Important Management Strategy #4: Business Management

Last week I shared with you the importance of stress management. You are the foundation of your business and you need to be determined and focused. The success of your business will depend on the characteristics of its founder, you. Smarts, strength, confidence and willingness to learn from one’s mistakes can make a business. Lack of those characteristics can break it. I prefer to look at these lessons as learning aides, not failures. They are, quite simply, lessons I needed to learn in order to succeed. Finance, accounting and marketing strategy are the fundamentals. If you manage others, leadership and team building become critical factors as well.
I didn’t just breeze through it all. There were dark days. There were tears. Giving up seemed so much easier than trudging forward. But my perseverance is paying off, and the blood, sweat and tears are worth it! I am not going down this time. I feel more confident than ever as I chase after this success story.
Luckily, it didn’t take much financing to start my home-based transcription business and the expenses gave tax-filing benefits. I’ve always been good with numbers and ledgers, so accounting wasn’t an issue for me. Planning and organizing are definite strengths of mine. Leadership, team building and marketing, however, gave me a real challenge.
After doing extensive research and understanding what other online employers offered, I knew that in order to find loyal, talented people for my team, I would have to attract them with something more than the norm. So I took a chance and offered a higher pay scale, and rather than making people wait for their money, I paid them for their work within 24 hours. It worked.
I was also honest with them, and they knew I was just starting and would not be able to provide steady work at first. They were OK with that, saying they would fill in with other work until I was ready. But they stayed in touch. They cooperated with and trusted me, and together we built a strong team. My team is the framework of my business. I know now that it is not only my attributes that will bring this company to success but the attributes of my team. No matter how strong you are, if you have a weak framework, you will suffer. Just as you ask others to trust you, if you find someone you think is worth the effort, you need to let go and trust them also.
The marketing of today is very different than the marketing of the past, because most of it is online. It can be a big bad wolf trying to blow your house down. The old “if you build it, they will come” motto doesn’t work so well in the online world, because you’re competing with millions of other people with millions of other websites.
My website went live a few months ago, and I’m taking it one day at a time. So here I am, reinforcing my analogy in reference to my business and houses, while writing an opening blog series for my new blog, Business Mom Chronicles. My last article, Self-Management will bring this blog series to an end. Fortunately, I have much to say and will continue to update you in my journey of being a Business Mom.