by Ganisha Sethi
Chief Operating Officer
You’ll never know everything about managing a management company. That’s the fun part…most of the time!
My family and I created our management company 10 years ago and it has been a beautiful journey. If you’re thinking about creating, joining, or revamping a management company, here are some things to think about.
WHY ARE YOU DOING IT?
You must know this. If you’re building a career, join someone else’s management company. If you want a company to manage your investments, hire a reputable one to run your business for you. But if your desire is to build a legacy, a culture, and a team of leaders, then you’re in the right place. If you know why you’re doing it, then write out your three-year vision. This should include tangible goals that your actions can realistically achieve. This vision will be your guide as you set monthly and annual goals for yourself. It will be especially helpful on days you’re feeling drained because it will remind you of your purpose. If you don’t know where you’re headed, you’ll never get there.
WHO ARE YOU, AND WHO DO YOU WANT TO BE?
You can choose to have a company that manages people who are hired to do a job or you can choose to lead leaders who make an impact. Knowing the principles on which you want to build your company will determine your success. So, to begin, write out your core values. What do you believe, and who do you want to be for the people who follow you? What image do you want to portray to the public? These characteristics you want your company to have will be your core values. Live by them through every single decision you make in your company. Never waiver from them. This will help you create something that is truly meaningful and, therefore, create a company culture that attracts the employees you want.
PEOPLE, PEOPLE, PEOPLE
When launching our management company in 2010, someone told me our strength has to be in our systems and procedures. That, if these are strong, our company will run on its own no matter who we hire, who stays, or who leaves. Ten years, hundreds of mistakes, and a few gray hairs later, I completely disagree with this. If you don’t have good, diligent people on your team, your systems and procedures will fail over and over again. Invest in finding kind people who align with your vision and your core values. And then, once you have them, invest in them. Not just monetarily toward salaries and benefits, but also emotionally. Listen to them, understand them, coach them, and do everything you can to make them successful. If you aren’t doing it for them, then there is no point in doing it at all. It is these leaders who will, in turn, treat the rest of your staff members well, who will, in turn, treat your guests well.
Managing a management company is an exhilarating ride! Enjoy it!