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 Pam Brossman, Founder and CEO at Elite Woman Inc:
What does your company do?
My company teaches women how to turn their expertise into a global brand and business including expertise publishing, which allows professionals to reach a wider audience by self-publishing their knowledge and expertise on Amazon. We then take that book and turn it into multiple income streams by creating digital product suites and ascension models both online and offline. In 2017, with social platforms embracing live stream, we now mentor businesswomen on how to master digital presenting, enabling them to leverage this new medium in their business marketing. In a nutshell, my company helps experts and knowledge professionals create their own Expertise Empire online.
What is your role? What do you enjoy most about your role?
My role in the company is CEO, Confidence Coach & Mentor who helps women find their ‘inner genius’ and then shows them how to use that talent to create financial freedom for themselves, while impacting thousands at the same time. What I love the most about my business is the transformation that occurs throughout the growth process. I literally take women from self-imposed limitations, to limitless possibilities using the power of digital leverage, expertise publishing and lifestyle business models. I truly believe your only competitor in life is yourself, and by helping women to be elite and exceed their own expectations, anything is possible.
What are the biggest challenges in your business right now?
The biggest challenges in my business right now is keeping up with technology. The online environment is changing at such a fast pace, that many are struggling to compete against those with bigger budgets, teams and technologically savvy knowhow. Paid advertising costs versus conversions has become very competitive for the small business and solopreneur market, making it very hard to get a positive ROI for smaller business owners. Finding new ways to gain exposure using digital mediums to maintain or boost organic reach, will be one of the biggest challenges for women in business that I will be focusing on overcoming with my clients and customers this year.
If you could go back in time, what business advice would you give to a younger version of yourself?
There are several things I would tell my younger self. Firstly, perfection is so over-rated. It is more important to impact lives and help people, then to worry about everything being perfect. Outsource what you are not good at and create systems in your business so that you are not working in your business, instead you’re scaling your business. Focus on the numbers with everything you do, and most importantly, don’t be afraid to try new things. I sat on the fence far too long when it came to paid advertising and it cost my business. Now, I embrace new things rapidly and instead of having to learn to do it myself, I hire the experts, who love to do it more than me.
Biggest lesson… I don’t have to do it all myself. Trust others to help you grow and don’t sweat the small stuff.