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There are three simple things you can do to strengthen your business and become a local leader.
Business risk consultant Rick Stone shared the most important lessons all businesses need to learn for longevity and stability with REB's sister publication My Business on the My Business Podcast.
Adaptability
“I think one of the key things about organisations that succeed is that they are able to cope with change,” Mr Stone said, adding that it doesn’t matter whether it’s a change in legislation or a physical change in your office – how you manage it is a key factor in a successful business.
Adaptability is a common theme among successful players in the real estate business, and learning to be resilient to change will help you maintain longevity.
Embracing new technology and using it to work smarter is a great way to do this, with Mr Stone adding that his business works with cloud-based systems that allow them to work anywhere.
Know your competitor
Mr Stone said he uses competition to inspire him to improve his client experience.
“[Your business is] vulnerable because there are some really simple things that people can do that they don't necessarily do,” he said.
Rather than fearing competition, especially in the real estate market, it’s important to know what your competitor offers so you can improve on it. Get to know rivals in your area and what would push a client to choose them over you – then provide a better alternative in your business. Being aware of your competition will also help you make your business stand out in a busy marketplace.
Recruit wisely
Clever recruitment is one of the most important skills a business can have, according to Mr Stone.
“If you employ a person, that's a million-dollar decision. You're going to look after them for 10 years and get good value out of them,” he said.
Review your recruitment procedure, but also your training processes. Supporting your recruits will give you the best return on your investment in the long run and provide a lot of stability to your workforce.
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