Free «Business Management and Organization Theory» Essay
This paper is the overview of experiential learning focused on my life experiences as a real estate agent and the owner of a small home remodeling contracting company. I presented my story of successful business and highlighted the achievements gained through the knowledge, skills and abilities acquired from the academic studies and relevant experiences and practices.
Being an independent real estate agent with 13-year experience, I started up a home remodeling company in Maryland five and a half years ago with the aim to enhance my real estate business and increase the profit. While selling houses, I acquired knowledge of principles and methods for showing, promoting and selling my real estate services. Initially, I learnt the essential theories at the course for retailers. Then I used the eternal consultancy services to fill in the information gaps. Considerable progress gave me a feeling of success. Being inspired and confident , I sent out marketing campaigns independently, volunteered in public forums and had door to door making contacts for business. After eight years of work as a real estate agent, I started to think about the ways of my further professional development and enrichment. Investigating the possibilities, I eventually realized that the remodeling business would be the best option. It was a modern tendency in the real estate industry that could be a good business extension. Moreover, I already had the practical knowledge of starting, researching and implementing a profitable business. In order to learn the market and set up the remodeling business in a legible way, I read books and did research on how to start the remodeling business. I also examined the Maryland laws pertaining to the business and made sure the company complied by all standards set forth by the Home Improvement Commission. Then I successfully set-up the organization and obtained the required Home Improvement License.
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The goal of my remodeling business is to buy the distressed properties with the aim to sell them for profit. The knowledge obtained in the course “Business Administration” helped me to make the initial calculation for the projects.
By that time, I already knew the principles and methods for showing, promoting and selling services, including the marketing strategy and tactics. Thus, I employed three post-graduates through the local HR agency and trained them myself. I gained the necessary skills of a trainer through the special online seminar “Efficient Instructor”. Thus, my trained employees were a “driving force” in my business. Moreover, I drafted myself the concept of a colorful marketing brochure and promotional booklet for the customers, using the best samples of printing materials in the real estate industry. The brochure contains images of all the selling objects with the description of their location, design and technical characteristics. The promotional booklet outlines all our services and benefits for the customers (including loan schemes in our partner banks). Having strong understanding of the impact that the printing materials have on the customers, I decided to focus on their regular issuing. I employed the IT designer who is also a certified photographer, bought the necessary equipment and started to print the stuff in full color on a monthly basis. My strong written expression skills, technical writing and deductive reasoning skills gained within the course of business writing at the University, enabled me to create the impressing linguistic content. The printing materials had a direct impact on the steady profit increase from the remodeled houses sales and gaining a good reputation among the customers. We have managed to create a database of our loyal customers, who recommend our company to their relatives, friends, and colleagues and use services of our company when moving to a different house. The matter is that I know the principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services and evaluation of customer satisfaction. The said knowledge and the assessment techniques were leant through the discipline “Customer Needs Analysis”. My customers are large families with the average income that need a modern dwelling equipped with the necessary devices and furniture and decorated in a stylish but cozy way. The house can be semidetached but with the garage for several cars and a pre-house area. The main requirements are ecologically safe and durable materials, high quality bathroom and lavatory equipment. All these factors are taken into consideration while making designs and estimating costs for each project. I employed an experienced top designer who knows the construction norms and ways of implementing the customers’ ideas in a safe and legible way. He has long-term relations with the local construction authorities and his reputation and proficiency prevent my organization from penalties and sanctions.
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As a business owner, I am responsible for ensuring that my company is a successful business by avoiding and mitigating the threats and managing the risks. Case studies examined at the “Projects Risk Management” course enabled me to think over the possible problems and ways of preventing them. Having identified the “problematic” projects, I negotiated and secured financing from a couple of local banks in order to complete the projects. Strong dependency on the subcontractors’ performance made me develop good relationships with subcontractors. The importance of integrating the right people together to complete a project effectively and on time is one of the crucial factors in maximizing the profits. I have implemented alternative methods of the payment and draw schedules for the subcontractors in order to maintain a constant workflow on the projects. This has increased pay times to the subcontractors, which has added value to the companies by cutting down the accounts receivable time. In time, this has enhanced our personal relationships with them, as they are not waiting on payments from our company. Moreover, with the aim to increase the loyal relationships, I have implemented a subcontractor bonus policy whereas the subcontractor will receive a percentage bonus based on the quality and timeframe in which the work is completed. Such type of motivation has proved to be efficient and increased our profit by 15% in the previous year.
With the aim to maintain social and ethical standards, I made sure my company complied with local and state regulations. I obtained a contractor’s license, general liability insurance, worker’s compensation insurance and continually make sure all subcontractors that work under us are licensed and insured. It is my responsibility as a business owner to comply to these standards so that when I sell a property, I know that the work was done in a legal and workmanlike manner. My other responsibility is to comply with the IRS for accounting and tax purposes.
As a project manager, I have to effectively locate and plan the projects, continually review financial statements in order to adhere to the budget. The “Project Accountancy” discipline was very helpful since I leant how to implement resources to finance projects. I sometimes experience the budget deficit caused by the unexpectedly increased prices for materials, more expensive design solution, extra costs of the defects correction, and emergency stoppages in some of my projects. In such cases, I concur with several potential partners, explain them and justify the new budget. Thanks to my ability to convey the information effectively in a very persuasive way, I usually obtain the needed financing. Letters from financiers shows the proof of funding. After receiving the funding from the bank and an individual, I directed and coordinated the activities to re-schedule the projects. Moreover, after evaluating the process of the first couple of the “problematic projects”, and selecting the most effective solution, I implemented a new process for drawing schedules and inspections in order to manage down time more effectively and protect my projects from troubles.
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I am very competent in the conflict resolution and negotiating with others by handling complaints, settling disputes and resolving grievances and conflicts. I was one of the best students in the discipline “Conflict Management” and improved my skills in my work as a real estate agent. Moreover, I am able to give full attention to what other people say, understand the points, ask the appropriate questions without interrupting them at inappropriate times. As a result, I managed to create a friendly and trustful working atmosphere and gain respect from my employees, subcontractors, and partners organizations. I communicated a shared vision with all of them in order to create powerful relationships and stable business.
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As a leader of my company, I composed the Articles of organization that contain our mission, objectives, regulating procedures, composition of the executive, supervisory, and auditing bodies and their power. Since it is a universal requirement for all businesses, I used the basic guidelines and registered the document in compliance with the applicable legislation.
Concerning the modern software, I have developed and implemented a record management program for our licensing and our subcontractors’ licensing/insurance in order to assure compliance with the state and local licensing and education norms. I attended the special IT training courses to master the programs.
To sum up, I have outlined my successful research, marketing and sales practices in the real estate industry, described my achievements in the management of the house remodeling projects and relations with the employees, subcontractors, financers and local state authorities. I analyzed the ways of acquiring the competences needed for the successful business practices and their integration for the overall success.