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 Ericka Young, Founder and CEO at Tailor-Made Budgets:
What does your company do?
I help families struggling with debt to get and stay free of payments. By creating customized budgets and personalized debt reduction plans, I show my clients what it will take for them to live a debt-free life. I coach them throughout the process to make sure they stay on track and avoid financial pitfalls that come up. Getting out of debt, saving for your future, and simply managing your financial life can be a lot to handle on your own. I eliminate the guesswork and frustration of designing the life you really want to live.
What is your role? What do you enjoy most about your role?
I am the Founder and CEO. It is rewarding to witness the light bulb come on when my clients finally understand what has been holding them back from financial success. Sometimes it is the minor changes that make a substantial difference and sometimes the major sacrifices are what it takes to see true freedom. Either way, knowing that I’ve helped a family finally be able to take a trip with cash, put their kids through college, or save for retirement because there is no debt in the way gets me fired up!
What are the biggest challenges in your business right now?
One of the biggest challenges that I face is managing growth. Since I do all the financial coaching it can be challenging to manage my client load without taking on too much. I am passionate about helping people get free of debt, but I cannot do it all one on one. Therefore, I am now exploring ways to offer more group programs, locate places to speak to organizations on the subject, and sell my book so I can reach more people without working with everyone one on one. I’m also introducing a software tool to my clients that will ultimately make it easier for us all to see their progress. Ultimately, this will save time and help me to be more impactful and consistent in my coaching.
If you could go back in time, what business advice would you give to a younger version of yourself?
I would tell a younger version of myself to capitalize on your strengths and identify your weaknesses quickly. Once you know what you aren’t good at you can hire people or align yourself with those who are good at that skill. Don’t waste time trying to get better at it. Hire a coach teach you or a mentor show you or hire a virtual assistant who can simply do it for you. Then you can spend your time being wonderful at what you really excel at. Having people in your life who can elevate your business game are essential to giving you the freedom to become an expert at your craft.