Growth and scalability go hand in hand. Scalability must accommodate growth to reach profitability. Your business must be able to withstand pressure from growth without being impeded by structure or resources. Technological advancements have made scalability more popular due to its ability to increase business efficiency and ease communication.
As your association management business increases portfolio, it can be challenging to sustain or expand profitability and efficiency levels. To grow, however, these levels will be affected for the stability of your organization.
In anticipation of growth, your company should be looking to invest in a scalable system. If your company has a flexible and scalable system in place, it can effortlessly withstand the pressure of a growing portfolio without damaging efficiency and profitability.
Leveraging Technology for Scalability
Technology and scalability are integral for well-organized growth. If the technology system you adopt can adjust to your evolving needs, it can be considered scalable. Scalable systems are set up to help you tackle increased demand and changing trends.
Technology relieves the scaling process for your business. This is because companies who leverage technology maintain reduced or no inventory. A software as a service (SaaS) approach to association management, for example, can eliminate physical files and on-site computer servers. Additionally, association management SaaS systems can be incorporated your business structure to simplify your operations even as you plan to grow.
SaaS Solutions for Scalability and Profitability
Subscription-based SaaS lowers the cost of owning your software infrastructure. Further, true multitenancy SaaS allows you to service multiple customers with a single version of cloud-based software and its supporting infrastructure. There are no user capacity constraints because SaaS solutions are engineered to take on more associations with no lag time. Multiple community platforms can be online at once, running various reports with no speed or usability impact.
With a SaaS-based association management solution, increased productivity, diminished overhead, and high management efficiency lead to profitability and improved ROI. SaaS solutions with modular systems push software scalability even further.
Scalability is vital to the success of your business and online strategy. To achieve and sustain profitability, your company needs its online system to support growth, and modular software solutions are the key.
Scale Your Business With Modular Software
Legacy software can be restrictive for the end-user. Often there is little flexibility in terms of the product you receive.
Modular systems refer to software design in which some of the components are self-contained and optional. This allows you to add modules as your company grows and configure the software for maximum profitability. All-in-one cloud-based modular software packages give you complete control and oversite of your management portfolio.
Comprehensive property management modules help you increase your business’s productivity and efficiency. Association software modules with automation take care of time-consuming, repetitive tasks so your property managers can focus on more value-added activities.
Automation Saves Your Team Time and Money
Spend more time growing your business by cutting costs, saving time, increasing capacity, and improving workflows thanks to the marvels of software automation. Using software automation helps your team work smarter, not harder. With a little bit of initial input, software automation can simplify your management team’s day and give them more time to prioritize growth.
Software modules with automation include:
- Collections — Using preset fee logic and predefined letter inputs, this module saves your accounting team valuable time by automating homeowner fee assessments and communication. This module also integrates with collections agencies to give your organization real-time updates and data on delinquent accounts.
- Violations — There are aspects of violations management that can be repetitive and time-consuming, but they need to completed to keep things moving. Add the violations module to your association software to streamline the violations process through automation. Automate violation letters, monthly management reports, inspection results, escalations, and more.
- Work order management — The work order management module empowers your managers to coordinate and receive work orders as they are generated. This benefits cohesion and workflow for all of your properties.
- Management — The management module can help with the day-to-day operation of your business. It automates and centralizes your corporate accounting processes by billing your clients for management and ancillary (addendum) fees. It also generates profit/analysis and trend reports. Further, it provides a dashboard where you can organize and track documents and call logs.
- Accounting Services — This module gives your team the ability to create custom accounting packages tailored to your company’s requirements. Take advantage of this module to process accounts receivables, payables, automated bank reconciliations, month-end processing, and more. Integrated banking bridges the gap between your banking and accounting systems. Automatically import bank balances into your accounting system and perform banking and accounting on one platform.
- Document Imaging — Go paperless by adding the document imaging module. Your growing company can eliminate the burden and expense of a physical storage space. Documents are stored in a centralized database and attached to specific accounts, vendors, and monthly board packages.
Enjoy Scalability and Profitability With Association Management Software
As you grow, your association management needs to be flexible enough to grow with you. For your company to be scalable, it needs to focus on upgrading your management services’ efficiency and profitability even as its workload escalates.
Invest in association management technology to help your company weather the pressures of growth and watch your scalable business grow to dominate the market.