The year is half over, and you might be feeling frantic and overwhelmed with all the myriad of things on your plate. This is especially true in summer when things get really busy, and you feel like you are running full speed and not getting anywhere.
We have all been there. It is the natural cycle of property management, but I want to assure you that you still have time to hit your goals, and milestones. So, what should you be focused on? Here are five ideas that will help you get the most from the remaining months ahead and end the year on a strong and positive note.
This is an excellent time to assess your progress and goals to date. Take time to celebrate. We often run from task to task and never celebrate our accomplishments. Look at your goals. Check off tasks completed and decide what remaining items are a top priority. Focus your energy on one goal to wrap up and accomplish before the end of 2021.
Now that you have assessed what is left to be done keep in mind you have five months to accomplish your highest priority. Break that task down into smaller tasks and calendar time each week and month to peck away at the goal. This allows you to move forward and not get overwhelmed. It is easier to fit smaller pieces of the task into your weekly calendar than to segment out large amounts of time to get it done. I promise it will never happen if you try to get it all done in one shot. Pace yourself. Also, just because it is a goal for you and the company it does not mean you have to be the one to do the work. Assign tasks to your team and put them in charge of updating you on milestones.
3. Performance Reviews
If you give your employees performance-based or end-of-year bonuses, this is a great time to review your employee’s annual goals and decide what your bonus structure will look like. Discuss this with your employees so there are no surprises.
I am a huge fan of having annual goals for employees and as the leader of the company it is your responsibility or goal to develop your team to excel, build their skills, knowledge, leadership abilities and ultimately create a career path for them so they are an integral part of the company’s success.
To grow your team, meet with staff at least quarterly to review performance goals. The year-end review is a celebration of all they have accomplished, along with planning for the coming year’s growth and goals.
Now is a great time to check in with your staff and offer support. Rally the team during the busy season, praise and acknowledge the good work done and truly work together as a team. When everyone pulls together the momentum builds on itself, and goals are accomplished quickly.
4. Tax Planning
This is a great time to meet with your tax professional to assess your business. There have been many tax changes in recent years make sure you know how they impact your business. Did you know in 2021 business meetings in restaurants are 100% deductible? Now is a great time to look at your Profit & Loss Statements and evaluate if changes are in order. You have five months to put a plan into action so do not wait until the last minute.
Be intentional with your decisions. Now that you have assessed and planned the next five months take ACTION to make the plan work. Success and accomplishments of goals is achieved through action. Having a plan is not enough. Get your team involved. Check in weekly to see how everyone is moving forward. Be the tortoise, slow and intentional gets you to the finish line with your sanity intact.
2021 Can Be Your Best Year Yet
You still have time, so do not panic. This is simply the time to reassess where you are, put a plan in place to accomplish outstanding goals, meet with your team, look at your financials and speak with your tax professional. Once you have clarity about what to do next make sure to execute the plan, the tax advice, and your employee development. Focus on your priorities and be realistic about what can be accomplished in the second half of this year. From experience I know that by checking in and refocusing your energy you will accomplish more than what was originally on your To-Do list. Celebrate the wins and keep the momentum going. 2021 can be your best year yet!
Kathleen Richards, MPM®, CPC®, MS in Management, was Broker/Owner of a successful management company with CRMC®. She knows firsthand the highs and lows of being a business owner. She is a nationally recognized coach, speaker, instructor, author, and thought leader for the last 30 years focusing on business, leadership, and specifically the field of property management. She owns PM Made Easy – customizable products to streamline operations and founded The Property Management Coach. She can be reached at 800-475-3084.