As everyone knows the economy is bad and only getting worse. We already have a few markets that are now operating in the red and I expect it will get substantially worse in coming months. As a company we are hunkering down to deal with this difficult situation. But we need everyone's help. We are making cost cutting and revenue enhancement a major focus at the corporate and regional levels but we need your help to find solutions at all levels of the organization. Please think about what we are doing out there in the field and give us your ideas on how to do it better or at a lower cost.
We will be having an additional award each Wednesday to the individual or group that comes up with the best cost cutting idea of the week.
Some of the ideas that have come from the initial meetings are;
temporary furnished housing, replacing costly copiers, replacing cable with WIFI internet in student markets, reducing office space needs, verifying pet fee charges, marketing our communities upmarket as a value brand (think Dunkin Donuts vs. Starbucks), move phone service to internet based systems, and less usage of costly contractors more work done in-house or with smaller sub-contractors from Craig's list type sources.
One thing that will keep us ahead of the competition will be keeping the Signature Community brand as a coveted brand. So please keep in mind that with all the cost cutting we must maintain the highest level of service and offerings possible to our residents. If we maintain the integrity of the brand through these tough times we should be well positioned to take advantage of the future economic upswing.
Thanks for making it happen.
Nick
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