In a recovering market, most builders find themselves with too little time and too many tasks that need to be completed. Normally you can get a great return on investment when you focus on the best way to implement the strategy and tactics of running a great homebuilding company.
Noelle Tarabulski, CEO of Builder Consulting Group, Inc., outlined the top practices of successful builders in Sales+Marketing Ideas magazine.
- Have a clear understanding of strategy and tactics and the importance of timing their implementation in the current cycle as well as your current fiscal year.
- Understand the important metrics of your housing market and submarkets.
- Watch and understand trends at the global, national, regional, state, and county level.
- Three-month, six-month, one-year and up to three-year trends of supply and demand must be monitored.
- Primary research requires driving of all neighborhoods that are in your local submarket.
- Design trends matter and can be an opportunity to win a competitive advantage.
- Develop and perfect the process of new product development.
- Perfect process flows, so they are done well and are repeatable.
- The use of an operational summary, or dashboard, to understand the key metrics of a firm are very helpful and worthy of the effort to understand your weekly and daily operating results.
- Be thoughtful of what suggestions can be implemented quickly, easily and will give you operating improvements immediately.
Try these practices, and maximize your bottom line. Read more here.