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 Jeff Pedowitz, President and CEO at The Pedowitz Group:
What does your company do?
The Pedowitz Group (TPG)is a marketing consulting firm that operationalizes business accountability, digital transformation and the customer experience through marketing operations. We call this Revenue Marketing™, a term we coined in 2011, which has been widely embraced by the industry. In fact, TPG's Chief Strategy Officer Debbie Qaqish actually wrote the book, "Rise of the Revenue Marketer - An Executive Playbook" in 2013. We believe marketing drives customer engagement, which fuels the revenue engine and empowers companies to transform their marketing departments from cost centers to revenue centers. Since our founding in 2007, our customers have won over 50 national awards for Revenue Marketing excellence.
What is your role? What do you enjoy most about your role?
As President and CEO, I guide the company's strategic direction and manage all daily operations. I love that I get to participate in so many things. Every day is a new challenge and a new opportunity. I love working with our amazing team. Our customers are in so many industries, it is fascinating learning about their businesses and how they run them. Our market changes rapidly and I love the challenge of keeping up and determining how to best serve our customers.
What are the biggest challenges in your business right now?
Our market is changing rapidly and there are new technology innovations for marketing every week. To offer our customers the best advice we have to stay current with the latest trends and technology. Trying to determine where to invest our resources to best serve our customers while balancing out our other commitments is the biggest challenge. But it is also the biggest opportunity. Entrepreneurship is all about risk and reward, so we are constantly moving forward.
A second challenge is that of identifying the right people to join our Pedowitz Group team. Our team members have to balance being experts in marketing and technology and at the same time be effective consultants, coaching customers to achieve their goals and dramatically improve their business results.
If you could go back in time, what business advice would you give to a younger version of yourself?
I would encourage my younger self to listen more and act less. Over the years I have discovered that not every issue has to be solved instantaneously. I would advise my younger self to take the time to gather more information about situations, review the facts then and make more informed decisions. Early in my career, my instinct was to decide and act immediately when a situation arose. It did not come naturally to set something aside in favor of getting more information. Experience has helped me refine my instincts so that I know when to stop and ask more questions before acting.