Five Questions to Help You Decide If You Need A Dashboard
Here are five questions we ask every property management company to help you decide…
- Do you have financial targets for the year? (for example, Net Income, Rent Lost Due to Vacancy, Delinquent Amount etc.)
- Do you have any non-financial targets for the year? (for example, Average Customer Rating, Employee Development Hours, Ticket Resolution Times)
- Do you have team members whose performance directly impacts any of the above targets? (for example, a Service Director who impacts Ticket Resolution Times, or a Leasing Director who impacts the leasing pipeline)
- Do you give feedback to your team members in their performance reviews on what they are doing well and where they could do better?
- Do you have weekly or monthly meetings where you review business performance relative to your quarterly or annual targets?
If you don’t resonate with these questions, or if you answered “no”, a dashboard is probably not for you…
But, if you answered yes to at least 3 of these questions, we should discuss “What Key Performance Indicators (KPI) do you want your dashboard to display?”.
Because a dashboard can transform your company culture.
When your team members know which metrics matter to you and your business and take responsibility for improving those metrics, two things happen:
- Your team members manage themselves and figure out ways to proactively hit their targets.
- Your role changes from supervising your team to leading them and clearing roadblocks to enable high performance
Once you get into a rhythm of looking at your key numbers daily, weekly, monthly, quarterly and annually as appropriate you will start to see changes in behavior. Team spirit will increase, and you will find you can delegate a lot more.
If you can imagine the difference a dashboard can make to your business performance, let’s talk.