Planning for 2021 - Strata Edition
Many industries have taken a hit due to the impacts of COVID-19. In Australia the property and construction industry have been lucky and have had the backing of the state and federal government to ensure the industry can function as close to normal as possible.
Although many areas of the strata and property industry have been able to continue as usual throughout the pandemic, there will still be impacts on the economy that will continue throughout 2021.
So, how can you plan for the new year?
Think about your clients
Many of the owners in the schemes you manage will have been financially impacted by COVID-19. When creating your 2021 plan and budget, it is important to consider this financial hardship.
Considering if there are ways you can become a more innovative firm will result in cost savings for your clients. Can you save your clients money in other areas of strata living that will reduce the number of owners that are in arrears?
Showing you care and are helping your clients navigate this difficult time will go a long way in client retention.
Recovering from COVID-19
Many strata firms are looking at ways to reduce costs due to the financial impacts caused by COVID-19. Outsourcing can allow firms to reduce costs, improve efficiencies and increase revenue. But how?
In the current economy of the legal industry, businesses need to be adaptable to the ever-changing legislation and regulation. Combine this with new technologies and a rise in competition and impacts of COVID-19, making it important now, more than ever, to ensure your firm is profitable, efficient and providing clients with a high-quality service.
Any firm can provide back of office tasks and an offshore team. The APT difference is that we provide a team of highly experienced staff, with qualifications in the legal industry. Your team can grow with you, understand all legal terminology and implement processes with ease – as they have been working in the industry for their whole career. They will already understand the software and can easily pick up your firm’s processes and workflows.
Create multiple 2021 plans for your strata firm
2020 has been an unpredictable year for every industry throughout the world and this uncertainty is likely to carry over to 2021. Therefore, to give your strata firm the best chance of navigating this ‘new normal’ it is beneficial to create multiple plans for your firm.
When creating the plans, it is important to consider how easy each plan is to implement as we have seen this year that the economy can transform drastically in a matter of days. Having multiple plans will ensure your strata firm is ready for whatever 2021 brings.