Multifamily Collective
Disruption
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Clayton Christensen, a Harvard Business School professor and renowned innovation expert, has been credited with coining the term “disruptive innovation.” This concept refers to a new technology or business model that disrupts an existing market and creates a new one. Christensen’s work has helped shape how we understand innovation and has impacted the business world.
One of Christensen’s most influential books, “The Innovator’s Dilemma,” was published in 1997 and has since become a classic in business strategy. In the book, Christensen argues that established companies are often too focused on maintaining their existing business models and optimizing their existing technologies, leading to complacency and preventing them from adapting to new disruptive innovations. He argues that companies need to be proactive in identifying and embracing disruptive innovations to stay competitive in the long term.
Another key concept that Christensen has introduced is the “jobs to be done” framework. This framework argues that people don’t just buy products or services; they “hire” them to do a job. For example, someone might “hire” a drill to make a hole in their wall, but they really want a way to hang a picture. Understanding the “job to be done” can help companies to identify new opportunities for innovation and create products and services that better meet the needs of their customers.
Christensen has also written about the importance of “modular innovation.” This refers to breaking down complex products or services into smaller, more manageable pieces that can be developed and improved separately. This can help companies to iterate more quickly and bring innovations to market faster.
Despite his numerous contributions to innovation, Christensen is not without his critics. Some argue that his theories are too focused on technology-driven disruption and neglect other important factors, such as regulation and social norms. However, his work remains highly influential, shaping how we think about innovation and disruption.
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The Bedfellows of Accountability
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Accountability, responsibility, and authority are interrelated concepts crucial in organizational management and individual performance. They are essential elements that contribute to the overall success of an organization, and their effective implementation is crucial for creating an environment of trust, transparency, and fairness.
Accountability refers to the expectation that individuals or organizations will account for their actions and decisions. It means that they are answerable to someone for their performance and the outcomes of their decisions. When held accountable, individuals are expected to demonstrate a sense of ownership over their work and take responsibility for their actions.
Responsibility, on the other hand, refers to the obligation of an individual or organization to take action and make decisions that are in line with their targets and outcomes. Responsibility requires individuals to take charge of their actions and make decisions contribute to the organization’s success. It means being dependable, reliable, and trustworthy and making decisions in the organization’s best interest.
On the other hand, authority refers to the power and control an individual or organization holds to make decisions and take action. Authority gives individuals the power to enforce their decisions and to ensure that their decisions are carried out. Authority is essential to accountability and responsibility because it enables individuals to make decisions that align with their goals and objectives.
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Multifamily: “Act as if” Your Way to an Ownership Culture
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Organizations are always searching for ways to increase team member engagement and drive success. One concept that has gained significant traction in recent years is the idea of an “ownership culture.” But what exactly does this mean, and how can it be achieved?
An ownership culture is a system of beliefs and habits that encourages team members to think and act like owners within the organization. Team members are empowered to take ownership of their work and contribute to the organization’s success by fostering these characteristics within a company. The culture is centered around six key areas: decision-making, information and learning, organizational fairness, accountability, work and pay, and entrepreneurship.
Building an ownership culture requires a clear and concise company vision, mission, and strategy. It also requires strong leadership committed to investing the time and effort necessary to instill these values and beliefs within the organization. Leaders must also create an environment of transparency, where information is shared transparently. This builds trust and accountability among team members, allowing them to feel a sense of ownership over their work and the company.
One approach to building an ownership culture is allowing employees to invest in the company through stock ownership plans or other investment opportunities. This “skin in the game” approach provides employees with a tangible stake in the company’s success and aligns their interests with the organization’s. It also creates a shared sense of responsibility and accountability, encouraging team members to work together towards a common goal.
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Moving Forward
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“Would you rather move one person ahead 1,000 steps or 1,000 people ahead one step?” This quote, often attributed to Confucius, presents a thought-provoking question about our impact on the world. The answer to this question can shed light on our priorities, values, and beliefs about the best way to create change.
On the surface, it may seem that helping 1,000 people advance one step each is more impactful. After all, it reaches a broader group of people, right? But the quote challenges us to think beyond sheer numbers and consider the long-term effects of our actions. Moving one person ahead by 1,000 steps could be a game-changer, not just for that person but for many others whose progress may inspire.
Consider, for example, a struggling student who receives personalized mentorship and support to achieve academic success. This student improves their life prospects and becomes a role model and source of inspiration for others in their community. In contrast, providing a small boost to a large group of students may have a positive impact, but it is unlikely to have the same ripple effect.
In this sense, the quote underscores the importance of quality over quantity when creating positive change. It’s not about reaching the largest number of people possible but rather making a meaningful difference in the lives of those we do reach.
Of course, this is not to say that we should ignore the needs of large groups of people. Rather, it’s a call to find the balance between making a difference on a large scale and profoundly impacting individual lives. By doing so, we can maximize our impact and create a better world for everyone.
In sum, “Would you rather move one person ahead 1,000 steps or 1,000 people ahead one step?” is a quote that challenges us to think deeply about the impact we want to make in the world. Whether it was said by Confucius or not, the message remains relevant and thought-provoking. The next time you’re faced with a choice between making a small difference for many or a big difference for one, remember this quote and choose wisely.
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Multifamily Customer Service: Resolution
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Customer service is an essential aspect of the multifamily industry, as it helps to foster strong relationships between property teams and residents. One of the key metrics of successful customer service is “speed to resolution,” which refers to the time it takes for a customer service representative to resolve a resident’s issue. Humans don’t like to wait and don’t want to repeat their issue several times before it is resolved. Speed to resolution is more important than ever and can significantly impact resident satisfaction and retention.
There are several reasons why speed to resolution is critical in the multifamily space. Firstly, residents expect prompt and efficient service when they have an issue or concern. They will likely become frustrated and dissatisfied if they wait too long to resolve their problem. This can lead to negative word-of-mouth, which can hurt the reputation of a property and make it more challenging to attract new residents.
Additionally, quick resolution can help to minimize the impact of a resident’s issue on their daily life. For example, if a resident is dealing with a maintenance issue, the faster it can be resolved, the less disruption they will experience. This can help to increase resident satisfaction and reduce the risk of negative reviews.
Furthermore, speed to resolution can also positively impact property management operations. By resolving issues quickly, property managers can reduce the workload of their maintenance team and improve their overall efficiency. Quick resolution can also help prevent minor issues from becoming more significant, requiring more time and resources.
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