Yes. One of our values is transparency, so we always seek to understand their business aspirations first. Then we work to build a compliance strategy that identifies that and allows them to market their products without fear of enforcement for non-compliant products.
What do you think about inflation and interest rates – will you pass that on to your customers or will you let your profit margins take a hit and reward customer loyalty in these tough times?
No. We offer a retained service that acts as an extension of their company. We have no plans to increase our prices due to inflation.
How often do you evaluate the data you collect and address your KPIs and why?
Our data is constantly being evaluated, given the different moving parts involved in compliance. It is essential that we keep our finger on the pulse of any regulatory changes and communicate them to our clients as quickly as possible.
Is technology playing a bigger role in the day-to-day running of your business?
Yes, we have invested heavily in proprietary software. Not only is having our own software a unique advantage, it also allows us to handle tasks in a fraction of the time it would take a human to handle them. This means we keep our headcount down and our costs down. Our goal is to provide an outsourced compliance department at a fraction of the cost of what it would cost to do “in-house.”
What is your position on your competitors?
We don’t care about our competitors, we just focus on our own path and strive to improve from before. Then the competition becomes irrelevant.
Do you have any advice for anyone starting out in business?
Expect the road to be bumpy, and when a problem arises, you won’t be as upset about it as you would if you expected things to go well. Make sure you have enough money to cover the costs while you build your reputation, and it will take 3-5 years to build that reputation.
It can be a stressful and isolating place to work, where you can be the main decision maker at work. What do you do to relax, recharge and sharpen your focus?
I learned Transcendental Meditation shortly after starting work. It was a turning point for me. It made me realize that I wasn’t good at everything and that I needed to let go of anything I wasn’t good at and focus on what I was good at. Transcendental Meditation still plays a role in my life today and keeps me relaxed and focused.
Do you believe in the 12-week method or do you develop much longer planning strategies?
No, that’s not something I do. I’m a workaholic and I’m pushing myself to the limit all the time. I don’t use any timelines or best practices to grow the business, although I have gotten to the point where I’m looking to hire people who are focused on that, to allow me to be the aggressive sales person that I am.