Do you have a business strategy

#1

To focus on our business goals, we need to have a strategy. In the ‘Connecting The Dots’ by Ben White, he considered the four types of property management business strategies. They include;

Hypergrowth - Your primary focus is solely growth and all resources are supporting this.
Machine - Your primary focus is on systemization, team support, and customer experience.
Run Lean - You have a strategy to operate a tight, lean business.
Other Priorities - Your focus is elsewhere away from property management.

For those that haven’t read it, I have attached a PDF copy of the book. Who has read and can identify with one of these strategies?

Connecting the Dots V3.18.pdf (3.2 MB)

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#2

Thanks @adam, this is a great overview.

I find that many people I start talking to put them selves in Hypergrowth, when in reality they are a machine, or run lean. It is important to know that you still have growth in the other strategies, (you need to cover churn at least) but HyperGrowth means that you are sacrificing quality, fees and more for doors.

@terrihandy does a lot of work with this framework, and if you are unsure or would like to bounce some ideas reach out to @adam, @terrihandy or myself, we would love to help.

#3

Thanks for the tag @ashley.giles. I love this book - it contains so much goodness. I agree with your comments Ash - many of us like the idea of being a Hypergrowth business, but in reality, the lack of profitability and the slightly “frantic” feel, does not sit well with us.

I have recently met a couple of agents who run a lean business and they were almost a little embarrassed by the realisation. Once we talked about why they fit into this category and understood that this is a viable strategy for their business, they felt more comfortable and are “owning” it. They now have a better understanding of the structure and resources they need under this strategy.

My own agency was very much a Machine business with, I liked to say, a strong focus on growth. This suited me personally - I wanted to build a business, but avoided drama and risk like the plague!!

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