Operational excellence is the structure and methodology that creates efficiency and effectiveness at a community, and it is a critical part of a successful business strategy. It is also ever-evolving - your processes and team members must be adaptable, continuously refining operations to suit resident trends and technological innovations. This empowers you to stay at the forefront of the multifamily housing industry.
Imperative to the longevity of your portfolio, here are the key components of promoting operational excellence.
Committed Leadership
Committed leaders are a crucial element of any initiative. Individuals who lead by example with a willingness and vulnerability to continuously learn and adapt are non-negotiable. Creating operational excellence starts with an organized, informed and adaptable front line of leadership – it has a ripple effect and sets teams up for success.
Culture of Trust
Thoughtfully encouraging your team to take ownership is essential, and it starts with hiring the right candidates. A workforce of people who reflect your values will create a collaborative environment of strong work ethic and integrity, and most importantly, build a culture with a foundation of trust.
How do you create the ideal work environment? Fostering open communication creates that important sense of trust. In a trusting workplace, team members feel confident to spot abnormalities in their operations and find new efficiencies, benefiting themselves, their team and the organization as a whole.
Keep It Sophisticated but Simple
Operational excellence does not need to be over complicated. Take the successful systems you have already created and optimize them. Streamlining processes by automating repetitive tasks will save you valuable time and energy. Optimization will leave room for team members to work smarter, not harder. They can narrow their focus on specialized tasks that make the true difference - the in-person connection and delivery of exceptional service to residents.
Innovate Today to Ensure an Excellent Tomorrow
At Mark-Taylor, we approach operational excellence with an innovation-focused mindset of "Do the things today that others will not, and you will achieve the things tomorrow that others cannot." To achieve excellence in your operations, processes must change as our industry changes.
Tip: When implementing new approaches, be mindful of generational changes in preferences. Understanding evolving audience perspectives is key to attracting and serving your residents.
Values Left Uncompromised
Staying true to your fundamental values keeps your brand alive, and your employee engagement strong. Operational excellence needs to be incorporated into an organized structure that reflects the core values of your company. The standards you hold across your portfolios should be left uncompromised when initiating change.
About the Author
Michael Wilson, Vice President of Asset Management, joined the Mark-Taylor family in 2001 with a background in financial planning. Beginning as a Leasing Consultant, Michael gained his expertise in the operations of the business from the ground up.
Backed with 21 years of tenured experience within Mark-Taylor, he diligently oversees the company's portfolio of 70+ communities and ensures our investments are consistently performing at their financial operating potential.