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 Jon Wolfe, President and CEO at House Advantage:
What does your company do?
Our company provides loyalty marketing technologies to various industries. This includes gaming, restaurants and hospitality. These technologies, paired with our strategic expertise and deep industry experience, give brands the opportunity to increase customer engagement, generate vital business intelligence and boost per-customer share-of-wallet.
Ever since our founding in 2004, we have been committed to providing a seamless integration of our products into a brand's existing systems and are always seeking ways to stay ahead of industry trends and strengthen our service offerings. We are headquartered in Las Vegas, with offices in Macau SAR, Reno, NV and Memphis, TN.
What is your role? What do you enjoy most about your role?
I am the CEO and founder of House Advantage, and have been in the loyalty marketing industry for over a decade. It has been an incredible journey so far, and a great blessing to be where I am at. What I enjoy most about my position is the ability to inspire the younger generation through mentorship and employment in our various companies. In many ways, I guess you could say I'm a philanthropic business owner in that I most often have altruistic goals relating to my business and my family. It is of great importance to me that I maximize my charitable impact to as many young people as possible over a very long period of time.
What are the biggest challenges in your business right now?
We just invested in a new acquisition in 2017, eTouchMenu, and in building that opportunity we need to be able to scale quickly and properly. Right now, the overall economy in our verticals is very exciting. However, the speed to market is critical to getting the biggest piece of the pie. My challenge is that there are too many opportunities and not enough hours in the day to meet the customer demand.
If you could go back in time, what business advice would you give to a younger version of yourself?
I would teach myself about the power of working collaboratively. I was lucky enough to be able to pick things up quickly, especially as it pertained to business and technology. However, being the impatient type, I always thought the fastest solution was for me to grab the keyboard and own the solution myself. It may have been very effective at that moment, but in the long term, collaboration with smart people and using these opportunities to continue to educate others was something I wished I learned much earlier. Now I hate to approach any solution or project in a singular fashion.