Running a business is full of learning experiences. It’s not about making them but about what you learn from them. Difficult times can be especially challenging for businesses, and making decisions based on fear or short-term thinking is easy.
As part of my series about “authors who are making an important social impact”, I had the pleasure of interviewing Elie Y Katz.
Katz president & CEO of National Retail Solutions (NRS) www.nrsplus.com . Ten years ago, he brought his many years of experience as an executive at various companies, in diverse industries, plus strong leadership, interpersonal and organizational skills, to found National Retail Solutions (NRS). He also manages real estate properties (commercial, mixed use and land) and food establishments (thirteen food businesses, including bakeries, restaurants, and take-out). Elie possesses a keen business savvy, with an understanding of the value of investment, generation of revenue and business growth leadership from creation and acquisition, through exit. National Retail Solutions, a subsidiary of IDT (NYSE: IDT), is a provider of a point-of-sale network and credit card processing ecosystem which services close to 30,000 independent retailers across the US.
Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
I developed an interest in business at a young age. I was only 7 when I started delivering newspapers. By 17, I was running a vending machine business, and it wasn’t long before I had my first restaurant. I’ve always loved the challenge of creating something new and making it successful.
My career is deeply rooted in the retail industry. But it’s not all about business for me. I’ve actively served my community as a member of the Teaneck Township Council, including terms as both Mayor and Deputy Mayor.
My desire to combine my business acumen with my commitment to the community led me to found National Retail Solutions (NRS) in 2015. I wanted to provide smaller retailers — the heart and soul of our communities — to compete and thrive by providing the point-of-sale technology and tools they need to run their businesses.
It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when starting. first starting? Can you tell us what lesson you learned from that?
There were definitely some early mishaps! I remember when I opened my first shop. I was so excited to finally have my own place. Of course, I needed a point-of-sale system to make sales, but as a young entrepreneur, I was on a tight budget. So, I chose the most affordable option — a lightweight, plastic cash drawer.
Well, it didn’t take long to realize that was a mistake! Every time we had a busy rush when opened, that drawer would practically fly off the counter with all the money inside. It was quite a sight, and we had a few close calls with coins scattered everywhere! I quickly learned that investing in quality equipment is essential. It was a memorable experience and taught me a valuable lesson about investing wisely.
Extensive research suggests that “purpose-driven businesses” are more successful in many areas. When your organization started, what was its vision, what was its purpose?
When we founded National Retail Solutions (NRS) in 2015, our vision was to empower small, independent retailers to thrive in an increasingly competitive market. We saw a real need to level the playing field for these businesses, which are the backbone of our communities.
After opening and running numerous stores myself, I experienced firsthand the challenges of dealing with dishonest merchant providers. It was frustrating, and I knew there had to be a better way. That’s why we made it our purpose to provide transparent and reliable payment processing solutions, and the tools and technology needed to compete with big-box stores and other larger chains. We wanted to give them the means to offer their customers a unique and personalized shopping experience while also improving their own efficiency and profitability.
Thank you for all that. Let’s now turn to the main focus of our discussion. Can you share with our readers a story from your own experience about how you lead your team during uncertain or difficult times?
There was one instance when we had a minor disaster in our building. Thankfully, it was nothing too serious, but we had to close it down for a few days for repairs. The problem was that our main shipping warehouse was also located there — that’s where all the POS systems were shipped to customers.
We couldn’t afford to halt shipments, so we had to think fast and act decisively. We quickly organized a team, and everyone jumped into action. We found a temporary location and managed to keep the shipments flowing smoothly, which showed me the power of teamwork and resilience in facing unexpected challenges.
Did you ever consider giving up? Where did you get the motivation to continue through your challenges? What sustains your drive?
Of course, there were moments of doubt, especially in the early days of NRS. Building a company from the ground up is never easy, and there were definitely challenges and setbacks along the way. But giving up was never really an option for me.
My motivation comes from a deep-seated belief in our mission — to empower independent retailers. I’ve seen firsthand the vital role these businesses play in our communities, and I’m driven by the desire to help them succeed.
What sustains my drive is the incredible team we’ve built at NRS and our positive impact on our customers. Seeing our POS systems help small businesses thrive and compete is incredibly rewarding. It’s a constant reminder that we’re making a real difference.
What would you say is the most critical role of a leader during challenging times?
In tough times, a leader must stay calm and make the right decisions, all while keeping everyone in the loop. It’s about providing a steady hand and clear direction when things get rough. But giving your team the support and trust they need to find solutions is crucial. That’s how you come out stronger on the other side.
What is the best way to communicate difficult news to one’s team and customers?
Delivering difficult news requires honesty, transparency, and empathy. Whether communicating with your team or customers, it’s important to be upfront about the situation and its potential impact while also acknowledging the concerns and difficulties it may cause. Offer support and resources to help them navigate the challenge and focus on solutions and the path forward. Maintain clear and consistent communication, keeping everyone updated on any developments and being available to answer questions. You can maintain trust and navigate difficult times together by being direct, empathetic, and supportive.
How can a leader make plans when the future is so unpredictable?
I’ve learned that planning in an unpredictable world requires a different approach. Instead of locking myself into rigid long-term plans, I focus on shorter-term goals with room to adapt as things change. I always consider various possibilities — the good and the bad — and have backup plans ready. Data is my friend; I use it to make informed decisions and stay ahead of the curve. I always encourage my team to keep learning and growing so we can tackle any new challenge that comes our way.
Is there a “number one principle” that can help guide a company through the ups and downs of turbulent times?
When I think about what matters most when things get rough, it always comes down to people — my team, our customers, and the community we serve.
Can you share 3 or 4 of the most common mistakes you have seen other businesses make during difficult times? What should one keep in mind to avoid that?
Running a business is full of learning experiences. It’s not about making them but about what you learn from them. Difficult times can be especially challenging for businesses, and making decisions based on fear or short-term thinking is easy.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
One quote that has always resonated with me is, ‘Don’t let perfect be the enemy of good.’
It reminds us that the pursuit of perfection can often prevent us from making any progress at all. In business, I’ve found this to be especially true. There’s always a temptation to wait for the perfect product, marketing campaign, and timing. But pursuing perfection can often lead to delays, missed opportunities, and even paralysis.
How can our readers further follow your work?
Facebook: https://www.facebook.com/NationalRetailSolutions,
Twitter: https://x.com/nrsplus
Instagram: https://www.instagram.com/nationalretailsolutions/
National Retail Solutions Website: https://nrsplus.com/
LinkedIn: https://www.linkedin.com/in/katz07666/
I regularly share updates on these platforms about my work with National Retail Solutions (NRS), my thoughts on the retail industry, and my involvement in the community. Feel free to reach out and connect!
This was very inspiring. Thank you so much for the time you spent on this. We wish you only continued success.
Social Impact Authors: How & Why Elie Y Katz Is Helping To Change Our World was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.