The Juggle as a Self-Made Founder: Learn to Manage, Manage to Learn

Life can feel like a never-ending balancing act for a self-made founder. I'm working hard to complete deals and make money one minute, and then I'm buried in spreadsheets, attempting to understand my clients' bills the next. Making money and managing it are ongoing juggling acts, and for far too long, I was unaware of how important it was to do the latter correctly.

My only goal when I first started my company was expansion. I put all of my effort on gaining clients and growing quickly because I thought that revenue was the best indicator of success. I was surprised to learn how chaotic things may get in the absence of sound financial procedures. The unorganized invoices, not-so-clear payment terms, and a lack of structured pricing strategies started to take a toll.

Some issues started to arise as I grow the business, and everyday seems like a never ending journey to learn, fail, learn again, and again. I once starring at a blank wall to question myself like "do I need to continue this?" "is it worth it to move forward?" "I'm so tired, I just can't...." all of those negative self-questioning moment hits me so much.

But the vision of having a solution and better business operation keeps me going! I started to thinking like, oh, in today's world, there must be a way to make things work. There is a cure to everything, so there is a way for anything.

I became aware of consumption-based pricing at that point. Something really strange in my mind! One of my friend that works in a tech company gives me a quick lecture on the call by saying all nonsense vocabulary for me (LOL). But those 1 hour 15 minutes call seems so worth it.

She teach me that customers pay according to how much they actually use a product or service under this flexible pricing approach. By using this strategy, I will able to streamline my billing process and better match my revenue stream to the value I provided to my clients. Billing abruptly changed from being a hassle to a means of promoting openness and trust.

I learned from the experience that managing money involves more than just pursuing profits; it also entails comprehending how your revenue flows and making sure it promotes long-term growth. Remember this if you're an entrepreneur like me: generating revenue is just half the fight. The key to staying in the game is managing it well.

I also realized that poor billing administration may lead to a lot of stress for my team, clients, and myself. Invoicing irregularities or unclear terms of payment damage credibility and cause conflict, which may affect client retention. Even worse, it can drawbacks the attention from the more important goal of creating a profitable and well-functioning company.

You have to do a lot of things as a solopreneur founder. There will always a thing be pulled in different directions by the demands of operating a business. However, if I've learnt anything, it's to avoid making financial management a last-minute concern. Hard effort and a brilliant idea will get you far, but a well-run revenue system will make sure you stay in business.

Take the time to examine your pricing, billing, and financial procedures, regardless of how big or little your company is. Examine methods that can streamline operations and increase client trust, such as consumption-based pricing. Most importantly, keep in mind that managing and growing what you've earned is a better indicator of success than simply earning a lot of money.

My fellow founder, what is the most difficult thing you face? Let's share!