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 Lauren Reed, Founder and President at Reed Public Relations:
What does your company do?
Reed Public Relations is a full-service PR and marketing agency based in Nashville. We help clients grow their companies by through strategic interaction with their target audiences. Whether that involves media relations, social media, market research, community events and partnerships, or some combination of all of those things, we work with clients to determine their business goals and then develop and execute a plan to achieve them. Our client base is a wide range of national and international brands such as Madame Tussauds Wax Attractions, O'Charley's Restaurants, Orangetheory Fitness and FedEx. Industry focuses include hospitality & tourism, food & beverage, fitness, healthcare and public affairs.
What is your role? What do you enjoy most about your role?
?I am the founder and president, which means I am responsible for overall strategic direction, vision and profitability of the company. I work closely with senior leadership to provide guidance and mentorship on business development, client happiness and daily agency operations. I most enjoy building a company that is reflective of our agency's core values, which are closely aligned with my personal values. It's a privilege to be able to create a culture and I don't take that for granted. I value working with clients and employees who embody what our agency is all about. Our leadership team is made up of the grittiest, smartest, most dedicated women I have ever worked alongside. They make it darn near impossible for me not to enjoy my role.
What are the biggest challenges in your business right now?
Managing the delicate balance of growth and staffing has been an interesting challenge in our current season of business. For me to be able to sleep at night, I need to know we are growing at a smart and sustainable pace. Early on in our business, we'd land smaller clients and projects. The past few years, however, our clients have been larger, more established brands with longer-term campaigns. Some even require us to have a dedicated team member working from their office regularly. This is fantastic for the agency, as we truly develop strong partnerships with our clients, but it does make staffing more difficult. It's sometimes hard to get the right person hired quickly enough to kick off a project. And since I never want to overpromise on something I might not be staffed up to deliver, we sometimes pass up opportunities.
If you could go back in time, what business advice would you give to a younger version of yourself?
Know your ideal client ? and the value that you bring. Early on, I thought we had to be the perfect fit for every client and we had to win every single account. We had to recognize that not every client is going to be a great fit. Until we learned that, we weren?t able to do really great work for those who were a good fit. By working with just anyone who knocks on the door and not paying attention to red flags, you aren?t setting yourself up for success.