This article is written by Kim Frentz Edmonds, CEO of Ventura Partners
I have an addiction to reading business books. Girl’s Guide to Building a Million Dollar Business by Susan Wilson Solovic was always high on my list. However, the idea of MY own business hitting a million dollars in revenue seemed as fantastical as aspiring to become the next Oprah. Through my work with Darlene Crane and the PROPEL Small Business Growth Program*, I was able to modify this perspective. My new mantra – hit a million dollars in revenue and employ 10 or more people to move the business to the next level.
Ventura Partners is an organization with a mission. Our work creates opportunities for equitable ownership of community assets in real estate. It hasn’t been easy to center the financial growth of my own company within this framework. Darlene helped me internalize the view that growing businesses owned by women and people of color is vital in shifting the power dynamic in our society. This opened my mind to include my own business growth as a meaningful act.
In 2021, we reached the $1 million revenue and staffing threshold (10 employees). My company changed from being an extension of me to being an entity of its own. Our business structure allows others to grow and assume critical roles. We have established a Leadership Team to take on planning and strategic decisions. We have measurable financial goals and a specific plan for meeting them. We have metrics to make sure our pricing supports the value of our work and have streamlined our billing system to capture revenue and manage cashflow. We are outsourcing parts of our overhead that don’t yet warrant in-house staff.
I am still adapting to decision making through this new lens. I am allowing myself to delegate relentlessly. And, while I am still a bit uncomfortable that there are projects at Ventura Partners that I know very little about (because someone else is in charge of them), I remind myself constantly that this is not only fine, but important to the growth of the company.
One of my proudest moves recently was hiring someone who was an independent consultant and “competition” in our field. Not quite rising to the level of “mergers and acquisitions” (except in my own mind). It was instrumental in my ability to hand off high level projects that previously could only be accomplished by me, and it has expanded our network of clients.
I attribute our increased velocity of growth over the past four years to my shift in focus and mindset and implementing important organizational structures. I am enjoying the prospect of winnowing my role in the company to activities that hyper leverage my strengths and feed my interests … and I’ve adjusted my reading list, too.
Additional questions from Darlene:
What strategies did you use to get through the pandemic?
We shifted sales efforts when the forces on revenue shifted. We have a wide range of commercial property related services. So we shifted in the 2008 recession and through the pandemic. We shift to development projects, property management or strategic projects. Right now, non-profits are investing funds in the future.
What is the future direction for Ventura Partners?
Not doing things that are distracting to our primary mission. Being hyper focused on things we do well. We stick to a 30-day on-boarding process for new projects, developed better systems, and pay employees well.
*PROPEL Small Business Growth Program by Alliance for Community Development. The program’s focus is to build capacity in local community members, training local entrepreneurs who identified as women, people of color and veterans to bring their vision to fruition. The program was delivered in Oakland, California from 2013 – 2015.