Key Performance Indicators For Property Management

Key Performance Indicators to Grow Your Business

What Key Performance Indicators (KPIs) do you need to track to grow your property management business?

Want to increase your net operating income (NOI)? Are you looking to reduce your operational expenses or your tenant turnover rates?

Achieving these goals requires a comprehensive understanding of your property management business’s performance.


That’s where Key Performance Indicators (KPIs) come into play. They’re the secret sauce to staying on top of your property management business.


In the next sections, we’ll dive deeper into the world of KPIs, exploring how to establish your KPIs, common pitfalls to avoid, essential KPIs for the property management industry, and tips for using them effectively.

Key-Performance-Indicators-For-Property-Management


Charting Your Path: Establishing Your Key Performance Indicators

Setting up effective KPIs is like piecing together a puzzle.


KPIs are crucial, measurable metrics that reflect how effectively your business is reaching its key objectives.

They can reveal potential issues in your strategies, help refine your business models, and contribute to increased profitability.

Each piece needs to fit perfectly to create a clear image of your business’s performance. To start this process, it’s essential to have a solid understanding of your year-end objectives.


These might differ from one property management company to another; some may focus on maintaining strong occupancy rates, while others might prioritize increasing rents.


Once you’ve decided on your goals, the next step is to determine your KPIs. Think of your business as a complex machine with many moving parts. Your KPIs are the gauges that indicate whether everything is working towards the common goal.

Set Meaningful KPIs

To set meaningful KPIs work backward from your year-end objectives.

Break these down into quarterly goals, taking into account the unique factors that impact your property, such as market trends and demand cycles. Then, allocate these goals by department based on their core responsibilities and potential impact on the company’s objectives.


For instance, if your goal is to reduce tenant turnover rates to boost income, you might set a target for your office staff to increase renewal rates from 70% to 80%. Similarly, you could challenge your maintenance staff to reduce work order response time from 48 hours to 24 hours.

Setting these targeted, department-specific KPIs not only helps track the overall progress but also empowers individual teams to contribute to the company’s bottom line actively.

Mistakes to Avoid When Setting Key Performance Indicators

Setting up Key Performance Indicators (KPIs) is a vital task, but it’s also one where pitfalls are common.


Understanding and avoiding these pitfalls can greatly increase your chances of creating successful, meaningful KPIs. Here are some of the most common mistakes and how to steer clear of them

Lack of alignment with objectives

Your KPIs must align with your strategic business objectives. An effective KPI should directly connect with your broader goals, providing a clear and quantifiable measure of progress.

Relying on easy-to-measure KPIs

The ease of measuring a KPI doesn’t always correspond with its importance. Don’t settle for KPIs just because they’re convenient to measure. Instead, focus on those metrics that truly reflect your business’s performance and growth.

Proactively-Maximize-MHC-Revenue-Streams-with-Virtual-Assistants

Living in the past

While historical data is essential for setting benchmarks, focusing too much on the past can lead to outdated strategies. Use leading indicators to anticipate future trends and make proactive decisions.


Unclear time frames

Establish clear timeframes for achieving your KPIs. Without defined deadlines, it’s easy to lose focus and momentum.


Lack of accountability

For KPIs to be effective, there must be accountability. Ensure everyone in your organization understands the KPIs and their role in achieving them.


Insufficient tools and resources

Your team should have all the necessary tools to achieve their KPI targets. Consider utilizing property management software to simplify and automate the tracking process.


Keeping these common pitfalls in mind can help you set more effective KPIs that truly contribute to your business’s success. Let’s now explore some of the most critical KPIs for property management.

Essential Key Performance Indicators for Property Management

Property management is a diverse field, with various aspects demanding your attention – from tenant satisfaction to operational efficiency.


While every property management company may have unique goals and hence, unique KPIs, some metrics are universally significant in this industry. Let’s explore these essential KPIs

In-our-opinion-these-are-the-must-haves

Net Operating Income (NOI)

This is the total income generated by a property after deducting all operational expenses. It’s a direct indicator of your property’s profitability.

Tenant Turnover Rate

A low turnover rate means fewer vacancies and less revenue loss. It also suggests higher tenant satisfaction – a win-win situation!

Occupancy Rate

This KPI measures the total number of units rented out at a given time. Higher occupancy rates mean better revenue generation.

Customer Acquisition Cost (CAC)

This measures the total expense of acquiring a new customer. Keeping CAC low is crucial for improving your bottom line.

save on Lighting manufactured home

Maintenance Cost Per Unit

A comprehensive measure of the total cost incurred for maintaining each unit in your portfolio. Lower maintenance costs contribute to higher NOI.


Rent Collection Efficiency

This KPI tracks the efficiency of your rent collection process. It’s crucial for ensuring stable, reliable revenue.

Tenant Satisfaction Score

A happy tenant is likely to renew their lease, recommend your property to others, and contribute to a positive reputation. Measuring tenant satisfaction can provide valuable insights into your property management practices.


Effective utilization of property management software can help you monitor these KPIs consistently and accurately.

Key Performance Indicators in Action

Now that we have our essential KPIs laid out, the next crucial step is to implement them effectively. Here are some helpful tips to leverage your KPIs in the most productive manner

Guide-to-Property-Management-KPIs

Regular Monitoring and Review your Key Performance Indicators

Keep a close eye on your KPIs and conduct regular reviews. Use property management software to automate tracking and generate reports.

Foster Accountability

Ensure your teams understand their roles in meeting the established KPIs. Foster a culture of accountability, where everyone feels responsible for their contribution to the company’s goals.


Adapt and Modify

Remember, your KPIs aren’t set in stone. As your property management business evolves, your KPIs might need adjustments. Be open to refining them as per your changing business needs.

Use KPIs to Inform Strategy

Use your KPIs not just for tracking but also as valuable insights to shape your business strategies. For instance, a high tenant turnover rate could signal the need for better tenant engagement programs.

Don’t Ignore the Outliers

Exceptionally high or low KPI values can be valuable sources of information. Investigate these outliers to understand what’s causing them and how they can be addressed.


By effectively leveraging these KPIs, you can gain a competitive edge, make informed decisions, and steer your property management business toward success.

The-Rise-of-Manufactured-Homes

FAQs: Key Performance Indicators in Property Management

While we’ve tried to cover the ins and outs of property management KPIs, we understand that you may still have questions. Here, we’re addressing some frequently asked questions on this topic.

What is the best way to track KPIs in property management?

Property management software can be highly effective in tracking KPIs. It allows for automation, real-time updates, and easy generation of reports.

How often should I review my KPIs?

While this depends on the specific KPI and your business model, a monthly review is typically recommended. However, critical KPIs might need more frequent tracking.

Should all my staff be involved in meeting KPIs?

Absolutely! Each team member has a role to play in achieving the company’s goals. Encourage a culture where everyone understands and contributes to meeting the KPIs.

What should I do if we’re consistently not meeting specific Key Performance Indicators?

Investigate the cause. Is it due to an unrealistic target or perhaps an issue within the operations? Once you identify the problem, take corrective measures.

Can I have different KPIs for different properties?

Yes, different properties may have unique characteristics and challenges that require distinct KPIs. Customization is key in an effective KPI setting.

Are KPIs just for large property management companies?

Not at all. Whether you’re managing a single vacation rental property or a large portfolio, KPIs can provide invaluable insights to guide your decision-making.

Why-Consumer-Demand-for-Manufactured-Housing-is-Rising

Final Thoughts About Key Performance Indicators

In the world of property management, Key Performance Indicators (KPIs) are not just numerical values or metrics. They are, in fact, a profound representation of the effectiveness of your strategies, your operational efficiency, and the satisfaction of your tenants.


They provide a blueprint of your property management business’s health and indicate areas of strength as well as those in need of improvement.

Choosing the right KPIs, understanding their impact, and using them to inform your business strategies is pivotal in enhancing your property’s profitability and tenant retention.

From NOI and Tenant Turnover Rate to Occupancy Rate and Customer Acquisition Cost, every KPI tells a story about your business.


Furthermore, leveraging property management software can simplify the tracking and analysis of these KPIs, leading to a more efficient, well-informed, and successful property management business.


Remember, the best KPI is the one that motivates action, inspires improvement and drives growth for your property management business.

Track Your Key Performance Indicators

Keep track of your performance, stay informed, and steer your business toward success. After all, the effective property manager isn’t just a caretaker of properties but a custodian of success.

In this complex world of property management, let’s make KPIs our trusted compass, guiding us towards our goals and beyond.

Ready to take your business to the next level? Schedule a free strategy call with Anequim today. We can help you grow faster and smarter than ever before!


To get even more amazing tips, tricks, and techniques for scaling up your business, check out The Bootstrappers Podcast! Get the free advice you need to turn your vision into reality.

Download our free guide to successful projects and start boosting your business to new heights.

Prioritizing Goals For Your Remote Team Sucess

Prioritizing Goals: How Remote Teams Do it?

Prioritizing goals is essential for remote teams to stay on track, deliver projects on time, and maintain a high level of productivity.

The secret to any team success lies in their ability to prioritize goals effectively.

In a world where working remotely is becoming the norm rather than the exception, understanding how to set and prioritize goals is crucial for any team’s success.

In this post we’ll provide practical steps you business can take to improve your remote team’s productivity and efficiency.

How-Successful-Remote-Teams-Prioritize-Goals

Understanding the Importance of Prioritizing Goals in Remote Work

Before we dive into the strategies that successful remote teams employ to prioritize their goals, let’s take a moment to understand the concept of remote work and why goal prioritization is crucial in this context.

Remote Work: Prioritizing Goals In A Modern Work Environment

In today’s interconnected world, remote work has gained immense popularity. 

It allows professionals to work from the comfort of their homes, coffee shops, or any location of their choice. Remote work offers flexibility, increased autonomy, and the opportunity to tap into a global talent pool.

Sales-stagnation

Prioritizing Goals: The Key to Remote Team Success

Goal prioritization is the process of identifying and arranging tasks based on their importance and urgency. 

For remote teams, this becomes even more critical due to the lack of physical presence and face-to-face interactions. Without proper goal prioritization, teams may face challenges in meeting deadlines, staying organized, and achieving desired outcomes.

Remote professionals, such as virtual assistants, understand the significance of goal prioritization in managing their work effectively. 

Prioritizing Goals Strategically

By strategically organizing their tasks, they ensure that they deliver results efficiently, even without direct supervision or in-person collaboration.

As a business owner, manager, or remote professional, you need to grasp the importance of goal prioritization in a remote work environment. It empowers you to make the most of your resources, time, and skills. 

Now that we have a clear understanding of remote work and goal prioritization, let’s explore the strategies that successful remote teams employ to stay focused and achieve their objectives.

Analyzing-the-Demand

The How: Strategies for Prioritizing Goals in Remote Teams

Let’s explore some effective strategies that can help you and your team stay on track and accomplish your objectives.

Time Management and Prioritizing Goals

Efficient time management is crucial for remote teams. 

Encourage your team members to use productivity tools and techniques like Pomodoro Technique, time blocking, or task batching to optimize their work hours and ensure focused attention on important tasks.

Set-clear-goals-and-objectives

Prioritizing Goals With Project Management Tools

Utilize project management software to streamline workflows, assign tasks, set deadlines, and track progress. 

Tools like Asana, Trello, or Monday.com provide a centralized platform for collaboration and help everyone stay aligned on project goals.

Open Communication Channels

Establish clear communication channels to foster collaboration and transparency within your remote team. 

Utilize tools like Slack, Microsoft Teams, or Zoom to facilitate real-time communication, file sharing, and quick decision-making.

Regular Check-Ins

Schedule regular check-ins and team meetings to discuss progress, address challenges, and provide support. 

These meetings foster a sense of unity, boost morale, and allow team members to share updates and seek guidance when needed.

We-were-really-bad-at-prioritizing-goals

Break Goals into Manageable Tasks

Encourage your team members to break down larger goals into smaller, manageable tasks. 

This approach helps in creating a clear roadmap and prevents overwhelm. Additionally, it allows for better tracking of progress and celebrating milestones along the way.

Flexibility and Adaptability

Remote work often comes with unforeseen circumstances or changing priorities. Encourage your team to be flexible and adaptable in adjusting their goals and tasks as needed. 

This mindset helps in navigating unexpected challenges and maintaining productivity.

By implementing these strategies, you can empower your remote team to prioritize goals effectively, maintain focus, and achieve desired outcomes. 

Remember, clear communication, proper planning, and the right tools are the pillars of successful goal prioritization in a remote work environment.

Why-Consumer-Demand-for-Manufactured-Housing-is-Rising

The Where: Navigating Time Zones and Work Hours in Remote Teams

One of the unique challenges that remote teams face is managing different time zones and work hours. 

When team members are spread across various locations, it’s essential to find ways to navigate these differences and maintain efficient collaboration. Here’s how successful remote teams tackle this challenge

Establish Clear Availability

Encourage team members to communicate their working hours and availability upfront. This allows everyone to know when they can expect a response or collaboration from their colleagues, promoting effective coordination.

Overlapping Time Zones

Identify overlapping time zones among team members and leverage those hours for synchronous collaboration. This ensures real-time communication, reduces delays in decision-making, and fosters a sense of unity among team members.

Leverage Communication Tools

Take advantage of communication tools that facilitate asynchronous collaboration. 

Platforms like Slack or email enable team members to communicate and share updates regardless of time zone differences. 

Emphasize the importance of providing clear and concise information to ensure smooth communication.

Flexibility and Accommodation

Encourage flexibility and accommodation when it comes to scheduling meetings or deadlines. 

Be mindful of team members’ time zones and strive for a fair distribution of meeting times. Rotating meeting times can ensure that no one consistently faces inconvenience due to time zone disparities.

Document Work and Progress

Encourage team members to document their work progress, decisions, and updates in shared documents or project management tools. 

This allows for asynchronous collaboration, where team members can catch up on progress and contribute even if they are in different time zones.

Navigating time zones and work hours requires open communication, flexibility, and consideration for each team member’s circumstances. 

By adopting these practices, remote teams can overcome the challenges associated with different time zones and maintain effective collaboration across the globe. 

Remember, open-mindedness and adaptability are key to building a cohesive and successful remote team.

Between a Virtual assistant vs freelancer article what's the difference?

The Why: Benefits of Prioritizing Goals in Remote Teams


Now that we’ve explored the strategies for prioritizing goals in remote teams, let’s explore the benefits that come with effective goal prioritization. 

By understanding the advantages, you’ll be motivated to implement these strategies and witness the positive impact on your team’s productivity and success.

Increased Efficiency

When goals are prioritized, team members can focus their time and energy on tasks that have the greatest impact. 

This streamlined approach eliminates distractions and ensures that efforts are channeled towards achieving desired outcomes efficiently.

Better Team Collaboration

Clear goal prioritization fosters better collaboration within remote teams. When everyone is aligned on priorities, it becomes easier to delegate tasks, coordinate efforts, and provide support where needed. 

This cohesion strengthens the overall team dynamics and drives collective success.

E22-Psychological-Safety-In-The-Workplace-Maintaining-Expectations-In-Your-Business

Enhanced Time Management

Prioritizing goals enables team members to manage their time effectively. By allocating time to the most important tasks, individuals can avoid getting overwhelmed and maintain a healthy work-life balance. 

This leads to increased job satisfaction and overall well-being.

Improved Focus and Accountability

When goals are prioritized, it becomes easier for team members to stay focused on what truly matters. 

This clarity enhances accountability as individuals are aware of their responsibilities and deadlines. Team members become more self-driven and committed to achieving their goals.

Optimal Resource Allocation

Effective goal prioritization helps in optimizing resource allocation, including time, budget, and manpower. 

By directing resources towards high-priority tasks, remote teams can make the most of limited resources and maximize their impact.

Measurable Results

Prioritizing goals allows for better tracking and measurement of progress. With clear objectives in place, remote teams can assess their achievements, identify areas for improvement, and celebrate milestones along the way. 

This sense of progress fosters motivation and a sense of accomplishment.

By prioritizing goals in remote teams, you unlock a range of benefits that contribute to the team’s overall success. 

From increased efficiency and better collaboration to improved focus and measurable results, effective goal prioritization sets the stage for a thriving remote work environment.

Manufactured-Home-Ownership-Breaking-Down-the-Financial-Benefits

FAQs: Prioritizing Goals in Remote Teams

This are the most commun question when it comes to prioritizing goals and building a sucesfull remote team that is productive and proactive.

How do I ensure effective communication with my remote team?

Open communication is vital in remote teams. 

Utilize communication tools like Slack or video conferencing platforms to foster real-time communication. Establish regular check-ins, encourage team members to provide updates, and create a culture of transparency and open dialogue.

What if my team members have conflicting priorities?

Conflicting priorities can be resolved through clear and open communication. 

Encourage team members to discuss their priorities, identify dependencies, and collaborate on finding mutually agreeable solutions. Utilize project management tools to visualize and align goals.

E14-Effective-Onboarding-and-Communication

How can I build trust in a remote team while still prioritizing goals?

Building trust requires intentional effort. Foster open communication, provide opportunities for team members to connect on a personal level, and encourage collaborative decision-making. 

Acknowledge and appreciate contributions, and create a supportive and inclusive remote work environment.

How do I track progress and ensure accountability?

Utilize project management software to track tasks, deadlines, and progress. 

Regular check-ins, status updates, and milestone reviews can help keep everyone accountable. Encourage team members to document their progress and provide visibility into their work.

What if I have team members in different time zones?

Consider overlapping time zones and find common meeting times for synchronous collaboration. 

Leverage asynchronous communication tools for flexibility. Encourage team members to communicate their availability and be respectful of each other’s time zones.

How do I handle urgent tasks and unexpected changes in a remote setting?

  • Establish protocols for handling urgent tasks and changes. 
  • Encourage team members to communicate any urgent matters promptly and establish clear escalation procedures.
  • Prioritize tasks based on impact and collaborate to find solutions for unexpected changes.

These FAQs address common concerns in managing and prioritizing goals in remote teams. By implementing effective communication, fostering trust, utilizing technology, and maintaining flexibility, you can navigate challenges and create a successful remote work environment.

E12-Find-the-Perfect-Virtual-Assistant

Final Thoughts: Empowering Remote Teams to Prioritize Goals and Thrive

In the ever-evolving landscape of remote work, goal prioritization plays a pivotal role in the success of teams. By understanding the importance of setting clear goals and employing effective strategies, remote teams can maximize their productivity, collaboration, and overall performance.

Through this blog post, we’ve explored the what, how, where, and why of goal prioritization in remote teams. We’ve learned that remote work offers flexibility and autonomy, but it also requires intentional efforts to maintain focus and achieve objectives. 

Strategies such as time management, project management tools, open communication, and flexibility are vital in navigating the unique challenges of remote work environments.

We’ve discussed the benefits of goal prioritization, including increased efficiency, better team collaboration, enhanced time management, improved focus, optimal resource allocation, and measurable results. 

These benefits contribute to the growth and success of remote teams, fostering a sense of accomplishment and job satisfaction.

Are you ready to unlock the full potential of your remote team? Download our free Leadership Matrix PDF to build your remote team to it’s best potential.

E25-Why-are-Companies-Stopping-Remote-Work

Experience the Power of Remote Professionals with Anequim

Ready to take your remote team to new heights? At Anequim, we specialize in connecting businesses with highly skilled, bilingual virtual assistants who excel in goal prioritization, time management, and efficient collaboration. 

Let us help you find the perfect remote professional to support your business needs. Anequim can make for your remote team today!

Remember, success begins with prioritizing goals, and Anequim is here to make that journey seamless and impactful for you.

Property Management KPIs To Boost Your Business

Property Management KPIs: Why They Matter

What are property management KPIs? If you’re like me, you’ve probably got a lot on your plate running a property management business.

From rental property maintenance to customer acquisition costs, there are so many things to keep track of.

But have you ever found yourself wondering if your business is performing as well as it could be? If so, you’re not alone.

In this blog post, I’m going to walk you through why property management KPIs matter and how tracking them can benefit your business.

Whether you’re just starting out or you’re looking to take your business to the next level, this post is for you.

What is Property Management?

Property management is the process of managing and overseeing the operations, maintenance, and administration of a real estate property on behalf of the owner.

Property management companies are hired by property owners to take care of the day-to-day tasks of managing their properties. Effective property management can ensure that the property is well-maintained, occupied, and generating profit for the owner.

Why Property Management KPI Matter

As a property management professional, I’ve seen firsthand how challenging it can be to gauge the success of your business without the right tools in place. That’s where key performance indicators (KPIs) come in.

By tracking property management KPIs, you can gain valuable insights into the success of your business and make data-driven decisions to improve it.

KPIs are crucial in assessing the success of your property management business. By tracking these indicators, you can determine whether your business is performing well or not.

KPIs help in identifying areas of strength and weakness in your business, and you can use this information to make informed decisions that can positively impact your bottom line.

Property Management KPIs

Property Management KPIs To Track

There are several KPIs that property management companies can track. Here are some of the most important ones:

Net Operating Income (NOI)

Net Operating Income (NOI) is a measure of the profitability of your property. It is calculated by subtracting operating expenses from the gross income generated by the property.

Occupancy Rates

Occupancy rates refer to the percentage of rental units that are occupied by tenants. High occupancy rates indicate that your property is in high demand and generating income.

Customer Acquisition Costs

Customer acquisition costs refer to the cost of acquiring new tenants. Tracking this KPI can help you determine whether your marketing efforts are effective.

Turnover Rate

The turnover rate is the percentage of tenants who leave your property each year. High turnover rates can be a sign of poor tenant satisfaction, and it can increase your customer acquisition costs.

Tenant Satisfaction

Tenant satisfaction refers to the level of satisfaction that your tenants have with the property and the services you provide. High tenant satisfaction rates can help reduce turnover rates and improve occupancy rates.

Response Time

Response time is the time it takes for property management to respond to tenant requests. Fast response times can improve tenant satisfaction.

Maintenance Costs

Maintenance costs refer to the cost of maintaining the property. Tracking this KPI can help you identify areas where you can save money.

How-KPIs-Can-Improve-the-Bottom-Line

How Property Management KPIs Improve the Bottom Line

By tracking KPIs, property management companies can identify areas where they need to improve. For example, if the occupancy rate is low, you can focus on improving marketing efforts to attract more tenants. If the turnover rate is high, you can work on improving tenant satisfaction.

KPIs can also help property management companies identify areas where they can save money.

For example, if maintenance costs are high, you can look for ways to reduce these costs without compromising the quality of service.

KPIs are also useful in rural areas where it can be challenging to attract tenants. By tracking KPIs, you can determine the effectiveness of your marketing efforts and adjust your strategies accordingly.

Effective management software can be used to track KPIs and generate reports that provide insights into your business’s performance. By analyzing these reports, you can make informed decisions that can positively impact your bottom line.

Property Management KPIs: The Success of Your Business

By tracking KPIs, you can improve the overall success of your property management business. KPIs provide valuable insights into your business operations, and they help you identify areas where you can improve your performance.

Innovative-Financing

Customer Satisfaction

Customer satisfaction is a critical factor in the success of your property management business. By tracking tenant satisfaction rates and response times, you can identify areas where you need to improve the services you offer. High tenant satisfaction rates can lead to lower turnover rates, which can result in more stable occupancy rates and higher profits.

KPIs are essential in property management. They help you track the performance of your business and identify areas where you need to improve.

By tracking KPIs such as occupancy rates, turnover rates, and maintenance costs, you can make informed decisions that can positively impact your bottom line. Effective management software can be used to track KPIs and generate reports that provide valuable insights into your business’s performance.

Final Thoughts on Property Management KPIs

If you’re a property management company looking to improve your business’s performance, consider tracking KPIs. It can help you make data-driven decisions and ultimately lead to a more successful and profitable business.

Ready to take your business to the next level? Schedule a free strategy call with Anequim today. We can help you grow faster and smarter than ever before!

To get even more amazing tips, tricks, and techniques for scaling up your business, check out The Bootstrappers Podcast! Get the free advice you need to turn your vision into reality.

Business Failure and The Course to Success

How To Overcome Business Failure in 2023

Business Failure It’s a term that sends chills down any entrepreneur’s spine. But what if I told you that business failure could be your ticket to unimaginable success?

What does it mean to fail? What constitutes failure in your book? And most importantly, who decides if you’ve failed? Is it you? The market? Your competition?

These are tough questions, but they’re necessary ones. When it comes to running a business, navigating through stormy seas is all part of the voyage. But what separates the shipwrecks from the vessels that weather the storm isn’t just luck—it’s resilience, strategy, and a mindset that embraces failure as part of the journey to success.

In this post, we’ll dig into the tough topic of business failure, offering practical insights, helpful tips, and answering the burning questions you might have.

So buckle up, and let’s navigate these rough waters together.

How-to-Overcome-Failure-in-Life-and-Business

Pushing Past Business Failure: The Truth About Successful People

Picture the most successful person you know.

Do you imagine them to be invincible, never missing a beat in their business operations?

It’s a common misconception that successful people fail less often than average individuals. In fact, they fail just as much, if not more so, precisely because they’re willing to take more risks. 

Their real strength lies in their resilience, in their ability to pick themselves up, dust off, and get back in the ring, time after time.

Yes, failure can sting, burn, even scorch.

But those who can face these moments head-on, take a deep breath, and dive back into their work with unwavering charm and grace—these are the true winners.

Let’s embrace failure not as a devastating end, but as a stepping stone towards our business goals. After all, the pathway to consistent cash flow and a thriving business isn’t always a straight line.

What's the difference between a Virtual assistant vs freelancer article

Learning to Reframe Failure: Your Gateway to Growth

When a toddler takes its first steps and stumbles, we don’t brand them a ‘faller’ for the rest of their life.

So why do we label ourselves or our businesses as ‘failures’ when we stumble while trying something new or different?

One misstep does not define you or your business. In fact, when businesses fail, it’s often because they dared to venture outside their comfort zone, exploring new ideas or pushing the boundaries of their product or service offerings.

Let’s Shift Our Perspective to Overcome Business Failure

Let’s start looking at failure as a part of the human—and business—experience. Instead of seeing failure as a stop sign, view it as a detour sign that’s leading you down a road less traveled, full of new possibilities and opportunities.

Stepping out of your comfort zone is a clear sign of growth. And growth is often uncomfortable.

It involves venturing into the ‘failure zone’, a place where mistakes are made and lessons are learned. Yet, it’s also where you’ll discover the keys to a successful business strategy, allowing you to overcome business failure and prevent negative cash flow.

Remember, every time you step into the failure zone, you’re one step closer to achieving success.

Use-failure-as-information

Gleaning Information from Failure: Your Success Starts Here

Every failure brings with it a wealth of valuable information. Think of it as your personal tutor, teaching you about the pitfalls and challenges that you need to overcome in your journey to business success.

Losses are never wasted. They’re checkpoints, places where you gain insights that will fortify your future decisions.

Just like a SWOT analysis helps identify strengths, weaknesses, opportunities, and threats in your business, every failure provides insights that can be used to strengthen your business strategy.

What if, instead of fearing losses, we started to embrace them? What if we started to see them as stepping stones towards our bigger goals? Each small loss, each stumble, is an opportunity to learn, to grow, and to strengthen your resolve.

Consider managing your cash flow. If you’ve encountered a period of negative cash flow, that’s an opportunity to take a closer look at your finances, reassess your strategies, and make necessary changes.

It’s a chance to take a proactive stance, to deposit payments in advance, and to ensure that consistent cash flow becomes a reality.

Each failure is a lesson. Each lesson makes you wiser, stronger, and better equipped to face the challenges that lie ahead in your business journey. Remember, every setback is a setup for a comeback.

Use-failure-as-information-2

The Perception of Failure: Your View vs. Others’

Ever stop to think about how others view your failures? Chances are, their perception is radically different from your own.

Many will admire your courage, your willingness to take risks, and your resilience in the face of adversity. Remember, people of value won’t define you by your failures. Instead, they’ll see you as a bold entrepreneur brave enough to venture into uncharted waters.

The most successful people in the world have all experienced failure at some point. They’ve stepped outside their comfort zone, experienced the sting of defeat, and come out stronger on the other side. They understand that the road to success is often paved with bumps, twists, and turns.

So, the next time you encounter a setback, remember, you’re not alone. Your journey mirrors those of countless successful people who have come before you. And like them, you too have the potential to rise above the challenges, to overcome failure, and to achieve success.

In the face of adversity, try to think about your ‘failure’ from a different perspective. How might it look from a third person’s point of view? How can this change in perspective help you forge a more robust business contingency plan and strategic roadmap for the future?

Remember, you’re not just a business owner, but an innovator, a risk-taker, a game-changer. And every failure is just another stepping stone on your path to success.

Overcome Business Failure: Practical Steps

Experiencing failure can feel like being lost at sea. But with the right map and compass – a set of practical steps – you can navigate your way back on course.

Firstly, develop a business strategy. Having a robust, flexible strategy is like having a compass—it gives direction. When things go awry, revisit your strategy, make necessary adjustments, and move forward.

Next, stay focused. In the face of failure, it’s easy to get distracted or lose sight of your goals. Remember, each setback is an opportunity to refocus your efforts, to streamline your operations, and to enhance your product or service.

Don’t forget about financial management. Managing your cash flow effectively is crucial. Ensure that you deposit payments in advance and work to maintain a consistent cash flow.

Explore the potential of social media. It’s a powerful tool for connecting with your target audience and boosting your business visibility.

Finally, create a business contingency plan. No one likes to think about worst-case scenarios, but having a plan B (and C, and D…) can provide a safety net when faced with failure.

Remember, stepping out of your comfort zone is part and parcel of running a business. Embrace it. Learn from it. And watch as you transform your failures into stepping stones towards success.

Talk-to-yourself-nicely

FAQs: Your Questions Answered

What should I do immediately after experiencing a business failure?

Don’t panic. Give yourself permission to experience the disappointment, but also begin to dissect what went wrong. Utilize the failure as a learning tool and adjust your business strategy accordingly.

How can I stay focused after a setback?

Remember your ‘why’. Remind yourself of your vision and why you started your business in the first place. Use this motivation to regain your focus and push forward.

How does managing cash flow prevent business failure?

Good cash flow management ensures that your business has sufficient funds to cover operational costs and invest in growth opportunities. It helps to maintain a steady and predictable financial state, preventing the stress of negative cash flow and potential business failure.

How can social media help my business overcome failure?

Social media is an excellent platform for brand visibility and engagement. It allows you to connect with your audience, understand their needs, and adapt your product or service accordingly. It’s also a great tool for learning from other businesses’ experiences.

How can a SWOT analysis help me overcome business failure?

A SWOT analysis provides a structured way to identify strengths, weaknesses, opportunities, and threats in your business. This information can guide your decision-making, helping to prevent potential failures and seize new opportunities.

What-do-Virtual-Administrative-Assistants-Do

How can I create an effective business contingency plan?

Identify potential risks and challenges that your business could face. Then, brainstorm solutions and actions to take if those situations occur. Involve your team in the process for a diverse range of perspectives and ideas. Regularly review and update your contingency plan as your business evolves.

Final Thoughts

Overcoming business failure isn’t a sprint but a marathon that demands persistence, resilience, and a willingness to venture out of your comfort zone. Each stumble, each misstep, is an opportunity to learn, to grow, and to emerge stronger.

Every successful person has faced their fair share of failures. They’ve weathered the storms, navigated choppy waters, and reached the shores of success. It wasn’t their invincibility that brought them success, but their unwavering determination to rise above the challenges and failures.

Remember, failure doesn’t define you or your business. It’s just a chapter in your story, not the whole book.

Utilize each failure as a stepping stone, a lesson to learn from. Embrace it, understand it, and most importantly, learn from it. Keep managing your cash flow, stay focused, and revisit your business strategy regularly.

Manufactured-Home-Ownership-Breaking-Down-the-Financial-Benefits

Our journey through failure isn’t about avoiding the storm but about learning to dance in the rain. As we step outside our comfort zone, face our fears, and embrace failure, we are one step closer to the success that awaits us.

Here’s to overcoming business failure and charting a course to success together.

Ready to take your business to the next level? Schedule a free strategy call with Anequim today. We can help you grow faster and smarter than ever before!

To get even more amazing tips, tricks, and techniques for scaling up your business, check out The Bootstrappers Podcast! Get the free advice you need to turn your vision into reality.

Profitable Property Management Company

Reasons Your Property Management Company Isn’t Profitable

What is the key to running a profitable property management company? Obviously, as the name suggests: profitability

Unfortunately, many property management businesses are left scratching their heads. They expected to see financial rewards, but that has not been the case.

As a property management professional, I have seen many property management companies struggle to maintain profitability. It’s a common problem that many companies face, especially those managing investment properties for real estate investors.

Let’s explore some of the reasons why your property management company may not be profitable and how you can turn things around.

Reasons-your-property-management-company-is-not-profitable

Percentage-Based Fees Versus Flat Fees

One of the biggest mistakes that property management companies make is charging a percentage of the rent collected as management fees. While this may seem like a good idea in theory, it can quickly eat into your bottom line.

If you charge 10% of the rental income for managing properties, then the rent collected must be taken into account. For example, if the rent collected is $1,500 per month, you’ll only earn $150 per month in management fees. This may not seem like a lot, but when you consider the long-term impact, it can really add up.

Another issue is that some property management companies charge a flat fee for managing rental properties. While this may be a more attractive option for property owners, it can also be detrimental to your business.

For instance, if you charge a flat fee of $100 per month to manage a property, and the rent collected is $1,500 per month, then your management fees would be just 6.67%.

While this may seem like a good deal for the property owner, it can be difficult to maintain profitability when you’re not earning enough revenue from each property.

One solution to these problems is to charge a flat fee that’s based on the kind of property you’re managing. For example, you might charge a higher flat fee for managing commercial properties compared to residential properties. This can help ensure that you’re earning enough revenue to maintain profitability while still providing a fair price to your clients.

Ultimately, the key to profitability is finding a pricing strategy that works for your business while still providing a fair price to your clients.

Not Specializing

Another problem is that many property management companies don’t specialize in any particular kind of property. This can lead to a lack of expertise and knowledge when it comes to managing certain types of properties.

For example, if you’re managing a commercial property, you need to have a thorough understanding of the local market, zoning laws, and other relevant factors.

If you don’t have this expertise, you may not be able to provide the best possible service to your clients.

Not-Specializing

Poor Communication

Another issue that can hurt your bottom line is poor communication with property owners.

If you’re not keeping your clients informed about what’s happening with their properties, they may start to lose trust in your property management business. This can lead to them looking elsewhere for their property management needs, which can hurt your long-term profitability.

Focus on providing excellent customer service and communication with your clients.

Make sure that you’re regularly updating them on what’s happening with their properties and addressing any concerns or questions they may have. This can help build trust and loyalty, which can lead to more business in the long run.

It’s important to remember that real estate investing is a long-term game.

Poor-communication

While it’s important to maintain profitability in the short term, you also need to focus on building a strong reputation and client base that will sustain your business for years to come.

This means investing in your staff, training them to provide excellent service, and staying up-to-date with the latest trends and technologies in property management.

Finally, it’s worth noting that different property management companies charge different kinds of fees. Some companies charge a percentage of the rent collected, while others charge a flat fee. Some may specialize in certain types of properties, while others may provide a more general service.

Final Thoughts

There are many possible reasons why your property management company may not be profitable.

Whether it’s charging the wrong kind of fees, lacking expertise in certain types of properties, or failing to communicate effectively with property owners, it’s important to identify the root causes and take action to address them.

By charging a fair and appropriate fee based on the kind of property you’re managing, providing excellent customer service and communication, and investing in your staff and business, you can turn your property management company into a profitable and sustainable enterprise.

Remember, real estate investing is a long-term game, and building a successful property management business takes time and effort. But with the right strategies and mindset, you can overcome the challenges and achieve success in this competitive and rewarding industry.

Ready to take your business to the next level? Schedule a free strategy call with Anequim today. We can help you grow faster and smarter than ever before!

To get even more amazing tips, tricks, and techniques for scaling up your business, check out The Bootstrappers Podcast! Get the free advice you need to turn your vision into reality.

SECO 2023: Schedule, Speakers, and Events

SECO 2023 Schedule, Speakers, and Events

SECO 2023 is approaching, and we are excited to share all the details with you! This year’s Premier National Conference for Owning and Managing Successful Manufactured Home Communities is happening in Renaissance Atlanta Waverly Hotel & Convention Center, GA, on September 10th – 13th. Ready to learn all about it?

Remember that Anequim will be present as a Silver Sponsor during the conference; come say hi. Contact us today to learn how virtual assistants and remote professionals are revolutionizing the multi-family housing industry and reducing companies’ costs by 60%.

SECO-2023-Schedule-Speakers-and-Events

SECO 2023 Schedule

The SECO ’23 conference is set to be the ultimate gathering for property management companies and individuals involved in owning and managing successful manufactured home communities.

The conference will cover various topics, such as best practices in property maintenance, community development strategies, resident engagement, legal considerations, financial management, and much more.

SECO-2023-Schedule

8:30 am – 10:00 am

Sunday, September 10:

  • 10:00 am – 3:00 pm: Golf Classic Shotgun Start
  • 1:30 pm – 3:30 pm: Atlanta Braves Game
  • 3:00 pm – 7:00 pm: Registration Opens / Exhibitor Setup
  • 6:00 pm – 8:00 pm: Networking

Monday, September 11:

  • 6:00 pm – 8:00 pm: Networking
  • 8:00 am – 8:30 am: Welcome, Introduction & Opening Remarks, 911 Memorium Presentation
  • 8:30 am – 10:00 am: Keynote Speakers
  • 10:00 am – 10:30 am: Break

Mastermind Track

  • 10:30 am – 11:30 am: Due Diligence Death Traps: Avoiding the Quicksand
  • 11:30 am – 1:30 pm- Lunch
  • 1:30 pm – 2:30 pm: What is the Real Value
  • 2:30 pm – 2:45 pm: Break
  • 2:45 pm – 3:45 pm: Thinking Outside the Box: Creative Dealmaking Strategies
  • 3:45 pm – 4:00 pm: Break
  • 4:00 pm – 5:00 pm: One Minute Money Makers

Manager Monday Track

  • 10:30 am – 11:30 am: Judge Louis Levenson
  • 11:30 am – 12:00 pm: Yardi Presentation – Modernizing Is Easier Than You Think: Where To Get Started
  • 12:00 pm – 1:30 pm: Lunch
  • 1:30 pm – 2:00 pm: There Are No Second Chances!
  • 2:00 pm – 2:30 pm: Manager Panel
  • 2:00 pm – 2:30 pm: Manager Panel
  • 2:40 pm – 3:15 pm: You Can’t Do These Things Anymore: Managing MHCs in 2023
  • 3:15 pm – 3:50 pm: You Bet Your Assets! 2.0 Everything ESA You Need to Know
  • 3:50 pm – 4:00 pm: Break
  • 4:00 pm – 4:30 pm: Everything is AI-SOME: Unleash the Power of Artificial Intelligence to Automate Your Property Marketing
  • 4:30 pm – 5:00 pm: Elevating The Customer From King To Emperor!
  • 5:00 pm – 7:00 pm: Reception & Dinner
  • 7:00 pm – 9:00 pm: Round Tables

Tuesday, September 12:

  • 8:30 am – 9:30 am: Legal Docs Done Right: Key Provisions to Avoid Nightmares
  • 9:30 am – 9:45 am: Break
  • 9:45 am – 10:45 am: How to Create an Alliance with Local Government: The Perry Project
  • 10:45 am – 11:00 am: Break
  • 11:00 am – 12:00 pm: Mastering Long Distance Ownership: From One Property to a Portfolio
  • 12:00 pm – 1:30 pm: Lunch
  • 1:30 pm – 2:30 pm: How to Fill Vacant Lots using Lonnie Dealers and Private Funding
  • 2:30 pm – 2:45 pm: Break
  • 2:45 pm – 3:45 pm: How the Federal Reserve Will Affect the Investing Landscape
  • 3:45 pm – 4:00 pm: Break
  • 4:00 pm – 5:00 pm: Increased Interest Rates, High Inflation, and Bank Failures: Where Are We Headed in the MHP Asset Class
  • 5:00 pm – 7:00 pm: Latin Night – Reception among the manufactured homes on display
  • 7:00 pm – 9:00 pm: Round Tables

Wednesday, September 13:

  • 8:30 am – 9:30 am: Special Use Community Conversions: The Overlooked Niche
  • 9:30 am – 9:45 am: Break
  • 9:45 am – 10:45 am: The Real Cost of Filling A Vacant Lot: How to Avoid Huge Mistakes
  • 10:45 am – 11:00 am: Break
  • 11:00 am – 12:00 pm: SECO23 Closing Comments

This schedule is subject to change. For the most up-to-date information, visit the conference website.

Keynote Speakers At SECO 2023

Whether you are just starting in the manufactured home communities business or have been in it for a long time, these conferences will be great tools to grow and improve your business and manage your companies. Here are this year’s incredible speakers: 

Keynote-Scott-Mann

Keynote – Scott Mann

Scott Mann is a real estate entrepreneur, public speaker, author, and advocate for veterans and veterans’ families. He wrote the best-selling book Operation Pineapple Express, Game Changers, Going Local to Defeat Violent Extremists, and has spoken on three TEDx stages.

Scott founded The Hero’s Journey, a 501c3 organization dedicated to helping warriors, first responders, and their families find their voices and share their stories. By amplifying their narratives, Scott aims to foster understanding and empathy among all individuals.

Keynote-Scott-Huesing

Keynote – Scott Huesing

Scott A. Huesing is a highly experienced combat leader, having served as a retired United States Marine Corps Infantry Major with an honorable service record spanning 24 years. Throughout his distinguished career, he had the privilege of deploying to over 60 countries worldwide, including Iraq, Afghanistan, and the Horn of Africa.

Scott demonstrated exceptional leadership skills in these challenging environments by planning, leading, and executing countless combat missions.

As an accomplished author since 2005, Scott has received critical acclaim for his award-winning bestseller, “Echo in Ramadi” (Regnery, 2018). This poignant book captures a pivotal moment in military operations

Other Notable Speakers At SECO 2023:

  • Ben Braband – Manufactured Community Owner Operator
  • Tanner Buuck – manager for the manufactured housing sales team
  • Steve Case – Manufactured Community Owner Operator
  • KC Conway – Economist and Futurist
  • Ken Corbin – Board of trustees of Habitat for Humanity and is a Certified Management Consultant.
  • Victoria Cowart – Director of Education & Outreach for PetScreening.
  • Brett Danko – President of Financial Planning
  • Steve Edel –  Manufactured Community Owner and Operator
  • Jose Garcia – experienced mobile home investor, coach, and mentor
  • Justin Gonzales – Managing Partner at MHC Due Diligence Partners, LLC
  • Maria Horton – Director of Marketing and Regional Manager for Newport Pacific Capital Company, Inc.
  • Kurt Kelley – President of Mobile Insurance,
  • Darren Krolewski – Co-President and Chief Business Development Officer of MHVillage
  • Tom Lackey – Manufactured Home Expert
  • Ekaterina Stepanova – partner at M2K Partners
  • Buck Starr – Manufacture Home Investor
  • Cole Phillips –  Manufactured Community Owner and Operator
  • Ferd Neiman – Manufactured Community Owner Operator
  • Margo Napoles – Margo Napoles
  • Frank Murphy – Real estate entrepreneur
  • Jefferson Lilly –  Manufactured Community Owner and Operator
  • Judge Louis Levenson – Attorney

Who Can Attend SECO 2023?

SECO 2023 welcomes anyone who owns or has an interest in purchasing a manufactured home community and desires to learn from industry veterans with decades of success.

With over 700 attendees expected to participate in person this year, SECO 2023 promises to be a gathering of influential minds and trailblazers. By attending, you’ll have the chance to learn from industry veterans who have accumulated years of knowledge and experience in the field.

This exclusive group of attendees represents diverse backgrounds, including property owners, investors, developers, and industry leaders.

Why-Is-Seco-23-Important-For-Property-Management-Companies

Why Is SECO 2023 Important For Property Management Companies?

SECO ’23 offers a comprehensive educational program to equip property management professionals with the latest trends, strategies, and tools needed to excel in their roles.

Attendees will gain valuable knowledge and insights from experienced speakers and industry leaders, enabling them to enhance operations, improve resident satisfaction, and drive community success.

Property management companies often face unique challenges specific to the manufactured home community industry. SECO ’23 offers a problem-solving approach, providing practical solutions and strategies to overcome common hurdles.

Networking Opportunities

SECO ’23 provides an exceptional platform for property management companies to connect and network with peers, industry experts, vendors, and service providers. 

Building relationships and exchanging ideas with like-minded professionals can lead to valuable partnerships, collaborations, and even future business opportunities.

At SECO 2023, participants expect a vibrant, inclusive atmosphere encouraging interaction and knowledge sharing. From informative panel discussions to interactive workshops and breakout sessions, there will be ample opportunities to connect with industry leaders.

Anequim and SECO 2023

As an industry leader and sponsor of SECO 23, Anequim demonstrates its commitment to supporting the growth and success of the manufactured home community sector with its expertise in providing virtual assistant services and administrative support to entrepreneurs.

By partnering with Anequim, property management companies can benefit from their extensive knowledge and resources, gaining a competitive edge in the industry. Whether it’s managing day-to-day operations, providing administrative support, or implementing innovative solutions.

Contact us to know more about Anequim’s presence on SECO 2023 or for any other business query; let us help you scale your company!

How to Keep a Remote Team Motivated: A Step-By-Step Guide

How to Motivate Your Remote Team

I discussed my plans with my COO to help our remote team members clarify their life goals. We’re doing this by making “vision boards,” which show team members’ life goals.

By learning what’s important to them, we can better align our company goals with their personal aspirations.

I could tell he was unsure. He understood the idea. But was unsure how to help admin workers reach their dream of owning a home in Puerto Vallarta.

He struggled with figuring out how to connect the day-to-day work with such a big personal goal. It’s a common concern.

Managers want to improve employee engagement and motivate employees. But some worry that too much motivation might cause them to leave and start their own businesses.

While it’s true that this can happen, it’s uncommon. People who would leave to start their own companies would likely do so regardless of their manager’s inspiration.

How-to-Motivate-Your-Remote-Team

Understanding Your Remote Team’s Personal Goals

It can be a delicate situation when discussing someone’s personal aspirations with them, especially if they hold an entry-level job with basic responsibilities.

Balancing aspirations and current job responsibilities is a challenge.

An entry-level worker with basic responsibilities may aspire to be a business owner. Balancing personal goals with current job tasks can be difficult.

Understanding-Your-Remote-Teams-Personal-Goals

Discipline

To reach a goal like owning a home in Puerto Vierta takes a change in our habits. Progress helps us feel more positive and increases our chances of success. These can all be improved no matter what job you have.

Discipline is important for saving money and making smart investments. It’s a skill that can be improved by practicing small tasks. At work, think about ways to be more disciplined and identify areas where you can improve your discipline.

Have the person ask themselves these questions. Then, take action in those areas where discipline is needed. Have them observe how these small changes at work impact the bigger picture in their life.

Encouraging-teamwork-and-collaboration

Start there and keep working on it

Make a follow-up plan. “Let’s check in next week on a short video call or face-to-face to see how increasing personal discipline is going” goes a long way for team motivation.

Focusing on key areas such as discipline, knowledge, and self-care will enable us to perform better and lead healthier lives.

Creating a Supportive Work Environment

Having conversations that show concern for both the personal and professional well-being of employees. This fosters a positive work environment and promotes joy and fulfillment in work.

Aligning personal goals with company goals helps employees feel that their work is meaningful and furthers their aspirations.

It’s important to create a supportive and inclusive company culture that values their input and contributions. Regular virtual meetings and video conferencing tools can help maintain a sense of connection and team collaboration.

Additionally, offering regular feedback can help employees feel valued and appreciated.

Recognizing-and-Celebrating-Achievements

Providing Personal and Professional Development Opportunities

By providing development opportunities, remote workers have a chance to gain new skills, knowledge, and expertise. This can improve their job performance and expand their career prospects.

Increased job satisfaction and motivation can benefit the company by reducing turnover and improving the overall quality of work produced by remote employees.

Additionally, personal development opportunities can help remote workers to grow as individuals, increase their self-awareness, and identify areas for personal growth. This can enhance overall life satisfaction, which can translate into a more positive and motivated attitude at work.

Some examples of personal and professional development opportunities include:

  • Professional development workshops or training programs in specific areas of expertise, such as project management, communication, or leadership
  • Mentorship programs where remote workers are paired with experienced employees who can provide guidance and support
  • Online courses or certification programs
  • Attending industry conferences and networking events

By offering development opportunities, companies show support for employee growth. This investment in remote workers can lead to a more motivated, engaged, and productive remote workforce.

Virtual Assistants

Encouraging teamwork and collaboration

Encouraging open communication is also essential to motivate remote employees. Encourage employees to share their thoughts and ideas and create a culture of trust where everyone feels comfortable sharing their opinions.

Giving employees decision-making power and a sense of ownership boosts motivation and engagement.

Recognizing and Celebrating Achievements

Recognizing and rewarding employee achievements is a key factor in keeping remote workers motivated and engaged. Acknowledge and celebrate the employee’s work and dedication of your team members and show appreciation for their efforts.

There are several ways to do this:

  1. Performance-based bonuses: Offer financial incentives for exceptional performance, such as bonuses or commissions. This not only rewards employees for their hard work but it also provides an extra motivation to strive for excellence.
  2. Promotions: Consider offering promotions to employees who have demonstrated exceptional performance and have reached key milestones in their personal and professional development. This shows that you value their contributions and are committed to their growth and success.
  3. Public recognition: Acknowledge employee achievements in team meetings or company-wide communications. This not only provides recognition for the employee but it also inspires others to strive for similar successes.
  4. Rewards and incentives: Offer non-financial rewards and incentives, such as paid time off, flexible work arrangements, or professional development opportunities.
Keep a Remote Team Motivated

By recognizing and rewarding employee achievements, you can help maintain motivation and engagement among your remote or virtual team. It reinforces the idea that hard work and dedication are valued and appreciated and encourages team members to continue striving for excellence.

In closing, there are many ways to motivate remote employees and create a positive and productive work environment.

To motivate remote workers, regularly communicate, offer growth opportunities, and acknowledge their achievements.

Keep a Remote Team Motivated

What do you think?  Are you ready to scale your business, improve efficiency and reduce costs? Talk to Anequim and schedule a free strategy call now so that we can help you grow your business faster than ever before!

Listen to The Bootstrappers Podcast for more incredible free business tips, time management tricks, and techniques to help you fulfill your business vision!

Improving key areas such as focus, knowledge, and habits will result in better work and life outcomes.

Focusing on key areas such as discipline, knowledge, and self-care will enable us to perform better and lead healthier lives.

Remote Employees Accountability: How to Keep Engagement

How To Hold Remote Employees Accountable

Handling remote employees comes with its own set of challenges, such as how to hold them accountable and keep engagement going.

Remote work has become more common lately, especially during the COVID-19 pandemic. Many companies now use it to keep productivity up and make sure employees stay safe. 

But, guiding remote employees has its own hurdles, one of them being how to make sure they’re responsible.

In the following sections, we’ll offer some advice on how to keep an eye on the progress of your remote team.

How-To-Hold-Remote-Employees-Accountable

Set Clear Expectations for Remote Employees

The first step to holding remote employees accountable is to set clear expectations.

Here are some key aspects to consider when setting clear expectations for remote employees:

  • Deadlines: Set realistic and achievable deadlines for each task. Communicate the deadline clearly and ensure everyone understands when the work needs to be completed.
  • Goals: Communicate the goals of each project or task and how they align with the overall objectives of the company. This will help employees understand how their work contributes to the success of the organization.
  • Quality: Communicate the level of quality expected for each project or task. Be specific about what constitutes acceptable work and provide examples if necessary. This will help employees understand the level of effort and attention to detail required.
  • Communication: Clearly communicate how you expect employees to communicate with you and with each other. Specify which communication tools to use, such as email, messaging apps, or video conferencing, and how frequently you expect updates.
  • Work hours: Clarify work hours and expectations around availability. Make sure everyone knows when they are expected to be online and available for work-related communication.
  • Consequences: Finally, communicate the consequences of not meeting expectations. Be clear about the potential impact on the project, the team, and the company as a whole. This will help employees understand the importance of meeting expectations and the consequences of failing to do so.
Set-Clear-Expectations

Once expectations are set, make sure they are documented and easily accessible to everyone on the team.

Use written communication, such as email or project management software, to ensure everyone has access to the expectations and can refer to them as needed.

Regularly check in with employees to ensure they understand the expectations and are making progress toward meeting them.

Use Communication Tools Effectively

Effective communication is crucial for managing remote employees. When employees are working in different locations, communication tools become the primary means of staying in touch and monitoring progress.

Here are some tips for using communication tools effectively:

  • Choose the Right Tools: There are many communication tools available, such as email, messaging apps, video conferencing, and project management software. Choose the tools that work best for your team and the specific tasks you are working on.
  • Establish Communication Protocols: Establish clear communication protocols for your team. For example, specify which communication tool to use for different types of communication, when to use them, and how frequently to check-in.
  • Schedule Regular Check-Ins: Schedule regular check-ins with team members to monitor progress and address any questions or concerns. Use video conferencing whenever possible to promote face-to-face communication.
  • Encourage Open Communication: Encourage team members to reach out if they have any questions or concerns. Make it clear that you are available to support them and provide guidance as needed.
  • Provide Feedback: Use communication tools to provide regular feedback to team members. This could include comments on completed work, updates on project status, or general performance feedback.
  • Foster Team Collaboration: Use communication tools to foster collaboration among team members. For example, use messaging apps or project management software to facilitate discussion and idea sharing.
  • Be Flexible: Be flexible in your communication approach. Different team members may prefer different communication tools or methods, so be open to trying new approaches.
Use-Communication-Tools-Effectively

Track Remote Employees Progress

Tracking progress is a critical part of holding remote employees accountable. When working remotely, it can be challenging to know how much progress is being made on a project or task. Here are some tips for tracking progress effectively:

  • Use project management software: Project management software can be a powerful tool for tracking progress. It allows you to create tasks, assign them to team members, and monitor their progress in real-time.
  • Set deadlines: When setting deadlines, make sure they are realistic and achievable. Communicate the deadline clearly and ensure everyone understands when the work needs to be completed.
  • Monitor progress regularly: Check in with team members regularly to monitor their progress. Use project management software or other tracking tools to monitor progress and identify any potential issues.
  • Use milestones: Break projects down into milestones to track progress more effectively. This allows you to celebrate progress along the way and identify any potential issues before they become bigger problems.
  • Communicate progress: Communicate progress regularly to team members and stakeholders. Use project management software or other tools to provide regular updates on progress and address any questions or concerns.
  • Provide feedback: Use progress tracking tools to provide feedback to team members. For example, you can use project management software to provide comments on completed work or identify areas where improvements can be made.
  • Celebrate success: Celebrate team successes along the way. This can help to boost morale and motivate team members to continue working hard towards achieving their goals.
Set-clear-goals-and-objectives

Set Clear Goals and Objectives

Setting clear goals and objectives is critical for holding remote employees accountable. When team members understand what they are working towards, they are more likely to stay focused and motivated. Here are some tips for setting clear goals and objectives:

Align goals with company objectives: Make sure that the goals you set for your team align with the overall objectives of the company. This helps to ensure that everyone is working towards the same end goal.

Be specific: Be as specific as possible when setting goals. This makes it easier for team members to understand what is expected of them and how they can work towards achieving the goal.

Make goals measurable: Set goals that are measurable so that progress can be tracked and success can be celebrated. This also helps team members to stay motivated and focused.

Set deadlines: When setting goals, set realistic deadlines for achieving them. This helps to create a sense of urgency and can motivate team members to work harder to achieve the goal.

Provide support: Provide team members with the support they need to achieve their goals. This might include providing access to training or resources or connecting them with other team members who can help them.

Encourage-collaboration

Encourage Collaboration

Encouraging collaboration is essential for holding remote employees accountable. Collaboration can help to promote teamwork, improve communication, and ensure that everyone is working towards the same goal. Here are some tips for encouraging collaboration:

  • Use collaboration tools: There are many collaboration tools available, such as shared workspaces, video conferencing, and messaging apps. Use these tools to promote collaboration and idea-sharing among team members.
  • Encourage brainstorming: Encourage team members to share their ideas and opinions. This can help to spark new ideas and promote creative thinking.
  • Assign tasks collaboratively: When assigning tasks, consider assigning them collaboratively. This can help to promote teamwork and ensure that everyone has a stake in the success of the project.
  • Hold team meetings: Hold regular team meetings to discuss progress, address any concerns, and brainstorm new ideas. Use video conferencing whenever possible to promote face-to-face communication.
  • Celebrate team successes: Celebrate team successes along the way. This can help to boost morale and motivate team members to continue working hard towards achieving their goals.

Final Thoughts

Holding remote employees accountable requires a different approach than in-person accountability.

To ensure work is completed on time and to the expected standard, managers must set clear expectations. They must also use communication tools effectively, track progress, set clear goals and objectives, and encourage collaboration.

To get even more amazing tips, tricks, and techniques for scaling up your business, check out The Bootstrappers Podcast! Get the free advice you need to turn your vision into reality.

Make your internal meetings effective and concise using our FREE one-on-one reusable meeting form to save you much time and effort. 

Stagnant Business: Can Virtual Assistants Help?

Can Virtual Assistants Prevent Your Business From Stagnating?

Do you have a stagnant business? Struggling to make progress? Are you overwhelmed with administrative tasks, juggling schedules, and trying to keep up with customer service demands?

It’s time to ask yourself an important question: Have you considered hiring a virtual assistant?

In today’s fast-paced and highly competitive business landscape, staying stagnant is a risk no entrepreneur or business owner can afford. 

The key to success lies in maximizing productivity, focusing on core tasks, and efficiently managing resources. This is where virtual assistants, also known as remote professionals, come into play.

Stagnant business

The Power of Virtual Assistants in a Stagnant Business

As a business owner or manager, you may find yourself wearing multiple hats, trying to juggle numerous responsibilities simultaneously. This can lead to burnout and hinder your ability to focus on critical tasks that drive growth. Fortunately, virtual assistants are here to alleviate the burden and propel your business forward.

Versatile Support for Various Tasks

Virtual assistants offer a broad spectrum of support services that cater to the diverse needs of businesses.

From handling administrative tasks like managing emails, data entry, and document organization to scheduling appointments and coordinating meetings, they excel in streamlining operations and freeing up your time.

By entrusting these routine tasks to a virtual assistant, you can redirect your energy towards strategic planning and high-level decision-making.

What's the difference between a Virtual assistant vs freelancer article

Specialized Expertise at Your Fingertips

In addition to general administrative support, virtual assistants often possess specialized skills that can enhance your business’s performance.

Need someone to manage your social media presence, create engaging content, and interact with your audience?

Virtual assistants with expertise in social media management can take on these responsibilities, helping you build a strong online presence and engage with your customers effectively.

Similarly, if you require assistance with bookkeeping, website maintenance, or graphic design, there are virtual assistants with the specific skill sets you need.

Flexibility and Efficiency in Remote Collaboration

One of the standout advantages of virtual assistants is their ability to work remotely.

Operating from their own location, they leverage digital tools and communication platforms to collaborate seamlessly with you and your team. This flexibility eliminates geographical constraints, allowing you to access top talent from around the world without the need for a physical office space.

Whether you’re a small startup or a mid-sized business, virtual assistants offer scalability and adaptability to meet your evolving needs.

Do-you-stand-out

Time and Cost Savings for Stagnant Business

Time is a precious commodity in business, and virtual assistants help you make the most of it.

By delegating time-consuming tasks to a competent virtual assistant, you can focus on revenue-generating activities and strategic planning, ultimately driving growth. Moreover, hiring a virtual assistant can be more cost-effective compared to hiring an in-house employee.

With virtual assistants, you avoid expenses such as office space, equipment, and benefits, while paying only for the hours or services you need.

Virtual Assistants serve as invaluable allies in preventing your business from stagnating. They offer versatile support, specialized expertise, remote collaboration, and cost savings—all of which contribute to increased productivity, efficiency, and business growth.

Now that we’ve explored the power of virtual assistants, let’s dive into the process of hiring one and uncover the steps you can take to find the perfect fit for your business needs.

Hiring a Virtual Assistant: What, How, and Where

Now that you understand the immense benefits virtual assistants can bring to your business, it’s time to dive into the practical aspects of hiring one.

In this section, we will explore what to consider, how to go about the hiring process, and where to find the perfect virtual assistant for your unique requirements.

What to Consider When Hiring a Virtual Assistant

Before embarking on the search for a virtual assistant, it’s crucial to define your needs and expectations clearly. Take the time to assess the tasks you want to delegate and the skills required to fulfill them.

This will help you identify the qualities and expertise you’re seeking in a virtual assistant. Additionally, consider factors such as communication style, availability, and cultural compatibility, as these aspects contribute to a successful working relationship.

How to Hire a Virtual Assistant

Outline the Job Description

Start by creating a comprehensive job description that outlines the tasks, skills, and qualifications you’re looking for in a virtual assistant. Be specific about the level of experience you require and any specific software or tools familiarity.

remote professionals for Social Media Virtual Assistant

Source Candidates

There are various avenues to find virtual assistants. Online platforms offer a pool of talented individuals. Specialized virtual assistant agencies, like Anequim, can also connect you with pre-screened professionals who match your requirements.

Review Portfolios and Resumes

Take the time to review the portfolios and resumes of potential virtual assistants. Look for relevant experience, skills, and any testimonials or recommendations from previous clients.

Conduct Interviews

Shortlist candidates and conduct interviews to assess their communication skills, professionalism, and suitability for your business. Consider using video calls to establish a more personal connection.

Trial Period

Consider implementing a trial period where you can evaluate the virtual assistant’s performance before committing to a long-term partnership. This period allows you to assess their efficiency, attention to detail, and ability to meet deadlines.

FAQs: Addressing Common Concerns About Hiring Virtual Assistants and Stagnant Business

1. How much does hiring a virtual assistant cost?

The cost of hiring a virtual assistant can vary depending on factors such as the level of experience, skill set, and location.

Virtual assistants may charge by the hour, project, or on a monthly retainer basis. It’s important to discuss pricing structures and negotiate rates that align with your budget and the scope of work.

What-do-Virtual-Administrative-Assistants-Do

2. How do I ensure effective communication with a virtual assistant?

Effective communication is crucial when working with a virtual assistant.

Utilize communication tools like email, instant messaging apps, or project management software to establish clear channels of communication.

Schedule regular check-ins and provide detailed instructions to ensure tasks are understood and executed accurately.

3. Is there a risk to data security when working with virtual assistants?

Data security is a valid concern. Prioritize working with virtual assistants who demonstrate a commitment to data protection and confidentiality.

Use secure file-sharing platforms, encrypt sensitive information, and sign non-disclosure agreements to safeguard your data.

4. How do I manage the time zone differences when working with a remote virtual assistant?

Time zone differences can be managed effectively by establishing clear working hours and availability expectations.

Discuss overlapping hours and set communication protocols to ensure effective collaboration, even with time differences.

5. What if I’m not satisfied with the performance of a virtual assistant?

Open and honest communication is key.

If you’re not satisfied with a virtual assistant’s performance, provide constructive feedback and discuss areas for improvement.

Consider establishing performance metrics and regular performance reviews to ensure expectations are met.

6. Can virtual assistants handle sensitive or industry-specific tasks?

Yes, many virtual assistants have experience in handling sensitive tasks and can adapt to industry-specific requirements.

Clearly communicate your expectations and provide any necessary training or background information to ensure they can effectively handle sensitive tasks.

Remember, each virtual assistant is unique, so finding the right fit may require some trial and error. Be patient, maintain open lines of communication, and address concerns promptly to build a successful working relationship.

By addressing these frequently asked questions, we aim to provide you with the necessary information to make informed decisions and overcome any reservations you may have about hiring virtual assistants.

Anequim Virtual Assistants

Unleash the Growth Potential of Your Business with Virtual Assistants

Congratulations! You’ve now gained a deep understanding of the immense value that virtual assistants can bring to your business.

From versatile support and specialized expertise to flexibility and cost savings, virtual assistants have the power to transform your operations and drive growth.

Don’t let your business fall into stagnation. Embrace the opportunity to leverage virtual assistants and unlock your full potential. Define your needs, follow a systematic hiring process, and explore reputable platforms and agencies to find the perfect fit for your business.

Remember, virtual assistants are not just administrative support; they are strategic partners dedicated to helping your business thrive. By delegating tasks, freeing up your time, and focusing on core responsibilities, you can take your business to new heights.

So, take that leap of faith, harness the power of virtual assistants, and watch your business flourish.

Ready to take your business to the next level? Start making job descriptions that make sense, so you can focus on what your business really needs from you. Learn the step-by-step instructions for writing an exceptional job description with our FREE guide.

To get even more amazing tips, tricks, and techniques for scaling up your business, check out The Bootstrappers Podcast! Get the free advice you need to turn your vision into reality.

Administrative Remote Professionals: What Do They Do?

What Does an Administrative Remote Professional Do?

A virtual administrative assistant, often called an Administrative Remote Professional, can really change things for a business. But it’s important to make sure this job is set up right. If it’s not, it could add more stress to a busy workplace.

After setting up many roles for administrative and executive assistants, there are a few helpful tips to share. These can stop you from wasting time, money, or energy on a role that doesn’t work. Instead, you can create a role that makes your life easier and less stressful.

Many people reach out for help because they’re swamped with emails and work, and their personal life is chaotic. They’re looking for someone to help them get organized, manage their day, and handle tasks that aren’t worth their time. 

These are all good reasons to hire an administrative assistant.

What-do-Virtual-Administrative-Assistants-Do

How do You Design a Virtual Administrative Assistants Position for the Busy Executive?

Many times when we are consulting with an overwhelmed executive about the administrative professional role, what we find is that the executive is doing operational tasks they should not be doing, such as accounting tasks or customer service tasks, and designing a position that takes care of those things in an operational way really is what will relieve the stress the most. 

When that is not the case, we still try to find some operational tasks that the executive assistant can do that need to be accomplished directly by the executive.

Some tasks that should not be done in the operation but have an operational component include:

How-do-you-design-an-administrative-position-so-it-really-works-for-the-busy-executive

Quality Control

Creating a system where when problems happen, someone researches the issue, finds out the cause of the problem, and determines if it was the processes and procedures.

If a problem needs to be fixed, the root cause needs to be identified first. Procedures that are unclear should be redrafted so they can be followed correctly.

If it is a training issue, the person executing the procedure should review the relevant documentation and make sure it is done properly in the future. If there is a flaw in the process or workflow, this should be added to the leadership team’s agenda for further discussion on how to resolve it.

Quality control is an ideal task for executive assistants when they are not performing their normal duties.

Sales Team Auditing

Sales teams are notorious for not following protocols or taking notes.

This can oftentimes lead to operational issues because the operational side of the business gets blindsided when the sales funnel operates in the dark.

This creates tension between sales and operations. It has the potential to create crisis situations on the operations side if they cannot fulfill the business coming in. 

Having your executive assistant audit the sales pipeline and enforce rules for follow-up, and utilizing reporting tools as outlined in your processes and procedures can be a huge help to both the operations and sales teams.

Process and Procedure Auditing

Clean processes and procedures end up always being a moving target if you are growing really fast. Sometimes the processes and procedures don’t scale with the business and have to be reworked.

Any new introduction of software means a change in the documentation and the workflow of the operation and it seems like to be successful, they have to be constantly audited, organized, and managed.

This is often a part-time job and has to come from leadership which makes it the perfect operational task for an executive assistant while there is a lull in personal tasks or while their workload in other areas wanes. 

Process-and-Procedure-Auditing-virtual administrative assistants

Financial Auditing

Leaders should be asking questions such as:

  • Are salespeople taking unnecessary days on the road and charging the company?
  • Is the SEO vendor doing what they’re supposed to?
  • Is the Google Ad money leading to good leads?
  • Are sales commissions reasonable?
  • Are all the HR personnel necessary?

However, due to a lack of time, leaders may not have the opportunity to look into these queries themselves. This is where an executive assistant can help. They can act as the leader’s eyes and ears in the company. They can ask the important questions and get answers that could lead to greater profits than last year.

Research

As executives, it can be difficult to do the research necessary to make informed decisions.

Questions such as:

  • What is the competition doing?
  • Are there any new technologies we should consider?
  • What are CTOs at XYZ company like?
  • Is this coaching program any good?
  • What about XYZ vendor?
  • Can we reach out for additional references?
  • And what is being said on the Facebook user group about their experience?

All require time and effort, which some leaders may not have. An executive assistant can help with all of these questions, providing thorough research and making sure that the team makes sound decisions.

Project Management and Follow Up

Big projects make or break progress at all organizations.

Your executive assistant can follow up with the people charged with these projects, get status updates, see if there are roadblocks, set up meetings where things are not moving fast to figure out why and do something different.

They can be the ones to make sure to-dos, quarterly projects, and other high-priority projects actually get completed on time and on budget.

Project-management-and-follow-up (1)

Virtual Administrative Assistants High-level Reporting

If you have investors, silent partners, etc. you probably have to provide reports on a regular basis. You may want to have a company-wide meeting on the state of the industry or your company on a regular basis.

Your executive assistant can do the heavy lifting and you can verify the information and present it.

Do it with them the first time, create a procedure for what they need to look for and how to get the data that is relevant to the audience, and then have them create the reports from there on out.

Manage speaking engagements, podcasts, award applications, and other PR functions.

Do you want to get more earned media for your business or yourself?

Have your executive assistant apply for awards. Have them reach out to podcasts and propose you as a guest. Additionally, you can have them propose you for speaking engagements that could help you get clients.

What Tasks Can Virtual Administrative Assistants Perform for Your Personal Life? 

An executive assistant can save you a lot of time and hassle with your personal life, freeing you up to focus on other important tasks. Here are some examples of what they can help with:

  • Sending birthday and holiday presents
  • Keeping your family’s sports and school calendars up to date
  • Booking vacations and travel
  • Paying school fees and buying supplies online
  • Booking appointments for the whole family (orthodontist, cosmetic, doctor/dentist)
  • Arranging home maintenance
  • Booking teacher conferences
  • Organizing after-school activities and filling out all necessary forms
  • Booking summer camps

As a working mom, I know that I wouldn’t be able to do both my job and daily family activities without my executive assistant, who helps make sure all deadlines are met, that all necessary activities are signed up for, and that my kids make it to their events on time.

With such a valuable team member helping out with the form front, I can have peace of mind knowing that my family will stay on track.

Hiring-a-Virtual-Assistant-What-to-Expect-in-Your-First-30-Days-ft

Getting the most out of your Virtual Administrative Assistants

Managing a virtual executive assistant can be a great way to streamline your workflow and free up time for more important tasks. Here are some tips on making the most of your assistant:

  • Think through the role clearly before hiring an assistant, and consider if it’s necessary to create separate roles for specific operational tasks.
  • When designing the position, include operational and repeatable tasks that make a real impact on your business goals.
  • Have clear expectations about what you want from the assistant so they know exactly how to help you achieve those goals.
  • Make sure communication is consistent and that both parties are on the same page about their roles and responsibilities.
  • Successfully fulfilling the needs of a busy executive requires careful planning and design.
  • And finally, trust your assistant to do the work!


With good communication, clear expectations, and trust in their abilities, you’ll get the best out of your virtual executive assistant.

Find Your New Virtual Administrative Assistants

A virtual administrative assistant can be a valuable asset for businesses that need help with administrative tasks, phone calls, and social media management from a remote location.

However, designing the position correctly is crucial for success. It’s important to identify tasks that are time-consuming and take up valuable office space and hire virtual administrative assistants to take care of them.

Don’t waste time or money on a position that won’t work for you – design the role for success and enjoy the benefits of having a virtual assistant company on board.

Now that you know what a VA can do for your job, make sure you make an accurate job description to find you the best remote professional. Not sure how to?

Start making job descriptions that make sense, so you can focus on what your business really needs from you. Learn the step-by-step instructions for writing an exceptional job description with our FREE guide