Interested in starting your own entrepreneurial journey in business consulting and services but unsure what to expect? Then read up on our interview with Avy Punwasee, Co-Founder of Revenue Management Labs, located in Toronto, ON, Canada.
What's your business, and who are your customers?
Our company is called Revenue Management Labs, and (you guessed it!) we help manage your revenue through strategic pricing. Simply put, we grow your company's revenue by quantitatively setting your price points and maximizing customers’ willingness to pay. Furthermore, we ensure you can execute on these price points by enabling your sales force. Our goal is to ensure you aren't leaving any money on the table. Our customers range all the way from startups with tens of millions in revenue to large-scale multinationals bringing in billions. If you're a B2B or B2C, chances are, our company can help.
Tell us about yourself
Straight out of business school, I started working in pricing at Ford Motors, and for 10 years after that, I continued doing pricing strategy and analytics at Pricing Solutions (consulting company) and ABInBev (beer company). All in all, I had about 17 years' worth of experience in revenue management before I knew I could leverage my work to a lot more companies worldwide. For me, what's important is bringing practical approaches to clients we can partner with and form long-term relationships with! We don't just hand off a pretty PowerPoint and hope for the best we make sure to work with our clients and execute our strategies.
What's your biggest accomplishment as a business owner?
My biggest accomplishment as one of the company co-founders is helping create a team that generates 80% YoY growth and 98% repeat business. That's not an easy thing to do, and it's truly a testament to the hard work our team pushes through the day in and day out. It's rewarding seeing the caliber of leaders we are building.
What's one of the hardest things that come with being a business owner?
One of the hardest things about being a co-owner is balancing authority. Our company takes pride in having a flat hierarchy and promoting meritocracy above all else. However, one of the challenges that come with that is learning to let others lead and fully trust their decisions, which can be uncomfortable at times but necessary in continuing to grow our company.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
My top 3 tips for anyone looking to start a business today would be to price on your value (not your cost), take the time to build leaders, and don't quit! The first few years are generally the hardest.
Where can people find you and your business?
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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