If 2020 taught business owners anything, it’s that they always have to be innovative.

Maybe you’ve seen the “Friends” episode where Ross is trying to get a couch moved up a narrow stairwell. He keeps shouting “pivot, pivot,” with every turn. Well, 2020 was the year of the pivot.

Every business had to pivot their operations to accommodate a rapidly changing set of rules and restrictions. It challenged all business owners, but small businesses definitely bore the brunt. Here’s what we can learn from it and use for 2021.

Efficient Operations

As a business owner, your profit margins will always do better when you operate efficiently. Pay attention to under or over-staffing. It’s important to not burn out your employees, but equally important to eliminate wasteful spending on paychecks. Consider how you can creatively staff your operation with 1-2 people on site (or the lowest number of staff for your specific business), but utilize contract work for tasks that can be completed remotely.

Additionally, it might be worth considering other avenues to outsource some tasks. Property management software that streamlines your workflow can be a great tool to use if you don’t already. Hiring a property management company is also a wise consideration. Property management companies are experts at helping you operate more efficiently in order to maximize your profitability.

Growth

While your business may have suffered greater losses in 2020 than normal, it is a great time to look at ways to grow. Depending on your property type, a property management company can provide expert consultation on how you can grow. It might be time to consider some repairs, modifications or other incentives to make your property more attractive to tenants. It might also be that you need fresh eyes and ideas to help you navigate which areas of growth will reap the biggest benefit for your situation.

Tenant Retention & Satisfaction

Tenant retention and satisfaction can take center-stage this year. It’s not always easy finding great tenants, so it is important to work to keep them once you have them.

Make it a point to check in with your tenants often. If you keep your finger on the pulse of their business and how it’s doing, you are helping your business as well.

Property management can be a great tool to assist in this area as well. Property managers can keep tenants happy by quickly responding to repair needs and other issues that come up.

Utilizing a trusted company like Weaver Realty may be the best investment you make this year. These are just three trends we foresee for this year. We can help you address your business efficiency, growth and tenant retention with just one change. That one change can produce big results.

Call Weaver Realty today at 904-733-0039.