Financial review is important. Not reviewing or budgeting regularly could leave your business open to small leaks which may sink a beautiful ship.
A constant review of both your business budget and personal budget will assist you on knowing your business and personal expenses more intimately.
LET’S TALK FINANCIAL REVIEW OF YOUR RENT ROLL
Here is a quick guide to what you should be looking at in your rent roll during your financial review:
- Review your gained and lost properties list. See why you have lost management and where your new management has come from.
- Review the income revenue over the current 12 month period and ensure that you are charging all the fees applicable under your management agreement.
- Review your subscription expenses. What do you need, what works well, what isn’t working, what don’t you use. Remove anything not serving your business.
- Review your employee expenses and make sure your employee level in comparison to your income and service level is even.
If you operate a sales division, reviewing your expenses including plant and equipment agreements and subscriptions is important. This is an area that can quickly get out of hand.
Reviewing your budget regularly will assist you in building a business and life you have always wanted to live.
Written by Tarsi Hynes, Director, The Tarsi Way