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 Eran Ofir, CEO and Co-Founder at Somatix:
What does your company do?
Somatix is a provider of wearable-enabled gesture detection solutions for health intervention and wellbeing enhancement. Our technological core - the Somatix real-time gesture detection platform - leverages sensors in standard smartwatches, smartbands and IoT connected devices. Additionally, it employs adaptive machine learning and predictive analytics algorithms to passively monitor massive volumes of gesture data, for precision analysis of a range of physiological and emotional indicators - all to facilitate personalized, cognitive behavior therapy incentive-based health intervention. Somatix's innovative digital health solutions ultimately enable healthcare providers and clinics, employers, health insurance companies, and elderly caregivers, to increase the treatment's efficacy and improve the lives of those under their care.
What is your role? What do you enjoy most about your role?
My most significant role as the CEO of Somatix is to lead and inspire a company to become a key player in the forthcoming and much-awaited healthcare transformation. As we have seen in other industries, including telecommunication, utilities, retail, automotive and others, we are now witnessing technology revolutionizing healthcare with digitalized services, dramatically increasing treatment efficiency and life expectancy, yet at a lower cost. Most importantly, we are experiencing a paradigm shift -from curing to caring. This is the perfect storm for Somatix.
What I enjoy most in my position is that for the first time in my long business career, I am motivated by my company's mission to 'do good' and improve people's health and wellbeing. This is a very different feeling than only being worried about the bottom line of your business unit in a Fortune 1000 company, regardless of the impact of your products on people's life.
What are the biggest challenges in your business right now?
Our biggest challenge at the moment is how to differentiate and stand out in a crowded and dynamic marketplace. The Digital Health industry is boiling. Many have recognized the opportunity, but only a few have a truly novel solution that can make a difference. We believe we have such a cutting-edge technology. That being said, we are also challenged with the dilemma of how to convince potential customers to trust we can deliver on our promises. At this early stage, we must focus on bringing incremental value by providing completely new capabilities to the way patients and those in need are being monitored and taken care of - the results speak for themselves.
If you could go back in time, what business advice would you give to a younger version of yourself?
When I look back on my career, I think of several 'truths' that have always been my 'north star' and have led to business success.
First, be yourself. Spend your time doing what you are really passionate about. Follow your heart. Use your skills to set a visionary strategic direction, and deliver the highest returns through clear operational guidelines. Cultivate a culture based on values that are important to you, such as excellence, superior work ethic and personal accountability.
On the execution level - gather the best people to form your A team, based on their experience, professionalism and absolute commitment. Let them do what they are best at and provide real-time solutions for problems. I always invested in creating a diverse team with vast experience and unique personalities, resulting in an environment of business and personal growth for the company and its employees.