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Let's talk about organizational management What is organizational management? Organizing, planning, leading, and controlling resources inside an entity with the overall goal of achieving its objectives is the process of organizational management. For organizational management to be successful and advantageous, it must be able to make decisions and deal with problems. The importance of organizational management • It helps in building a solid organizational structure, and it helps in focusing on achieving goals. • It shows your implementation process and procedure • It helps you to know how to get feedback from your guests • Errors, missed opportunities, and eventually higher expenditures result from poor management. Effective management uses resources efficiently and lowers overall expenses. Let's talk about Key Performance Indicators of your business A key performance indicator (KPI) is a quantifiable figure that shows how well a business accomplishes its primary goals. Organizations use KPIs to assess their progress and success in achieving goals. It is "a quantifiable value used to assess how successfully your organization achieves a task." What makes a good KPI? • It should align with the overall business strategy and outcome • It should be actionable • It should be measurable • It should be realistic Let's take a look at an alarming and good KPI A BAD ONE: My business will make much money this month. What makes this a poor KPI? It's incredibly hazy, to begin with. What is more expensive, $10K or $1M? If you don't have a definite quantity that you're aiming for, there are no clear-cut actions that you can tie to your KPI, no "goal post" (i.e., a set amount) to know when you've achieved your objective, and no metrics to attach to it so you can monitor your progress. THE GOOD WASY TO PUT IT: I will increase my business revenue by $25k this month. Why is this an effective KPI? It is detailed in more ways than one because it specifies the monetary goal and the time frame for achieving it. With a specific KPI like this, you may focus on what specific action(s) you're going to take to reach your KPI, such as going for expansion MRR for existing customers and tracking your progress against the linked metric (MRR). How, then, do you come up with your business KPI(daily, weekly & monthly) Write down what you want to do, how you will go about it, and the amount you will make daily, weekly and monthly in your business journal. Checklist This may seem overwhelming, and in a way, it's okay that you feel that way. A lot of it. There are many success stories, which is excellent but may deceive folks into believing this is an easy activity they can plug in. There are numerous initial elements. You could position yourself for significant success if you do things correctly.  The property o Find a realtor o Shortlist properties o Make a choice and pick a property  Financial Organization o personal finance organized o Apply for a mortgage for the selected property o Put in offer o If accepted, get financed and go to closing (30-60days)  While working on purchase: o Look at tools and platforms for short-term rentals. o Select the program and create your profile. o Consult a lawyer o Meet with an accountant o Create a bookkeeping strategy. o Create a property management strategy.  After the purchase has been finalized o Hire contractors and handle all house repairs o Decorate the house o Take professional pictures and videos of the house. o Use a variable pricing tool or choose the final price. o Make a short-term rental listing on the internet. o Promote your vacation rental  Ongoing o Engage in monthly bookkeeping. o Consult the property manager for reports. o By asking for and posting reviews, maintain high booking rates. o During sluggish times, think about employing sponsored advertisements. o Keep the house up to date and in good condition.