Just a short few years ago, any company with a turnover of $180 million would have hundreds of staff. If a company was seen to be much smaller in scale, it was often automatically assumed they would never reach impressive heights. But with the boost of today's innovation and technology, Canterbury Property Services, a family-run Australian property and wealth creation company, achieves that $180 million turnover and more.
Due to the old-school stereotypes, it would make sense to assume that they have hundreds of staff and acres of office space. Nope. They have reached these lofty heights with just fewer than 10 staff members.
One might think that advancements in science has allowed these guys to clone themselves, but it's a lot easier than that. Their accounting, legalities, IT, property research and statistics, house building, architecture and engineering is all passed to outside companies allowing them to focus on what's most important - their clients.
Some might think using outside contractors is less efficient or less cohesive, which is why so many business owners opt to keep everything "in house." There is some truth to that if the outside contractors are an unknown entity. However, as the folks at Canterbury will tell you--having outside contractors that you have a long standing relationship with can prove to work wonders for your scale, growth and client service.
To date, Canterbury Property Services have been around for 34 years, with over 6,800 people worldwide using their services and intellectual property - but their fewer than 10 -membered team works from just one house. It is this consistent family-oriented mind-set and way of working that makes Canterbury Property Services a stand out in their industry.
Their story made me think about the recent engagement statistics. According to the Gallup poll, only 13 percent of employees are engaged in their job. Because of this, there's a high turn over rate--and many companies (particularly startups) are a revolving door of employees. If you have a client-based business, this does not look good. Your clients constantly have someone new learning their account, which doesn't inspire trust. Plus, whenever you lose an employee, you spend both time and money on the hiring process.
When you are interfacing with your clients in your core business and are using trusted independent contractors to do the outside leg work, there's a level of cohesiveness. And if any of your contractors don't work out for some reason, you can easily let them go at no expense and hire a stronger one--without concerning your clients with it.
Canterbury Property Service's success is living proof that hundreds of dedicated staff members and mammoth office space are not necessarily the ingredients needed to make a hugely profitable recipe.