Top 3 Most Frequently Asked Questions We Receive From Managers Trying To Improve Their Business?

As you begin your journey to improve your business, you may encounter a few roadblocks along the way. Let me make the process easier for you by answering the top three most frequently asked questions we receive: 

1. What if I’m busy and don’t have time to do all of these steps?

​Just remember that when people say they’re busy, it’s not necessarily true that they’re working on dollar-producing tasks. There was this one manager who told me he was “very business-oriented”, but after spending an hour observing him going about his day, I discovered that he just loved chatting with everyone in the building. 

I pointed out that while it was great that he stayed in communication with the residents, his conversations could be more to the point, and they would be just as happy, especially if he provided them with a quick and effective solution.

So “busyness” can be an illusion. I used to have this illusion myself, and it took almost a year for me to overcome it. If you have a hard time streamlining your tasks, get someone with more experience or a coach to help you. While you may think you don’t have time to systemise a reoccurring task, all it requires is a mindset shift. Ask yourself if it’s worth to take an extra thirty minutes just one time to systemise this task that will save you ten minutes every day, or 60.8 hours every year. If you look at it that way, you’ll begin to understand how it’s a pretty good return on your investment and worth the effort.​

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2. What if my body corporate or owner doesn’t want to spend the money?

This really depends on how you present your idea to the owners/ investors. Your first priority is to provide feedback to make them aware of what’s happening. Before going to the owners, get three quotes, so you can tell them exactly how much everything will cost, as well as the return they’ll get on their investment, such as higher rent for investors and a better property value for the owners.

Another strategy to complete a project, or at least get one started, is to break it down into modules, where each one is a key milestone. Every module therefore costs less than the entire project, and you can work within your expenditure boundary and limited funds.

Of course, there’s also the satisfaction of walking through the complex and feeling great because of how much you’ve improved it, or at least gotten the ball rolling. This project module approach works quite well, because the residents actually see things getting improved over time and become generally supportive of your goals.

Depending on your spending limits as the building manager, you may be able to simply approve the quote. But if the cost exceeds your expenditure limit, you need the majority of the committee to approve it. Or if the cost exceeds the committee’s expenditure limit, the motion should be submitted for a general meeting, and everyone needs to agree to it.

​If the body corporate doesn’t have the funds to proceed with the project, you’ll need to ensure there are provisions allocating funding in the following financial year’s budget. At least you’ve proven that you know what to do, and the owners will get an understanding of what you want, so when the funds do come in, you’ll be ready. Most of the time, you can get extra pay if this service isn’t in your caretaking agreement. It’s just another way to increase your income! Contact the SIRE Team if you need assistance.

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3. What if I don’t have the knowledge to do some of these steps?

There are many service providers who can help you. At SIRE, we’ve implemented most of these strategies ourselves and developed simple steps for you to follow, along with valuable and reliable contacts that can help you.

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 In summary, here are the steps you need to implement:

1. Set aside forty-five minutes to go through your profit-and-loss statement.
2. Brainstorm your ideas, and write them down as they come to you.
3. Implement one idea per week from the easiest to the hardest.

By following these steps, within three months you’ll have a great business, as well as more income and time.

If you need assistance, just contact SIRE to join our monthly workshops, so you’ll be able to set three small action plans that will improve the value of your management rights.

​Own a management rights business? Planning on selling? Fill in your details below to find out the current multiplier, Or call Richard Skiba or Jessica Dong for an appraisal.

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