by Mr. Kishor Pate, CMD – Amit Enterprises Housing
Ltd.
In a slow economic environment, the
only way in which to grow one’s business is by taking it on a war-footing.
Conducting business on a war footing can be defined as being ready and prepared
to take on or / sustain war.
A related concept is ‘war economy’,
which is a term used to describe the steps undertaken by an entity to mobilise
its economy and resources for war production.
However, in the context of real
estate development, going on a war-footing quite simply means assuming a
mind-set that focuses on producing, mobilising and allocating resources to not
only sustain but exponentially grow business.
Get Out Of Denial Mode...
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| Kishor Pate, CMD – Amit Enterprises Housing |
There is a problem and it is not
going to go away by assuming an ostrich-like attitude to it. The best way to
deal with an economic crisis is to admit and accept that the crisis prevails.
The real estate company – from leadership to employees – should not be in
denial of the situation.
Get Into Innovation Mode..
In times of economic uncertainty,
real estate firms rely on innovations in marketing, sales & customer
service to maintain and to expand market share.
One of the prerequisites for running
a successful real estate development company in such times is offering clients
that decisive bit of extra that clearly defines the products as superior, and
going the extra mile on pre-sale as well as after-sale service.
Know Your Opponents..
To win a war, one must know one’s own
strengths. But, also those of one’s competitors. Real estate is a highly
competitive business, and it is necessary to evaluate the competition on a
regular basis. This will help in defining success strategies.
Change The Game Plan..
In order to retain and increase
market share in challenging times, real estate developers need to adapt by
changing business models which are no longer working.
A 360-degree approach change to
capitalize on the prevailing market condition has helped many real estate
companies to not only survive but also retain their market leadership.
Ramp Up On Employee Management..
In a slow market environment, real
estate developers must take advantage of the fact that this is, in fact, the
ideal time to recruit the most talented people.
Management needs to open their ears
to ideas on how business can be improved which emanate from within the ranks.
Creating ‘think tank’ groups is an ideal way to harness the collective power of
mind merge.
Study The Market Like Never Before..
In a challenging business
environment, it is extremely necessary to develop greater insights about one’s
customers, the manner in which the business is changing and what kinds of new
technologies can be adopted.
One can then develop frameworks that
clearly indicate where clients need better services, and address those needs in
a proactive manner. The mantra needs to be ‘service improvements’ rather than
‘business improvement’, because improved business is a direct outcome of
improved services.
In today’s times, every real estate
development company needs to follow the strategies that have historically
worked for businesses that set out to grow in a competitive market:
** Identify and focus on your ideal
target market – then strategically broaden your horizons
**
Cultivate a and grow a comprehensive database of prospects, vendors,
past customers and future prospects
** Distinguish yourself from the
competition – extend exceptional customer service. Under-promise and
over-deliver
** Communicate with your target
market on a consistent basis. Do not ignore the strengths of the competition,
but articulate how you are different
About the author..
Mr. Kishor Pate is CMD at Amit
Enterprises Housing Ltd.
For Media Contact..
Jay Kalghatgi
Client Interface - CopyConnect
Mobile: 9320142248
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