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REIQ Journal : November 2008
Question 2: Do you understand the financial position of your business? Make sure you understand how your business is structured financially. Are you highly geared? To what extent are profits contributed by rent roll activities? Are sales being achieved by higher or lower commission earners? What minimum sales are required each month to ensure your profit breaks even? Use this assessment to manage your business to the best profit advantage. Do not place too much effort into activities that return little value. Question 3: Do you know the major cost pressures on your business? It is important that efforts to cut costs are directed at areas of most benefit. Do not concentrate on making reductions in costs which will have little effect. The reduction of one full-time administration position, for example, will have a much greater effect than a 10 per cent reduction in your telephone accounts. Costs are best reduced through productivity gains brought about by established functioning systems and procedures. Staff should have a clear understanding of their responsibilities and adequate tools to allow them to operate efficiently. Embrace technology to achieve work flow efficiencies. IT systems are becoming increasing effective and stable. Make sure you are taking advantage of all the features in the software you use. REIQ Journal November 2008
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