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20th June 2016

Habits of Highly Effective Strata Businesses

Macquarie Bank 2016 Strata Management Benchmarking Results
At the recent SCA National Convention in Alice Springs, Macquarie Bank presented their 2016 Strata Management Benchmarking Results. In their 58 page report they detail the main areas for growth for high profit and lower profit strata businesses.

Of particular value is the insight into the practices of highly effective high profit businesses, which earned profits of 30% or higher. If you don't have time to read the full report, check out their handy infographic here.
Key ideas from high profit businesses are:
  • 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.
How should you grow your business?
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.

Morgan Warnock
Editor Strata Energy News

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