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5 Ways To Cut Costs On Property Management

When it comes to keeping expenses low, the first thought is often “what can I cut?”. Looking at common and recurring expenses is the first place to start, but there is much more to be considered. It’s easy to look at your costs compared to productivity and think that directly cutting expenses is the right move, but focusing on productivity and efficiency is just as, if not more, important to the success of your company. 

 

Consider reworking your process structures to see where you can get more productivity without spending more. Allocating the right talent to the right tasks and making sure every department is communicating properly is one of the most effective ways to indirectly cut costs. Creating custom processes that integrate multiple departments can improve communication, efficiency, and workflow speed. Truly understanding the day-to-day functions of your company is vital for getting the most out of the resources you have. 

 

Here are a few things to consider when you’re looking to cut costs, increase productivity, or holistically improve your day-to-day operational functions.

 

Cross-Train

  • Interdepartmental cross-training is the best way to get your departments to work better together and as individuals. For example, if you understand exactly how receipts and invoices are tracked, you can give better context to your accounting department, which saves hours of time when inputting expenses. Take the time to sit with every department that you work with within a week and learn their processes. Often times, an extra 15 seconds of effort from your process translates into hours of saved time in another department. Create a truly fluid workflow and avoid paying for additional employees or expensive management tools.  

 

Streamline Your Workflows

  • Cross-training is a huge benefit for interdepartmental projects, but taking one step further to streamline company-wide workflows can create a nearly seamless project pipeline. If each department uses the same vocabulary, definitions, and project templates, the change between departments can go quicker and without issue. This saves time and frees up human resources to work on more projects.

 

Hire Remote Employees

  • Looking for remote employees to fill open positions is a great way to decrease expenses and increase job satisfaction. An increasing amount of people are pursuing remote positions as an alternative to having an in-office job. Employers should take advantage of this growing trend and see it as an opportunity to look beyond their geography to find the right fit for their company. Research has shown that employees are more productive, engaged, and happier when they have the freedom to work remotely. The true benefit of offering remote positions is the ability to find talent globally. Your pool of qualified candidates increases exponentially and you get more bang for your buck. Another benefit - having fewer bodies in the building means you can pay for less space, phone lines, parking, sponsored meals, etc.

 

Test Twice, Purchase Once

  • A lot of companies believe that robust technologies and software are key to efficiency and growth. While these tools can dramatically improve daily operations, learning the ins and outs of a tool before a purchasing decision is made is an easy way to avoid additional spend. Most software or online tool companies offer free trials for interested customers. Take full advantage of free trials and dedicate resources to combing through every feature. Buying into a $50,000 software contract doesn’t make sense if employees don’t understand the full functionality of the product right off the bat. Test, test again, and test one more time. Once you are sure that the product can be immediately and effectively implemented, pull the trigger and sign up for paid licenses. Waiting until you know exactly how to use a product can save thousands of dollars and immediately increase efficiency once it is purchased. 

 

Listen to the New Guy

  • As new talent joins your team over time, take advantage of their fresh take. If you’ve made a good choice, your new colleague will be hyper-aware of all the specific processes that your company is following. Take the time to pick their brains, ask questions, and ask for feedback.  This is the perfect opportunity for someone to point out operational bugs that no one had noticed before. Allow new people to question the status quo and disrupt current systems. This will force you to reassess your processes and either stick with them (because they do make sense) or make improvements until they do make sense. Having to explain why you do something a certain way to an outsider allows us to see the process differently, and usually with a more critical eye. Be eager and willing to receive feedback from new employees or other people with fresh perspectives.

 

Cutting budgets is a short-term solution to saving money, but it isn’t sustainable. Keeping your costs low and productivity high requires a hawklike attention to detail and true understanding of everyday operations. A holistic view of your company will let you pinpoint areas of inefficiency, communication problems, and allow you to make smarter decisions that drive your company to grow in a healthy and sustainable way.



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When it comes to keeping expenses low, the first thought is often “what can I cut?”. Looking at common and recurring expenses is the first place to start, but there is much more to be considered. It’s easy to look at your costs compared to productivity and think that directly cutting expenses is the right move, but focusing on productivity and efficiency is just as, if not more, important to the success of your company. 

 

Consider reworking your process structures to see where you can get more productivity without spending more. Allocating the right talent to the right tasks and making sure every department is communicating properly is one of the most effective ways to indirectly cut costs. Creating custom processes that integrate multiple departments can improve communication, efficiency, and workflow speed. Truly understanding the day-to-day functions of your company is vital for getting the most out of the resources you have. 

 

Here are a few things to consider when you’re looking to cut costs, increase productivity, or holistically improve your day-to-day operational functions.

 

Cross-Train

  • Interdepartmental cross-training is the best way to get your departments to work better together and as individuals. For example, if you understand exactly how receipts and invoices are tracked, you can give better context to your accounting department, which saves hours of time when inputting expenses. Take the time to sit with every department that you work with within a week and learn their processes. Often times, an extra 15 seconds of effort from your process translates into hours of saved time in another department. Create a truly fluid workflow and avoid paying for additional employees or expensive management tools.  

 

Streamline Your Workflows

  • Cross-training is a huge benefit for interdepartmental projects, but taking one step further to streamline company-wide workflows can create a nearly seamless project pipeline. If each department uses the same vocabulary, definitions, and project templates, the change between departments can go quicker and without issue. This saves time and frees up human resources to work on more projects.

 

Hire Remote Employees

  • Looking for remote employees to fill open positions is a great way to decrease expenses and increase job satisfaction. An increasing amount of people are pursuing remote positions as an alternative to having an in-office job. Employers should take advantage of this growing trend and see it as an opportunity to look beyond their geography to find the right fit for their company. Research has shown that employees are more productive, engaged, and happier when they have the freedom to work remotely. The true benefit of offering remote positions is the ability to find talent globally. Your pool of qualified candidates increases exponentially and you get more bang for your buck. Another benefit - having fewer bodies in the building means you can pay for less space, phone lines, parking, sponsored meals, etc.

 

Test Twice, Purchase Once

  • A lot of companies believe that robust technologies and software are key to efficiency and growth. While these tools can dramatically improve daily operations, learning the ins and outs of a tool before a purchasing decision is made is an easy way to avoid additional spend. Most software or online tool companies offer free trials for interested customers. Take full advantage of free trials and dedicate resources to combing through every feature. Buying into a $50,000 software contract doesn’t make sense if employees don’t understand the full functionality of the product right off the bat. Test, test again, and test one more time. Once you are sure that the product can be immediately and effectively implemented, pull the trigger and sign up for paid licenses. Waiting until you know exactly how to use a product can save thousands of dollars and immediately increase efficiency once it is purchased. 

 

Listen to the New Guy

  • As new talent joins your team over time, take advantage of their fresh take. If you’ve made a good choice, your new colleague will be hyper-aware of all the specific processes that your company is following. Take the time to pick their brains, ask questions, and ask for feedback.  This is the perfect opportunity for someone to point out operational bugs that no one had noticed before. Allow new people to question the status quo and disrupt current systems. This will force you to reassess your processes and either stick with them (because they do make sense) or make improvements until they do make sense. Having to explain why you do something a certain way to an outsider allows us to see the process differently, and usually with a more critical eye. Be eager and willing to receive feedback from new employees or other people with fresh perspectives.

 

Cutting budgets is a short-term solution to saving money, but it isn’t sustainable. Keeping your costs low and productivity high requires a hawklike attention to detail and true understanding of everyday operations. A holistic view of your company will let you pinpoint areas of inefficiency, communication problems, and allow you to make smarter decisions that drive your company to grow in a healthy and sustainable way.