As a small business owner juggling countless responsibilities, perhaps none is more anxiety-inducing than managing the wellbeing of his or her employees. When it comes to taking a personal risk, most entrepreneurs are fearless. But what happens when your risk affects a team—especially one that’s placed their trust in you? Managing yourself is one thing, but making sure your business generates enough revenue to take care of everyone is another matter altogether.
John Trefry is the founder and CEO of 4WT Media, a marketing company that specializes in the production and strategic distribution of top-quality video content. As John explains below, transitioning from a solo businessperson to a team manager was remarkably stressful. As he built the company, John’s number one concern was keeping the revenue flowing so he could pay everyone’s salaries. Today, 4WT Media is thriving, but getting there didn’t happen without time, effort and even some anxiety.
As John’s experience exemplifies, the launching of any business comes with its fair share of financial uncertainty. In 4WT’s case, that uncertainty lasted over a year before he felt like he could breathe a sigh of relief for himself and his team. The best approach to financial management is through solid business planning before you launch. Once your doors are open, keep a close eye on your books. Then, as you gain a firm grasp on your budgeting and expenses, you won’t have to worry about taking care of you or your team. You will be able to focus on what matters most: providing the best product or service possible for your customers.