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 Martin Rawls-Meehan, CEO and Chief Innovation Officer at Reverie:
What does your company do?
Reverie is on a mission to help people sleep better to live better and be happier, by delivering innovative, high quality sleep technology and sleep coaching to our customers, as well as being a knowledge resource for our customers on the science of sleep. Rooted in its mastery of sleep science is a core belief that everybody is unique and needs customized sleep solutions and education that fit their individual needs to truly get the better sleep, and the better life that comes with it, that they deserve. We offer a full range of pioneering Sleep Systems, mattresses, accessories, and adjustable power bases along with our pioneering Sleep Coach program to deliver the ultimate sleep experience to each unique customer.
What is your role? What do you enjoy most about your role?
I currently have two roles - I am the CEO as well as the Chief Innovation Officer at Reverie. I love being a part of the innovation in our business and our industry. Breaking the mold and blazing trails gets me excited every day. I also manage the business overall in my CEO, trying to get us as paradigm shifters through massive growth and the challenges that come with it.
What are the biggest challenges in your business right now?
Growth and opportunity. Growth because as you grow it becomes harder to maintain your culture, and it forces you to figure out how to scale and delegate more than you have in the past. Getting bigger often naturally creates complexity when you really need to simplify. Opportunity because I believe our industry should be so much bigger than it is but our challenge is to find ways to reach everyone and tell them how important Sleep is, how we can help them sleep better and what it would mean for their quality of life, how we are different and their past experiences buying a mattress or searching for better sleep are not what they will get when they work with Reverie. Everyone sleeps, and most people don’t sleep enough - how do you reach literally everyone and deliver that message in world of advertising noise and “on sale now” strategies?
If you could go back in time, what business advice would you give to a younger version of yourself?
Enjoy every moment more - the good and the bad. It is all unique and special. The failures are the foundations for the successes. I would tell myself to never be afraid - go forward with what you know is right and fail fast without fear. Never give up.