You’re halfway through the year, which means it’s time to reflect, reevaluate, and reignite your organizational goals. And if you’re fully on track to reach all your goals with respect to acquisition, profitability, and more, it’s not likely that you’re considering a change to the way you’ve been running your business. But let’s be honest; most of us are going to realize at this point that we’ve fallen short somewhere. This means we’ll have to play catchup, or we may have to revisit the numbers we put forth for our organization altogether.
Because of this, on top of competing vacation schedules, many executives feel that evaluating a software switch halfway through the year is a bad idea. Oftentimes we say to ourselves, “Now is not the right time.” But starting the software evaluation process now can actually reap the rewards for an association management company. Here are four reasons why you should review your software halfway through the year:
Are interest rates dragging down your bottom line? Are you struggling to find new sources for revenue? Are you unable to meet the timelines expected of your clients? Many of these common concerns in HOA management can be resolved with the right software solution. So as you take your mid-year check-in to reevaluate your goals and progress, it’s vital to consider, how can these problems be resolved with a better software solution? The hard truth is that if you’re not hitting your KPIs but you’re not utilizing the most modern tech stack you could be using, you will likely never hit those KPIs.
“How much does it cost?” That’s the question every management company executive wants to know when it comes to new software – with the understandable assumption that improved software means increased price. The reality is that anyone who offers an instantaneous quote on a software solution for association management companies hasn’t taken the time to fully understand the needs of that association management company. The price of a software solution encompasses multiple aspects – from the banking partner to the organization’s current tech stack. And while it’s reasonable to believe that new software means a higher price point, that actually isn’t always the case. In fact, it’s common for the price of the software to be subsidized through banking partnerships and other factors.
But here’s the reality – there’s no way you can wait until the fall to demo a product, understand the pricing, fit that price into your upcoming yearly budget, and get started with onboarding and implementation. The sooner you understand how new software would impact your upcoming year’s budget, the more prepared you will be to set forth with your new year goals and budget.
Let’s face it – when it comes to a whole new software solution, one demo is never enough. You’ll need all of your key users to review the software – from the community manager to the accountant – and oftentimes, they’ll need to see the ins and outs of the solution more than once to fully appreciate how their day-to-day would look in this new technological world. So starting in the middle of the year for a new year launch provides the time needed to ensure your team is fully comfortable in the switch you are considering. It’s very important that when you’re making the switch, you have buy-in from your team. Sometimes to achieve this buy-in, you’ll need to discuss with them why this solution would improve their workload and enhance future career opportunities. This isn’t a conversation that should be rushed, especially if you want to ensure high employee retention. Because of all of these factors, starting sooner is always better in a software evaluation.
Finally, and most importantly, if you start your software evaluation halfway through a calendar year, it’s very likely that you’ll be able to launch the new year with a new software solution. The average onboarding timeframe for a software solution is 90 days, and after those 90 days, management companies can expect to have a month post-launch working with their project manager on a weekly basis to ensure all needs are met. Completing this process in the end of the year is very beneficial, because it means you’ll be able to focus on training and implementation during a period where activity is lower than average.
If you’re still on the fence as to why the middle of the year is a good time to begin a software evaluation, check out our example timeline to see how a software switch could look for your organization. And if you like what you see and you’re ready to learn more, let’s schedule your demo.