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How-To Guides

Streamlining Travel & Expense Management

Zoho Expense streamlines travel and expense management for businesses.

Zoho Expense makes it easy to approve, monitor, pay and record expenses before, during and after a trip. What’s more, Zoho Expense can be integrated with various accounting software.

The Zoho Expense integration with accounting software is seamless, and a great help both when figuring the businesses’ bottom line during the year, and at tax time.

Faiyaz Haneef, Zoho Expense Product Expert, said that Zoho Expense was developed to answer requests from small business owners.
“That’s why we focused on automation software that could handle all transactions involved with travel and expenses,” Haneef said. “The entire process is automated.”

Key Benefits of Zoho Expense

Streamlined Travel

Expense handles each step of the itinerary, from pre-trip, on-trip and post-trip. Advances can be requested and approved. During the trip, receipts can be captured and submitted using Auto Scan (and can also be submitted manually). During post-trip, an expense report is automatically compiled, submitted to a finance team for approval, and recorded.

Expense Automation

All transactions can be uploaded to the Cloud from any type of device, via email inbox or Chrome extension. There are integrations with email and Outlook. Documents can be uploaded using various Apps, such as Dropbox and Evernote. Receipts can be uploaded using Auto Scan.

An invaluable feature is an integrated GPS, which tracks and records mileage.

Simplified Reporting

There are approvals at every stage of the process. Reimbursements can be provided during the process, or after the traveler’s return. There are multi-channel notifications, to ensure that there’s a notification for every action.

Cost Control and Compliance

Expense has built-in controls for spending. For example, a business customer can build in an amount limit for meals. If that amount is exceeding, the customer gets a notification of a policy violation.

Expense is used globally. There are different applications to adapt to mileage and tax rates that apply to different cities, areas or countries.

Insightful Analytics

Using Zoho Expense, a business owner can take a look at certain aspects of travel expense. For example, the business owner can compare the costs for travel between various departments, such as sales and marketing, production and administration.

The owner can also look at various areas, such as meal expenses and mileage.

Can Be Customized

Customization is one of the best features of Zoho Expense.

“A small business that is growing may need to manage expenses differently,” said Unni S, Head of Business Development for Zoho. “Or a business that has offices in different countries, such as the US and Canada, can customize Zoho Expense for each location.

Here are some examples of customization:

  • Per Diem automation – A business owner can load specific cost limits for aspects of trip expenses, such as meals. The owner can specify that reimbursement for amounts under the limits is automatic.
  • Recipient – The business owner can specify who receives the expense reports.
  • Integration with Accounting Apps – Zoho Expense can be integrated with the company’s accounting software.
  • Billing Customers – Using Zoho Expense, an expense report can be generated as an invoice to a customer.

Zoho Expense Automates the Entire Travel and Expense Process

A traveler gets an Uber ride, swipes a card, and the expense is automatically uploaded. A traveler uses Auto Scan to upload a receipt for a travel expense, and that cost is automatically uploaded.

At every stage of travel, costs and reimbursements are monitored, reimbursed and recorded.

“We have completely avoided errors by using technology, by integrating all those platforms so that the user doesn’t have to enter any data,” Unni S said. “Zoho Expense automates the complete process.”

Zoho Expense streamlines travel and expense management for businesses.

Zoho Expense makes it easy to approve, monitor, pay and record expenses before, during and after a trip. What’s more, Zoho Expense can be integrated with various accounting software.

The Zoho Expense integration with accounting software is seamless, and a great help both when figuring the businesses’ bottom line during the year, and at tax time.

Faiyaz Haneef, Zoho Expense Product Expert, said that Zoho Expense was developed to answer requests from small business owners.
“That’s why we focused on automation software that could handle all transactions involved with travel and expenses,” Haneef said. “The entire process is automated.”

Key Benefits of Zoho Expense

Streamlined Travel

Expense handles each step of the itinerary, from pre-trip, on-trip and post-trip. Advances can be requested and approved. During the trip, receipts can be captured and submitted using Auto Scan (and can also be submitted manually). During post-trip, an expense report is automatically compiled, submitted to a finance team for approval, and recorded.

Expense Automation

All transactions can be uploaded to the Cloud from any type of device, via email inbox or Chrome extension. There are integrations with email and Outlook. Documents can be uploaded using various Apps, such as Dropbox and Evernote. Receipts can be uploaded using Auto Scan.

An invaluable feature is an integrated GPS, which tracks and records mileage.

Simplified Reporting

There are approvals at every stage of the process. Reimbursements can be provided during the process, or after the traveler’s return. There are multi-channel notifications, to ensure that there’s a notification for every action.

Cost Control and Compliance

Expense has built-in controls for spending. For example, a business customer can build in an amount limit for meals. If that amount is exceeding, the customer gets a notification of a policy violation.

Expense is used globally. There are different applications to adapt to mileage and tax rates that apply to different cities, areas or countries.

Insightful Analytics

Using Zoho Expense, a business owner can take a look at certain aspects of travel expense. For example, the business owner can compare the costs for travel between various departments, such as sales and marketing, production and administration.

The owner can also look at various areas, such as meal expenses and mileage.

Can Be Customized

Customization is one of the best features of Zoho Expense.

“A small business that is growing may need to manage expenses differently,” said Unni S, Head of Business Development for Zoho. “Or a business that has offices in different countries, such as the US and Canada, can customize Zoho Expense for each location.

Here are some examples of customization:

  • Per Diem automation – A business owner can load specific cost limits for aspects of trip expenses, such as meals. The owner can specify that reimbursement for amounts under the limits is automatic.
  • Recipient – The business owner can specify who receives the expense reports.
  • Integration with Accounting Apps – Zoho Expense can be integrated with the company’s accounting software.
  • Billing Customers – Using Zoho Expense, an expense report can be generated as an invoice to a customer.

Zoho Expense: Streamline Travel and Expense Management [Smallbiztrends]

About Our GE Network Expert - Min Tang

Categories
Recommendations

CRM Training and Certification

As CRM software becomes more important for businesses, high-level training and certifications do as well.

  • To attain CRM certification, applicants must pass an exam. Hours of training are usually required to do so.
  • CRM certifications and training allow companies to increase their digital presence, have a competitive edge and increase engagement.
  • The need for CRM specialists continues to grow year after year. Getting certified can help secure job placements and increase career advancement opportunities.
  • This article is for business owners and individuals who want to improve their business and career path by completing CRM certifications and training.

Customer relationship management (CRM) takes customer service to a whole new level. Modern CRM software uses technology and automation to find and interact with leads and customers. Leveraging CRM software can help a company engage with its customers to build trust and provide necessary products and services.

Current CRM certification courses are available through academic institutions, professional affiliates and massive open online courses. Topics can include CRM optimization, automation, marketing strategies, product management, business to business (B2B), business to consumer (B2C) and networking. According to certification course provider Simplilearn, IT professionals with one Salesforce certification on their resume can expect as much as a 40% pay increase.

What are CRM certifications and training?

CRM certifications can enhance your skills by requiring you to complete advanced CRM software training. Some certifications are built with courses and require you to pass exams; others are for status only. Completing CRM certifications and training can demonstrate commitment, present new job opportunities and increase pay.

Why are CRM certifications and training necessary?

To compete globally, companies benefit from increasing their digital presence. Utilizing a CRM tool improves the B2C and B2B relationship and allows companies to engage and thrive. Because companies are encouraged to focus on detailed digital strategies in which CRM is vital, businesses are looking for CRM-certified employees to help them move forward in the e-commerce space.

Who should get CRM certified?

While all departments can benefit from CRM training, it is especially relevant for sales, marketing and IT team members. In addition, recent high school graduates and college students can stay competitive in the job market by becoming CRM certified.

Recent high school graduates and college students

Want to score a higher-paying job quickly? As CRM specialization jobs are in high demand, high school graduates and college students can get a competitive edge by learning CRM before entering the professional workforce.

Sales professionals

Sales teams work with a CRM platform for lead tracking and follow-up. Detailed customer data gathered and stored by a CRM improves lead scoring and speeds up conversions.

Marketing professionals

Because marketing requires quality leads to drive a return on investment, a robust CRM is crucial to a marketing team’s success. The CRM can help marketing professionals quickly visualize data, as well as identify lead patterns, potential customers and pain points that your business’s products or services may solve.

IT professionals

IT can work with sales and marketing to customize the CRM to specific needs, industries or internal policies. Using a CRM, IT teams can onboard, maintain and provide professional support to employees. CRM certification is often required for IT professionals, as the training is standard for the industry.

CRM certificate vs. certification

Though a CRM certificate and a CRM certification sound like they may be the same, there is a difference. A CRM certificate is earned in a school setting, whether in person or remote, and resembles an academic degree. A CRM certification, by contrast, is earned through industry-based performance tests, regardless of where you learn the information.

7 best CRM certifications

The following CRM certifications are found regularly in job listings and are globally recognized and easily accessible for most people:

Microsoft Dynamics 365

As a top competitor to Salesforce, Microsoft Dynamics 365 offers certification levels ranging from fundamental to advanced. The platform can provide courses on sales, finance, operations and customer service. Professionals can choose to complete a CRM certification or an overall fundamentals course. For CRM certification, IT professionals must pass exam MB-910: Microsoft Dynamics 365 Fundamentals (CRM).

CRM Certification and Training [BusinessNewsDaily]

About Our GE Network Expert - Min Tang

Categories
Communication Skills

Handling Different Communication Styles In Businesses

Have you ever come out of an important meeting feeling confused or frustrated? Was there ever an occasion where you found it difficult to explain yourself to a colleague or customer?

When it comes to communication, there’s no one-size-fits-all style. All of us communicate differently and sometimes this difference can make matters difficult for your business. By understanding different communication styles, you can enhance workplace productivity leading to better business results.

What are communication styles?

Communication styles are our preferred way of interacting with others. Some people may find it easier to articulate confidently how they feel. Others may prefer keeping their opinions to themselves because they want to avoid conflicts.

In every workplace, you will find people with different preferences. A healthy workplace will encourage a good balance of these differences to encourage new ideas and processes.

Why Learn to Handle Different Types of Communication Styles in the Workplace

Successful businesses understand the importance of clear and effective workplace communication. They also understand that it’s tricky because everyone has a preferred style of communicating. But learning to handle these different styles is beneficial for a number of reasons.

  • Improved communication skills: To encourage each team member to share ideas.
  • Improved work-life balance: To avoid miscommunication.
  • Improved teamwork: To get the best out of different team members.
  • Better work relationships: To achieve common goals.
  • Improved self-awareness: To be respectful of different opinions.

What are the 5 communication Styles?

If not managed properly, the differences in our communication styles can cause confusion, misunderstanding and unnecessary stress. To address this challenge and to leverage different learning style, a growing number of businesses are using a tool called DISC.

DISC is a useful tool that can help you better understand people’s behaviors and emotions. It’s designed to provide an insight into why people behave in the way they do. According to this model, there are four distinct personality types:

  • Dominance
  • Influence
  • Steadiness
  • Conscientiousness

Based on this model, there are five communication styles that clearly stand out.

1. Passive Communication Style

Do you know someone who tends to avoid conflicts and prefers to stay under the radar? This is typical of the passive communicators. They don’t mind taking a step back and let the more assertive people lead the way. That’s because they don’t want to get involved in a confrontational situation. To keep peace they may say, “You’re right, let’s go with it.” In doing so, they may avoid sharing their real feelings.

If you observe their body language, you will notice they tend to hold their head down, speak softly and avoid eye contact.

This type of communications style is useful when you need to win small battles. For example, if you have difficult customers only interested in their own ideas, a passive communicator can be brought in to placate them .

How to Handle a Passive Communicator

Dealing with the passive communication style be challenging. If you try to push too much, they may completely shut down. Instead, here are some simple examples of how you can handle them:

  1. Give them space to articulate their opinions and needs
  2. Do not dismiss their ideas
  3. Ask them open ended questions
  4. Engage with them in one-on-one interactions
  5. Do not expect an immediate response

2. Aggressive Communication Style

An aggressive communicator doesn’t believe in staying on the sidelines. In a discussion, aggressive communicators will adopt a loud and hostile demeanor to get their points across. They will also not shy away from rejecting other opinions. It’s therefore not unusual for them to boss around and dismiss other ideas with curt responses like “It’s a terrible article” or “I’m right and you’re wrong.”

Their tone of voice and gestures are all meant to suggest their opinions matter the most and that they’re not interested in what others have to say.

When they don’t get their way, they will scowl or glare at others.

How to handle an Aggressive Communicator

An aggressive person can create a hostile work environment, especially when there are more passive co workers in the team. Here are some ways to handle aggressive communicators:

  1. Do not return the aggression
  2. Explain to them why their behavior is not acceptable
  3. Give them advice on how they should tone down their aggressiveness
  4. Streamline your conversations to stay on topic
  5. Take HR’s help if the situation gets too difficult

3. Passive-Aggressive Communication Style

On the surface, passive-aggressive communicators appear easy-going. In reality, however, they are dissatisfied and angry. Their real emotions come out in the expressions of sarcasm, sly digs and silent treatments.

It’s often challenging to work with passive-aggressive people because they have the same effect as the aggressive communicators. When they cannot get their way, they will look for opportunities to undermine other people. “Don’t worry, I’ll figure it out myself like I always do” or “We’ll work on this if it makes you happy. That’s all they care about anyway.”

It’s their resentment that makes them believe they are powerless in the organization.

How to handle a Passive-Aggressive Communicator

If not handled properly, passive-aggressive individuals can create a toxic team environment.

Here are some examples of how you can manage passive-aggressive team members.

  1. Speak to them privately to understand what motivates their behavior.
  2. Do not react in the same way.
  3. Set boundaries.
  4. Stay calm.
  5. Create an environment where they don’t feel they are underappreciated.

4. Assertive Communication Style

Assertive communication is considered the most effective communications style. Assertive communicators are confident yet not dismissive of other opinions. They can get their message across without hurting people’s feelings. When they want answers they may say, “I’d like to understand your thoughts around the content structure because I don’t think I got it right” or “I felt your edits made my article more generic.”

They excel at both verbal and non-verbal communication. They make direct eye contact and speak with clarity.

An assertive communicator is also a good listener who is firm when dealing with different individuals.

How to handle an Assertive Communicator

Because of their balanced style, assertive communicators are the easiest to handle. Here are some ways to get the most out of these individuals.

  1. Give them space to think.
  2. Come up with solutions.
  3. Listen to their ideas.
  4. Be specific.
  5. Explain the problem clearly.

5. Manipulative Communication Style

Manipulative communicators are shrewd in the way they interact with others. They are skilled at influencing people and getting what they want. If they want a job another colleague is also interested in, they may manipulate them by saying, “I wouldn’t want to be in your position. They couldn’t pay me enough to take this one up.”

Their style of communication is patronizing and aggressive. It is this behavior that often leads to resentment among colleagues. Manipulative communicators, however, have very little regard for what others want or think as long as they get their way.

While their behavior is not ideal, their ability to control people makes them useful in difficult customer interactions.

How to handle a Manipulative Communicator

Managing a manipulative communicator requires some skills because they are good at what they do — controlling others. Here are some simple ways to handle these individuals:

  1. Be cautious when interacting with them.
  2. Stand your ground.
  3. Do not let them sway your opinions.
  4. Be firm but polite.
  5. Stick to the topic at hand.

How are the 5 communication styles different from each other?

Each communications style brings with it a set of opportunities and challenges. With passive communication, it takes a lot of effort to get them to share their feelings with the group. With the aggressive type, having a productive discussion can often seem impossible.

Manipulative and passive-aggressive communication styles involve a shrewd approach in dealing with others. It’s important to call such people out for their behavior. But treating them the way they treat others is not wise. Rather a more direct approach to address their problematic workplace communication styles is the right way to get things done.

5 Methods of Communication to be Aware of in Business

Just as we have a preferred style of communicating with others, we also have preferred or effective communication methods of expressing ourselves. These methods are based on our personalities. For example, a passive communicator eager to stay out of confrontational situations may prefer to use a submissive method of workplace interaction.

A good understanding of these different communication styles can make it easier for you to connect with different individuals and build better relationships.

Analytical

An analytical person loves data. Feelings-driven statements are too vague and confusing for such a person. Quantifiable data, on the other hand, is easy to decipher. For example, a positive sales outlook is an undefined statement. A 10% growth, however, is concrete information.

With an analytical person, it’s easier to look at things objectively. They can separate feelings from work and provide a more rational perspective in their workplace. But the challenge is such individuals are often perceived as cold and unapproachable in communication.

Personal

Those who value human connection and emotion tend to prefer the personal style of communication. These individuals care about people first. They are good listeners and they find great value in understanding how people around them feel. If the sales numbers are poor, they will first try to understand if the team morale is low.

The personal style is important to hold a team together. These people can solve conflicts and find solutions to address unseen issues. However, they find it difficult to come to make quick decisions where logic needs to be applied first.

Submissive

Submissive people believe other people’s needs and opinions are much more important than their own. They lack self esteem and try their best to avoid conflicts. So they stay away from making decisions that they think will upset others. They are also quick to apologize in a conversation even when it’s not their fault.

It’s not difficult to take advantage of a submissive person. Their low energy can also leave others exasperated.

Intuitive

An intuitive person focuses on the big picture.

They don’t let excessive details get in the way of achieving results. They are action-oriented and much more focused on the result than the process. That’s why, they prefer brief conversations that get straight to the point. For example, a quick conversation about a LinkedIn and email campaign is preferred over a detailed explanation of each step to design and execute the digital content plan.

Because they are able to look at the big picture, intuitive communicators find it easy to come up with innovative, creative solutions. They can get things done quickly because they don’t let the steps come in the way. However, these people end up losing patience when something requires a detailed and long-term approach.

Functional

Unlike those who prefer the intuitive style of communication, functional communicators like focusing on details and processes. They like taking their time before coming up with solutions and new ideas. When interacting with them, it’s best to come prepared to answer their questions.

Their detail-oriented approach is helpful when it comes to making project plans, allocating responsibilities and creating timelines.

But it can be a challenge for them to stay focused on the big picture. They can also lose the attention of their audience when they fixate on their methodical style. In other words, it can be quite difficult for them to work well with those who have an intuitive style of communication.

How to Improve Your Communication Style

Clear and effective communication can go a long way in boosting productivity, improving relations and reducing stress. But interacting with people who have different styles than yours can be tricky. By improving your communication skills, you can connect with people more easily. You can also influence them to get your message across.

Here are some simple ways to improve your communication and work well with different styles.

  • Work on your body language: Not all communication is verbal. Physical cues are also important. To communicate clearly, work on your posture, stand straight and avoid slouching.
  • Engage your audience: No matter how important, your message isn’t just about yourself. Engage your audience by asking questions.
  • Focus on your listening skills: A good communicator is also a good listener. Listen to what your audience is telling you, take their opinions into account to earn their trust.
  • Keep your message simple: Use simple language and avoid using jargons that can confuse your audience.
  • Have an open mind: An openminded approach can help when you have to engage with someone whose style is different than yours. It can make things easier especially when you face criticism in the course of a conversation.
  • Request feedback: Are you addressing everyone’s needs when communicating with them? The best way to know this and to improve your style is by asking for feedback. Seek opinions to understand areas where you need to get better.

What is the Best Communication Style in Business?

In business, the assertive communication style is considered the best for a number of reasons. Assertive communicators respect other opinions and needs without neglecting their own. By doing so, they earn the trust and respect of their coworkers and customers.

Assertive communicators are also good at not beating around the bush. They quickly get to the point and are direct when explaining what they need. Their self-awareness is useful especially when dealing with customers.

By improving your assertive communication style, you can influence decisions and make people feel more involved in the process. It’s not always easy, especially when you have to deal with difficult people. But by keeping an open mind when someone is not agreeing with you, you can achieve your goals.

How to Handle Different Communication Styles in Business [SmallBiztrends]

About Our GE Network Expert - Min Tang

Categories
Planning & Management

Are Too Many Meetings Not Good?

There is something to be said for a good productive meeting. However, there are many meetings in which almost nothing gets accomplished. Furthermore, said meetings also keep people from being productive and affect job performance. And according to the 2021 State of Meetings Report from Doodle, it does have an impact.

In this week’s roundup, 56% of Employees Believe Too Many Meetings Affecting Job Performance is an article that looks at the Doodle report and the data in it. And what stands out is the growth of virtual meetings in the past year, a whopping 1,230% in 1:1 meetings. This is not surprising considering the pandemic, but in-person meetings still made up more than half of the meetings. The takeaway from the report is virtual meetings are here to stay even post-pandemic. And for small businesses looking to save on business trips, the trend is very much welcomed.

A couple of other articles in the roundup also address the issue of remote work and virtual events. “GoTo has a New Virtual Events Solution” and “These are the Best Cities for Remote Workers in 2021” look at the current state of remote work and solutions that are in the market to address the technology they need.

For small businesses looking to remain competitive, it means staying informed about the technologies and workforce trends that are taking place today. Small Business Trends provides this content so you can stay ahead of the curve and keep your business thriving.

Nimble Announces New CRM Integration with Microsoft Teams

Nimble, a global leader in providing simple and smart CRM for small business teams, has announced a new CRM integration with Microsoft Teams. The integration is designed to power Nimble customers’ virtual business engagements. Nimble Announces Integration with Microsoft Teams Nimble recognizes that customer data is at the heart of every business.

GoTo has a New Virtual Events Solution

GoTo’s new virtual events solution addresses a pressing need for businesses to reach a larger audience. Whether you want to reach local, national, or international audiences, GoTo can bring them together under one platform. GoTo Virtual Events Solution The biggest key to virtual event adoption is simplifying the technology so any business can use it.

These are the Best Cities for Remote Workers in 2021

According to the Best Cities for Remote Workers 2021 survey, Provo is the number one city for remote workers. The infrastructure, amenities, and affordability make Provo a destination worth looking at. And as more companies offer full-time remote work, people are going to be looking for cities that are cheaper while providing the amenities they need to make their lives comfortable.

Deducting Start-Up and Organizational Costs

Based on U.S. Census Bureau data for business applications, new business formation is on the uptick. The pandemic forced many business closures, but this data show the entrepreneurial spirit will not be stifled. If you’re thinking of starting a business now, recognize that it may be costly to get started and sometime before you begin to bring in revenue.

Guide to Restaurant Week Success

As a restaurant owner, it is crucial to identify opportunities that can help your business gain exposure, and help new customers learn about your restaurant. One of the ways to accomplish this is by participating in events such as Restaurant Week. In this article, we’ll break down everything you need to know to have a successful Restaurant Week.

How to Choose the Right CRM System

A customer relationship management (CRM) manages your small business interactions with clients. The right CRM has the tools and features that include lead tracking, contact management, and other items. What is a CRM System? This software for your business guides prospects through the sales pipeline. There are different plans and packages to choose from.

Is Blogging Still Worth It?

With the rise of social media, live video, podcasting, and other digital marketing trends, it’s easy to feel as if blogging has lagged behind. But even in a world where there are “sexier” options, blogging still has a place at the table. The Benefits of Blogging Blogging has been around since the dawn of the internet.

Pros and Cons of an LLC

Forming a limited liability company can be the perfect strategy for a business. There’s a reason that it’s been the most common business entity in the US for the past 20 years. One of the main reasons that a business or a group of people, form LLCs is to protect personal assets. Just as it sounds, there’s limited liability for owners of the business.

How to Start a Fish Farming Business

There are several types of fishing farming businesses. You can grow fish to be eaten as, to be stocked for anglers, or to supply aquariums. Fish farming doesn’t always require a large body of water. For many species, fish farms can be located indoors or outdoors. Getting started raising farmed fish does require a significant financial outlay.

How to Start a Business: Step by Step Guide

Talk to any entrepreneur or small business owner, and you’ll quickly learn that starting a business requires a lot of work. An idea doesn’t become a business without effort. Some budding entrepreneurs understand the effort necessary to create a business, but they might not be familiar with the many steps required to launch a business venture.

In the News: Are Too Many Meetings Affecting Your Productivity? [Smallbiztrends]

About Our GE Network Expert - Min Tang

Categories
Starting Up

How to Start a Property Management Company

The need for property management companies is increasing every year as landlords grow tired of managing and maintaining their investment rental properties on their own. It’s time consuming for investors who only do it part time. 

As landlords realize how much work it is to manage their properties while also pursuing other business ventures or simply enjoying their personal lives, now is the perfect time to start a property management company. 

But where do you start? We have the answers you’ve been searching for! 

Get the Required Licenses

Real estate can be a complicated and extremely regulated industry. Therefore, real estate professionals are required to be licensed by the federal and state government. This requires taking classes and passing exams along with completing continued education courses. 

To become a property manager, you must have a broker’s real estate license and a property manager’s license. A broker’s license requires you to have worked in real estate, usually as a real estate agent, for a couple of years, so you’ll need previous experience. 

One these real estate licenses have been acquired, you’ll need to set up your business licenses and establish the business with the state. 

Write Your Business Plan

Your business plan is the backbone of your property management company. This determines how you plan to function, make an income, market yourself, and succeed as a business. 

When writing the business plan, determine which services you plan to provide to rental property owners. Will you be a full-service property management company or offer limited services? How much will you charge – a flat fee or percentage of the monthly rent? 

This is also the time where you spend making partnerships with other services you may need such as plumbers, electricians, home inspectors, and brick masons like Brickworks Property Restoration. These are the people you’ll call when you need maintenance or repairs done to a rental property you manage. Try to make an agreement where you receive a discount on their services due to consistent work too. 

Establish Your Brand

A business is nothing without solid branding. Your property management company is no exception. 

Choosing the right name, logo, and slogan is crucial for your company’s success. Don’t rush this process – take your time to find the right one. 

Determine what separates your property management company from others in the area. Maybe you fill vacancies in seven days or less. Or you could only work with luxury rental properties. Remember, you need to cater to both tenants and property owners! 

As you establish your brand, you’ll have to build a complete and attractive website and start your marketing campaigns to gain attention and leads from the community. 

Start Small and Scale

Starting a property management company is a growing process. Once you’ve established your business and brand, it’s time to get your first clients. Managing just three or four properties in the beginning is perfect. Slowly, you’ll gain more clients through referrals and your marketing efforts and you’ll build your portfolio. 

Remember, starting small is never a mistake. It gives you time to learn and achieve your business goals strategically and successfully.