The Four Stages of Company Growth

Evernest’s Spencer Sutton and Matthew Whitaker recently delved into the intricacies of property management, focusing on the essential skills required to navigate the different stages of growth in the industry—you can catch a recap of stage one here.

This week, their discussion highlighted stage two’s key concepts: relying on a backbone of strong data, exercising consistency in leadership and management, and transitioning from property management to people management. The discussion was rich with actionable advice and expert insights that can guide leaders through the complexities of scaling an organization.

You can listen in on that conversation here, or simply read on for top takeaways.

Let’s dive in!

The Importance of Data-Driven Management

Implementing a Success Checklist

One of the foundational principles discussed was the importance of managing via data. Both Matthew and Spencer emphasized the need for a success checklist to ensure that team members consistently meet expectations.

Here are a few first steps you can follow to implement this in your organization:

Define Key Metrics: Identify the critical performance indicators that align with your organizational goals. These could include customer satisfaction scores, project completion rates, or sales targets.
Regular Monitoring: Establish a routine for monitoring these metrics. This could be through weekly reports, dashboards, or regular check-ins.
Feedback Loop: Create a system for providing feedback based on the data. This helps team members understand their performance and areas for improvement.

Remember that these systems and checklists will need to be continually reviewed and updated. That’s especially true for PMCs in hyper-growth mode.

Running Effective Meetings

Matthew and Spencer also highlighted the significance of running effective meetings, particularly the Level 10 meeting (if you’ve never heard of Level 10, check out our blog on Traction here). These meetings are crucial for problem-solving, teaching the business, and maintaining accountability.

Here’s how to make your meetings more effective:

Structured Agenda: Develop a clear and consistent agenda for each meeting. This ensures that all critical topics are covered and time is used efficiently.
Problem-Solving Focus: Dedicate a portion of the meeting to identifying and solving problems. Encourage team members to bring up issues and work collaboratively to find solutions.
Accountability: Use meetings to hold team members accountable for their tasks and responsibilities. This helps maintain high standards and ensures that everyone is aligned with organizational goals.

Consistency in Leadership and Management

The Nick Saban Analogy

Spencer drew on the analogy of Nick Saban's football team to emphasize the need for a consistent approach across the organization. This consistency ensures a uniform and high-quality product.

Here are some tips to achieve this degree of success:

Define Your "Secret Sauce": Clearly articulate what makes your organization unique and successful. This could be your company culture, customer service approach, or operational processes.
Standardize Practices: Ensure that all managers and team members adhere to these defined practices. This can be achieved through training, documentation, and regular reinforcement.
Continuous Improvement: Regularly review and refine your practices to ensure they remain effective and relevant as your organization grows.

Consistent One-on-One Meetings

The Four Stages of Company Growth - Stage Two Deep Dive

Spencer and Matthew are both huge proponents of consistent one-on-one meetings between managers and their team members. These meetings are essential for providing coaching, feedback, and setting clear expectations.

Here’s what we’ve found most contributes to effective one-on-ones:

Regular Schedule: Set a recurring schedule for one-on-one meetings, whether weekly, bi-weekly, or monthly (here at Evernest, we’re on a monthly cadence). Consistency is key to building trust and open communication.
Focused Agenda: Prepare an agenda for each meeting that includes performance feedback, goal setting, and discussion of any roadblocks or challenges.
Active Listening: Use these meetings as an opportunity to listen to your team members. Understand their concerns, provide support, and show that you value their contributions. You should never be checking emails or looking at your phone!

Transitioning from Managing Properties to Managing People

The Mental Shift

As organizations grow, leaders often need to transition from managing properties or projects to managing people. Here, Spencer and Matthew discussed some of the mental shifts required for this transition.

Here are a few of their tried-and-true tips for navigating this change:

Develop People Skills: Invest in developing your people management skills. This could include training in leadership, communication, or conflict resolution.
Empower Your Team: Shift your focus from micromanaging tasks to empowering your team members. Provide them with the resources and support they need to succeed.
Foster a Positive Culture: Create a positive and inclusive work culture that encourages collaboration, innovation, and continuous learning.

Final Thoughts

By focusing on data-driven management, running effective meetings, maintaining consistency in leadership, and transitioning to people management, PMC leaders can navigate the complexities of organizational growth and foster a high-performing team.

Trust us: it’s not always easy, but it is worth it.

And don’t worry—we’ll be here to help every step of the way!

Ready for More?

We know what it’s like to grow a property management business from 30 doors to more than 16,000. The journey was anything but easy, and we learned tons of lessons along the way. Our desire to share that knowledge with you motivated us to start the Evernest Property Management Show podcast, a weekly newsletter, and our monthly webinar series for property managers.

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