Business planning is critically important in maximising the value of a property asset over the duration of its ownership. However, all too often the process is driven by historical factors such as the sum of expenses in preceding year(s). This can result in lost opportunities to maximise returns from an asset. When looking across the totality of the portfolio, it is clear this can have considerable financial ramifications and result in shortfalls of revenue.
In this white paper we reveal the limitations of historical, expense-led business plans and make the case that the annual budget should be forward-looking, based on meeting long-term business objectives in addition to being informed by the past.