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 RM Harrison, CEO and Business Strategist at RM Harrison:
What does your company do?
I am a business strategist for service-based entrepreneurs, who want to build a more satisfying hustle without having to start over from scratch. I offer trainings on defining and unlocking the earning potential of their genius. I also offer private consulting to help individuals strategically pivot their businesses to reflect their genius, so they can focus on doing work they love, create the impact they want to have, earn well, and build success that matters.
What is your role? What do you enjoy most about your role?
I'm both the CEO and principal of my company. I most enjoy hosting jam sessions with new clients. It's an opportunity for me to hear their stories about why they started their businesses and to learn about their particular genius. It's exhilarating to dig into their Expert Styles Hierarchy (the combination of traits that shape how they serve best) and explore ways they can use it to design a business model that supports longer-term, personally sustainable success and growth for them. More than that, it's inspiring and reaffirming when my clients remember they have the power to choose their own paths--and I get to help them navigate the necessary shifts to get where they want to be.
What are the biggest challenges in your business right now?
The biggest challenge right now is scaling my business. My revenue is currently limited to my time, which puts a cap on earning potential. Since a big chunk of the strategy pre-work that I do can be packaged into self-study content, I'd like to package it into an evergreen product that I can sell. However, there's a major time and financial investment required to develop and launch a product like this, which isn't feasible right now.
If you could go back in time, what business advice would you give to a younger version of yourself?
I'd tell my younger self to consider the bigger picture of my business endeavors and to invest in coaching early on to figure out how to build what I really wanted. I started out as a creative services freelancer and quickly realized that that wasn't going to be personally sustainable for me; and it took a long time to discover a path that would be sustainable. Of course, I did finally get on the right track and was able to turn my hard lessons into expertise that can support other entrepreneurs. Still, it was an expensive process of discovery and painfully steep learning curve when it possibly didn't have to be.