Key ideas from high profit businesses are:
How should you grow your business?
- Specialise. High profits businesses were more likely to focus on either large or small schemes.
- Run Efficiently. By operating more efficiently, they achieved higher median profits with lower median gross revenue.
- Build Relationships. By having more administration staff, strata managers could focus on strengthening customer relationships.
- Add Value. 44% of businesses plan to add new services in the next 3 years.
According to the report, energy management will be one of the key value-add areas for strata businesses. If you're looking to provide new services for revenue growth, the key areas will be rent-roll, building management, and utilities (electricity, gas, and water).
For further information you can download the 2016 Strata Management Benchmarking Results, and you can register with Macquarie Bank to receive benchmarking updates.
Editor Strata Energy News