’ growth.
Practical and relevant business planning
It gives you current information and real-time data for business planning. Since the report considers every element of your business, including management of growth, retention of clients, and team structure, business planning becomes more practical and relevant.
It allows growth forecasting to become mathematical. An Operational Prognosis drills down to review your income expectations and takes into consideration current and future market opportunities and trends. This lets your growth forecasting become realistic and reliable.
It enables budgeting to be accurate and measurable. The report reveals areas of overspending, waste and superfluity, and identifies ways to reduce overheads and outgoings.
Achieve peak performance and productivity through task-streamlining
It reveals every element of team and individual performance ratings. The report calculates Key Performance Indicators (KPI) from Business Performance Indicators (BPI). These results indicate where to streamline tasks so you can boost your team’s productivity.
Increase income and introduce new income streams
It uncovers opportunities for you to take control of your operations and customer service standards. This gives you the confidence that clients will remain loyal even when fees are increased or new fees are introduced. A scalable strategy is proposed to increase and introduce fees to ensure optimal income.
Optimise business profitability
It analyses and correlates financial data with operational data so a scientifically calculated synopsis of how to achieve maximum profitability is revealed. Time versus task, team versus time, task versus team, and the cost of new technologies are calculated to assist with designing strategies that ensure potential profit margins and optimal asset growth are achieved.
Ensure brand protection and respect
It gives you an insight into how your brand is viewed by the people that matter most, your clients. This information allows you to design relevant communications and client management strategies to ensure your brand remains protected and respected.
Achieve your goals and vision for the future
It allows your business goals and vision for the future to be formulated from findings and calculations. This ensures every business goal is relevant, measurable and working towards your vision.
Become the obvious agency of choice
It helps you reconnect with your original purpose for owning a property management business. This insight helps you restructure, reenergise and reboot your business. Letting this authenticity shine through helps you become the obvious agency of choice to the right clients and team.
How an Operational Prognosis works
An Operational Prognosis is a three-stage process: a trained specialist visits your property management business to gather the necessary information, they prepare a comprehensive report, then share the findings. To ensure a thorough evaluation is undertaken, the entire process takes on average 50 hours to complete for a business managing approximately 200 doors. The three-stage process is as follows:
Stage 1 – At that agency (approximately 5 to 6 hours)
- Generate reports from your property management software
- Interview each team member individually, including management
- Review manual processes
- Review systems
- Review outsourced services and other utilised apps
- Review premises
- Review office set-up
Stage 2 – Diagnostic reporting (approximately 30 to 40 hours)
- Review and compare reports
- Review processes and productivity
- Prepare Operational Prognosis
- Prepare strategy for stabilisation and growth
Stage 3 – Review the final Operational Prognosis (approximately 2 to 4 hours)
- Work through the report and evaluation with you
Following the review, your trained specialist schedules a meeting to discuss the recommended strategies made within the report. They also discuss any further involvement, such as consulting, systems and training, which may assist with the recommended strategies.
Why you need an Operational Prognosis
If you want your property management business to succeed, then you need to take back control of it. This requires you to understand its current state so you can determine the best ways to stabilise and grow it. An annual Operational Prognosis is the most effective way to do this. Investing in this report is investing in your business’ long-term health. That’s why, this is the ONE thing your property management business needs.