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Strategic planning involves setting goals and objectives. It involves looking ahead to future events either anticipated or unanticipated. Following are the suggestions for incorporating strategic plan to a property management organization. :-
1. Know organization structure = in order to be successful, property manager must have executive management support. Therefore it is very important for the property manager to develop a good understanding of how executive management operates. The maine thought on the organization structure is to determine how your organization is aligned in order to increase the maximum exposure and support from alignment .
2. Review customer expectation = it is very important to meet the expectation of our customer. It is very important to first of all understand what does customer wants from us and how to satisfy him. We should show the blueprint of designs of property to the customer so that he can understand it and we can also incorporate certain suggestions given by them.
3. Develop risk ratings for each property function = Before the beginning of each fiscal year it is important to sit with the employees of the company and discuss with them and review each property function. Develop a risk rating scale (high, medium, low) based on certain established criteria and parameters (i.e. dollar value, matrices, past audit results) . Once the matrix is developed then it will be pertinent to focus on high risk areas and finding out then ways to reduce risk relating to them.
4 . Develop succession plan = It is important to have a properly developed succession plan so that exit of any personnel will not make company handicapped.
5 . Develop training opportunities = a well trained staff is the need of the hour. There are various technologies and architectural designs available also there are various governmental regulations to be adhered with. This, if we would be having a well trained staff then it won't be a problem for us . Also more formal and established training is through the NPMA, property professional's employees can share information through networking and formation certification training
6 . Develop annual performance goals and strategies = it is important for every type of organization to have certain goals and strategies. For instance in case of property management field a company can have goals like maintaining 95% inventory accuracy, another goal might be to establish 5% inventory reduction, like making properties which are environment friendly. This, there must be some kind of goals for an organization to achieve.
It should be noted that property management field is no different than any other profession as far as strategy formation is concerned. However, it is again pertinent here to note that property management organization that uses strategy planning today will step ahead when changes occur in future.
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