The second quarter of the year is always the time for reflection, rejuvenation, and a thorough review of the goals you put into place when you first completed your business plans back in the fourth quarter. Regardless of how successful of a business owner you are, every entrepreneur misses the mark on at least one goal they had set forth for themselves. The big question one must answer is, “why?”
As you consider your progress in the past quarter, you’ll be left wondering what held you back from the achievements that seemed all too doable less than six months ago. Perhaps you weren’t able to full a community manager role that’s been left open for far too long, or perhaps your customer service doesn’t seem to be improving. What are the reasons these goals aren’t being achieved, and how can you make changes to your yearly plan to accomplish what you’ve set forth for yourself?
Technology may be the key
Many goals set forth for a business, on the surface, seem like a strategy in which your tech stack is irrelevant. But after a careful review, a technology enhancement may be the key to unlocking these achievements. Take the two examples above: hiring an important role and improving customer service. New hires values companies who embrace innovative technologies that put people at the forefront. They want to know that the software being used at their community association management company will be one that will reduce their task-heavy workload and provide self-service tools for homeowners. If you weren’t able to snag that awesome hire for your company, and you’re using fragmented software that hinders their day-to-day, perhaps that’s the reason.
Another example is improving customer service, which is a hot topic in community management nowadays. Perhaps your homeowners were reeling with complaints last quarter because they couldn’t figure out how to process a payment, or their payment was misapplied to another account. Are these types of complaints actually service issues, or are they issues related to the technology you’re offering to your homeowners and board members?
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Why your technology decisions matter most right now
Oftentimes we speak to management company executives who know that their software is on the outs, and that eventually they will need to make an upgrade. Yet they continue to put off this decision because they are concerned with the disruption a switch will cause to their business and personnel.
If you’re in this boat and have yet to choose the right software provider for your company, now is the time to make the decision. Making a software change is a significant change process, regardless of how seamless the onboarding and implementation experience can be. If you decide on a software provider for your accounting and community management experiences now, your team will have the remainder of the year to become fully acclimated to new processes that will help your business soar for 2023. So if you make the right decision this quarter, you won’t be left reconsidering your options at this same time next year.
That isn’t to say, of course, that a software change won’t positively impact your current year. Making the change while incorporating feedback from your team will improve employee morale and support you in your hiring and retention goals. Having a dedicated training and project management team supporting your employees every step of the way through the change will also provide new processes and efficiencies that you may have not considered before that will greatly impact productivity. Implementing a fully integrated banking experience will reduce your chances for mismatched payments and fraud, which will greatly improve customer service and position your company with strong selling points for prospective HOAs and COAs. And utilizing tools that create seamless reporting experiences for board members will significantly impact client relations and homeowner engagement.
All in all, making the right decisions now for your technology will create a lasting impact for your company’s bottom line. To support you in making the right decisions for your company when reviewing software options, we’ve laid out all the steps you need to take and the questions you need answered in our Ultimate Buyer’s Guide.