Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Bill Balderaz, Founder and President at Futurety, LLC:
What does your company do?
Our company helps organization manage, visualize and analyze massive amounts of data to drive sales and predict customer behavior. Our clients range from startups to some of the largest brands in the world. For example, we will gather a clients' sales data and customer data. Then we bring in website and social media data. Then we bring in data from government databases, for example, census or employment data. By analyzing this data, we can guide our clients on business strategies. For example, we design the perfect email for a college to send to a prospective student, tell a healthcare organization where to build its next hospital or create the perfect Facebook Ad to reach young moms.
What is your role? What do you enjoy most about your role?
I’m the President and Founder. I jump out of bed every morning ready to start the day. I love seeing the impact we have on our clients' businesses. I love seeing a client succeed. I love being surrounded by a team better and brighter than I am. I am also a bit of a numbers nerd, so I get excited when we all pour through data and have that "aha moment" that allows us to answer a clients' question.
What are the biggest challenges in your business right now?
Columbus is absolutely booming right now. The downside of that is that it's always a challenge finding the right team members. We are very protective of our culture, and we only want candidates who are humble, smart, driven and focused on having an impact. Add to that the specialized data skills we need, and the employee pool gets small. Fortunately, we offer the type of culture and environment that attracts high-quality talent and we are more than happy to help relocate the right candidate.
If you could go back in time, what business advice would you give to a younger version of yourself?
The most adaptable company wins. An idea may seem great today, but a competitor may get to market first. A legislative change may void your entire business model. The market may hate your product. Your biggest client may bail. A key employee will leave. That funding will fall through. That happens to everyone. You either give up or you adapt. I've started multiple businesses. When starting Futurety, I rented an office, bought the domain name and then met with business leaders to understand their biggest challenges. We then built a business around those needs. As needs evolve, so does our business. The market it always right.