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 Joseph Hansen, Founder and CEO at Buy Box Experts:
What does your company do?
Our company provides advisory services to brand executives and management teams to help them develop an Amazon strategy to protect Intellectual Property rights, enhance product branding, and improve advertising. We also provide full-service account management to help organizations entirely outsource the day-to-day operations of their marketplace business.
What is your role? What do you enjoy most about your role?
I’m the Founder of Buy Box Experts. As a serial entrepreneur, I’ve built brands and experienced the same difficulties which our clients face today on the Amazon marketplace. We work directly with brand executives to help them identify the issues that are hurting sales on and off Amazon, and we help them create short-term solutions and long-term strategies to keep their brands competitive and healthy. I enjoy solving these problems and creating new products and services to help businesses face challenges and to thrive.
What are the biggest challenges in your business right now?
We face two primary hurdles in our industry. The first is persuading different organizational heads within companies to see eye-to-eye. It’s difficult to get the leaders of Sales, Marketing, Legal, etc. to all buy into the same plan. Some of their immediate goals seem to conflict with each other, but when we present a broader vision of what will happen to their brand when that brand does not control its distribution and its product content, then they all find a way to come together. When that happens, we see clear improvement and lasting success. The other challenge is developing automation and efficiency within an industry that is constantly evolving. Our ability to scale our service as we grow requires adaptability. In other words, our organization needs to be ready for change and to evolve rapidly as change occurs in e-commerce and on Amazon.
If you could go back in time, what business advice would you give to a younger version of yourself?
Find the “A Players” and hire them first. High performers instinctively want to be surrounded by other high performers, and they help to foster a culture of productivity and positivity. They seek out opportunities to learn and advance themselves proactively, and they anticipate problems or challenges rather than reacting to what’s in front of them. Retaining that staff is important and some major keys to that include: encouraging friendships with other employees, presenting opportunities to grow and to achieve, rewarding employees generously, and helping your people find real purpose in what they’re doing.