With Quarter 1 of the new year quickly approaching, now is the time to set the stage for better success in the months ahead. Companies that invest time and energy into strategic planning are typically best positioned to reach greater milestones and overcome future roadblocks. By putting the right planning and resources into place, your company can maximize its potential in terms of attaining positive tenant and staff retention, both which have a direct effect on your bottom line. As you undergo the planning process, here are some tips to keep in mind:
Re-evaluate your target audience.
If you’ve run a property for several years, chances are your tenant demographic has evolved over time. Depending on your living facility, you may have experienced a shift to a different generation of tenants in recent years. For example, were the majority of your tenants over the age of 50 a few years ago but now trending towards younger families with children? Or, are you noticing an uptick in college students and young adults? Knowing this information will allow you to formulate a marketing plan in 2021 that specifically targets your ideal tenant and attracts more of them to your property.
Conduct a SWOT analysis.
Assessing your company’s strengths, weaknesses, opportunities, and threats can be instrumental in determining what meaningful adjustments will improve your company’s operations and employee retention at a baseline level. By knowing where your strengths or weaknesses lie, you can implement a viable plan that addresses all areas of concern while leveraging your current staff and resources in the most productive way possible. The key to an effective SWOT analysis is to approach it with an objective mindset and gather feedback from everyone on your team throughout the process.
Explore a staffing partnership.
For many property owners, staffing is an ongoing challenge for several reasons, including lack of internal hiring support, increasing competition for quality talent, and fluctuating workloads. If staffing has been difficult this past year, it may be time to consider how a recruiting firm can assist in this process. Recruiters will work on streamlining your staffing, ensuring alignment with your company’s hiring needs. This includes finding the right types of talent for your property (such as maintenance workers, leasing consultants or office managers), as well as conducting all screening and onboarding of candidates. Furthermore, a staffing partnership can be invaluable as your labor needs shift during different times of the year, providing flexibility to hire temporary workers when demands change.
Remember, when it comes to change, quality is more important than quantity. Incorporating the practices above with your preparation efforts can help you make the most impactful decisions for your company moving forward.
If you’re ready to invest in a staffing partnership in 2021, get in touch with The Liberty Group, an executive search and staffing firm serving 24 cities and their surrounding markets nationwide.