When it comes to growing a serviced accommodation business, you will struggle with finding the time to accomplish all your goals. Delivering a high-quality service takes care and time. You must randomly deal with irritated guests in the middle of the night, process bookings and market your services. Remember, while that is going on, you must see your children off with a smile to school and possibly even work a full-time job.
Where will you find the time to grow your business? -You cannot create more time; one area of your life will suffer, or you will burn yourself out if you add more tasks to your daily routine. Unfortunately, that is why it becomes the make it or break it point for businesses.
Even experienced business owners face the same challenge just on a different scale.
We all wonder what will happen if I move these resources from x to make up for what’s needed at Y, and it doesn’t work out. Classic robbing Peter to pay Paul.
The feeling of finding the ideal property for your budget, researching, negotiating, and then losing the deal, wasting hours of your time that could have been better spent. The journey doesn’t always lead to income, too often it amounts to a loss. You may overlook it, but the hour it took to find the opportunity and visit it all took you away from other areas of your life. You may have cut a meeting short or moved something around to make time, but your focus was split, and you know it.
Doubt is a deal killer, many regrets come from pondering the unanswered questions. This industry is fast-paced and competitive, you need to have all of the details the first go around because money doesn’t sleep. While you’re making up your mind, someone else is doing the same and maybe they have a little more to throw around.
How will you find the time to find more units when you have 5,20,50 units under management?
When scaling your serviced accommodation business, proper planning is essential. Great planning has won wars and bad planning has toppled empires. Let us be honest: most business owners hate planning. Some business owners will be objectively bad at it. The level of detail and available tools is the only thing that has changed with how planning works. It’s almost daunting to think about keyword planners, market projections, resource allocation, customer support, trends, and where the family wants to spend the holiday. Lacking one area might slow progress but missing two might stop everything. You live in an interesting world now, there was a time when a good plan consisted of knowing the terrain and how many men march with your opponent.
Remember – a ship that isn’t moving evenly will capsize. You do not have the benefit of standing still and you are bound to fail without a plan that takes everything into consideration.
