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 David Johnson, Founding Partner at Cane Bay Partners VI, LLLP:
What does your company do?
Cane Bay Partners is a management consulting company focusing on the financial services industry. Our management consulting practice specializes in providing services to clients in need of sophisticated risk management models, debt collections organizations which require liquidation models and analytics, and portfolio management companies desiring service like risk analytics, marketing and portfolio management. We were founded in 2009 on St. Croix, in the U.S. Virgin Islands and we are a beneficiary of the Economic Development Authority’s EDC program.
What is your role? What do you enjoy most about your role?
I’m a founding partner of Cane Bay Partners VI, LLLP and continue to manage key parts of the organization, guiding strategic decisions and penetrating key markets. I work with a passionate and dedicated team and we continue to assist in the growth and success of our client’s business, help them reach new audiences, and enable them to become more sophisticated in utilizing our technological resources and solutions.
I also recently founded a charity – Cane Bay Cares (www.canebaycares.org) – to help our home island in the wake two hurricanes – Irma and Maria. In this effort, I provide strategic and marketing support to grow our efforts and maximize impact. My business partner and I are matching the first $200,000 raised and have delivered more than 75,000 pounds of aid. This is an effort I’m particularly proud of as we get to give back to the community that allowed us to grow.
What are the biggest challenges in your business right now?
One of our biggest challenges in our industry is keeping up with changes in the marketplace. We believe in innovation and staying ahead, and that takes a lot of dedication. The market is always changing but right now it’s changing at a faster than normal pace. We are challenged with not just keeping up but remaining the premier service provider.
Most recently, our biggest challenge as an organization was responding to two devastating hurricanes that hit St. Croix, our home. Our office was heavily damaged including losing our roof. We evacuated employees before and after the storms and relocated them back, now all are working out of a temporary office in St. Croix. We have been able to maintain some business continuity and support our employees throughout the ordeal but at great expense and effort. We set up a charity, Cane Bay Cares to help support the island.
If you could go back in time, what business advice would you give to a younger version of yourself?
Growing a business takes a lot of hard work, a good amount of investment, and taking real risks. Sometimes you’re not sure how it will all turn out but you have to give it a shot. When you see opportunities, you estimate how things will likely go and then take the chance. Always remember that you have the skills and the background needed to be successful and make the right choices. Be confident when facing the challenges before you and be willing to take more risks because it will really pay off. If you take measured risks and stay committed to what you are doing, you will have a great return in the long run.