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Good management will make the difference between your real estate business making a profit or loss. Finding the missing pieces in your employee engagement effort will increase your bottom profit line.It’s not about providing motivation, it’s about providing good management.

Vacation rentals aren’t always busy so the money you make in your high season will have to cover your business expenses for the rest of the year.

The five key elements for good management are:

A sense of meaningfulness

A sense of control

A sense of accomplishment

A sense of growth

A sense of community

If you want a successful business you will need to manage both your human resources and your financial resources. Good management requires commitment on your part as a business professional to upgrade your management skills by taking management courses. These courses will upgrade and increase your business.

Let’s look over each one of these points:

1. A sense of meaningfulness:

Workers show greater interest in their work when they understand they are working for a meaningful task and when they are serving a higher purpose. This is a question you need to ask yourself. Is your management actions solely focused on the goal of making money?

Studies show that if management’s actions are heavily focused on “the bottom line at all costs, your employees sole focus will, predictably, be, “What’s in it for me?” They won’t “want to” work for the company, only for themselves — and they won’t “want to” improve the workplace. Employees need to “see” that their contributions are not only necessary but significant and that their ideas are considered and at times utilized.

2. A sense of control:

Do your workers have some way to get input into the things they can affect and the things they should affect? Do they have ways to control what and how they do things, or are they just following instructions. If it is a “my way or the highway” management style, employees will find the highway as soon as something slightly better appears.

3. A sense of accomplishment:

Do your workers have ways to determine whether they have done a good job? Can they answer the question, “How did I do today?” Can they go home knowing they did well? Can they tell each hour of each day if they are doing their job well? Are their visual indicators in place?

4. A sense of growth:

Do your workers have a way to contribute and grow as individuals? Can they improve their skills via training? Is there a conscious effort to create “future opportunities,” or does your company supply no sense of hope for the future of the individual? Studies show that company’s that reward their employees

with opportunities to exercise their demonstrated skills, such as writing new procedures or training other employees to their level of competence are far more productive.

5. A sense of community:

Successful company’s have a true sense of teamwork at work. Employees have reasons to proudly wear the company logo on their shirts. Humans are a social animal, and if their sense of community is not fed at work they will seek it out elsewhere. You can perform a reality test on these five key elements. For the most part, good business owners understand how to utilize these five elements to acquire and retain their workers.

More Pay Does Not Equal More Work

Managers need to give up the belief that if they pay people more, employees will work harder. This thought might have worked to motivate workers in the past and this thinking still might be true in some Third World countries, but it simply is no longer true for our North American culture.

Managers must learn that developing continued engagement — beyond day one — among their employees is largely an issue of recognizing and feeding the five key elements. Some call this “motivating the employees.” Since I believe they come to work “motivated,” and can continue to be motivated if we want our business to succeed.

Here are some suggestions that you can take into consideration.

Create and live your company mission and vision. Many create them; far fewer live them, test your mission and vision.That is: Is this a mission and vision that you feel truly represents you and the type of company you work for. Create goals, that properly reflect all of the vision and mission. Make sure the goals are aligned and focused throughout the departments.

Provide the support needed at each level so everyone can contribute to the execution of the goals and, hence, the mission and the vision. This includes providing clear work instructions, training in those instructions and the other resources to accomplish the goals.

Make the goals “transparent” at the floor level with the use of visual management tools. With such tools, everyone is clear on what is required and “how we’re doing right now.” Support these visual tools with management feedback systems that include finding someone doing something right and recognizing that accomplishment.

Good management is what is required to be successful in your business. This is true in both the way your manage your employees and also in the way you manage your money. There are resources that you can use to reach your goal of becoming the best Manager that you can be and that requires ongoing education.

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Source by Maria A Rekrut

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