The fall season for our property management company is always a time for reflection. What went well – what didn’t go so good – and what we need to update on our business plan moving forward. This is a living document. It’s the story of the company to date and should be updated every year, which we weren’t so good at in the early years.
If I started the business again tomorrow, we’d make sure we carried out this exercise over a few days every single year. We’d take each part of the business – people, operations, marketing, guest and owner relations and financial activity – and analyse it in comparison to the previous year and review against our goals for the future. In doing so we create an executive summary that would be an ongoing part of our exit strategy.
It doesn’t matter if you’ve been in the business for a decade or if you are just starting out. This review & reflection process can be started at any time. You just need to keep it going and you’ll be surprised at how illuminating it is. We often go from year to year thinking things are great and moving ahead steadily, but a deep dive into all the elements that make up a successful business can unearth nuggets of information to drive it forward even better.
This episode (Part One) looks at the creation of an Executive Summary and what should be in it, why a regular SWOT analysis is essential and how your unique selling point or niche can be introduced and refined at any point. Part Two will examine the remaining seven elements of a good short term rental business foundation.
You’ll hear about:
- Why it’s never too late to start this process
- The importance of a regular review and the creation of a living document
- The key parts of an executive summary
- Why your origin story is so important
- What a SWOT analysis is, and why it’s a strategic feature of your business plan
- The value of the executive summary in exit planning
- Your USP – what stands you out from your competition