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 Wendy Shepherd, Entrepreneur at Studio Matrix:
What does your company do?
My business helps people establish or increase their presence on the internet with websites, social media profiles and publicity through media outlets. Consulting is also offered. The internet landscape is constantly changing, so my business works on learning, guiding and working with each client to reach their goals and stay up to date with changes. Based in the state of Maryland, I work with people in many locations in the world, mostly in the entertainment industry. I have been working online for 20 years.
What is your role? What do you enjoy most about your role?
I’m the owner of Studio Matrix. I’ve had experience in many areas of website development, graphics, social media and publicity for my own entertainment websites. I now enjoy helping other people with their needs in those areas. I’m blessed to work with talented people and have the pleasure of helping some of them learn and grow. I’ve been delighted to be able to collaborate with people inside of the entertainment industry to help with projects that bring enjoyment and inspiration to others.
What are the biggest challenges in your business right now?
One of the biggest challenges at the moment is the cost of useful software tools for running a small online business. Pricing for most software tools are geared to medium and large businesses. With the needs of a small business and the software that could help automate and make work easier and faster, having software tools at a more affordable price, that can scale as the small business grows, would be beneficial. The other big challenges are determining pricing as client demand and overhead costs rise and to be able to hire and delegate in a competitive market.
If you could go back in time, what business advice would you give to a younger version of yourself?
To get ahead, you have to keep up with learning the newest and latest in regards to your field. Tap into it, read about it, practice it and don’t be afraid to try new things. In the beginning, I often took the ‘wait to see’ path to watch for results of others or whether a new thing would be successful enough to jump on board, which sometimes turned out to be too late.
I’d also tell a younger version of myself to consider the pricing of my services early on and try to balance work/life better. It was easy to work complimentary for people in the beginning as I wanted to practice and to help. I don’t regret it, but earlier on in the business, I should have put more value on myself and my skills. My family, friends and clients were the ones who nudged me into placing more value on myself, than I did.