Mo’ Money, Less Problems – The Evolution of the WYL Team
Sponsored by Intuit QuickBooks
The real estate industry is slow moving, but changes over time like every other industry. We knew that by creating WYL, we’d have to be willing to educate folks on the importance of the insights we were providing (because they simply weren’t in the market yet). We knew it’d be a tough road with much opposition (not every landlord is happy with their reviews). And, we knew we’d have to best figure out how to navigate building a business that would be primarily data-driven, in the formative years, before growing into a capacity where revenue generation
would be consistent and strong.
In 2018, the WYL Team grew from five members to eight, by the year’s end. And, in 2019, the company will grow from eight to 30+ by the year’s end. Understanding this, it’s going to be extremely important that we have the financial tools necessary to assist in expanding rapidly and moving forward with no hiccups in operations. Below, I jump into the biggest shift occurring at WYL and how we’ll navigate it with the assistance of the powerful tools our partners at QuickBooks has armed us with.
Adding 20+ new Team members:
Come February 2019, we are going to begin recruiting writers for our widely used WYL Community Blog. We’re looking to bring on about 8 consistently contributing neighborhood writers who’ll cover the ongoings within their communities. We’re also going to be launching 2-3 campus ambassador programs at Temple University, Drexel, and UPenn. Each Team will have at least 6 – 8 members on it. And, lastly, we’ll be adding four new core Team members to the WYL staff – focused on sales, engagement, and development.
As you can imagine, this kind of rapid scale up for a growing company isn’t necessarily easy. We’re going to have some folks as 1099 contractors and some as full-time employees. Managing each of the pay schedules and tracking the capital coming in and going out isn’t easy. A few of the top tools we use with QuickBooks are the real-time downloadable dashboard insights, seamless bank feed integration, and smart invoicing.
- The dashboard insights include spreadsheet style balance sheets and profit and loss statements from throughout the year
- Seamlessly being able to link with our accountant and bank account allows for the most up to date information to be available when needed for our investor reports and internal success reviews
- Smart invoicing (which will be utilized this year for us) will be super helpful in making sure all of our contractors are being paid on time and that it’s immediately being logged as Accounts Receivable on our statements
All in all, you can’t grow without a bit of help. When it comes to business, the area you want to make sure you have the most help usually comes down to the financials (the lifeblood of a company).
Hopefully, these insights give you a glimpse into what’s to come in 2019 with WYL and encourages you to get yo money right in the new year, too!