Did you know online sales in the US grew 110% in just one month during April 2020?
The effect of the COVID-19 pandemic has been to increase online competition and necessitate rapid growth by the owners of online businesses and entrepreneurial ventures.
So many entrepreneurs want to find the best way to take their business scale to the next level. For a successful business scale operation, you need to invest some extra money upfront and seek out inefficiences.
In this article, we will walk you through everything you need to know about planning for successful online business growth, with a few essential tips and tricks.
The Business Scale Blueprint
Every business owner and entrepreneur wants to find a business model that allows for a successful business scale one day. If you’re just reaching that stage in your business, here are our best tips and tricks to take your business to the next level.
Oftentimes, many entrepreneurs and online business owners focus on developing their business model locally. This creates many advantages including the ability to test and get feedback from people in your area. However, there is a whole world out there for you to go and market to.
Don’t just focus your efforts on one geographic region. Consider expanding outward to other major markets in the US and beyond.
You can develop an online store that targets segmented markets in other countries, with different sets of ads and placements. You also want to make sure that your pricing structures help to consider territory-specific taxes and other fees associated with getting your product to the customer.
This applies especially to dropshipping. More info for owners of these businesses can be found here.
Automate Wherever Possible
You’ve probably heard this before, and it may have been the first thing you thought of when planning to scale your business. However, the reality is that online businesses are perfect for automation. Anything that you do manually, you want to try to automate with a computer or outsource option when possible.
This helps you focus on revenue-generating activities for as much of the day as possible. You only have 24 hours in a day, so making the most of your time by shifting off the manual tasks to others is essential.
Identify Bottlenecks in Your Business
No matter what your business model is, there will be bottlenecks. These are natural points of the overall process and workflow that slow down everything else.
To improve efficiency, try to make every step of the process as efficient as possible to reduce these bottlenecks. If you are spending too much time with manual entry of customer information, automate this process. This allows the product to get out to the customer faster, and for revenue to come back to you as soon as possible.
Utilize the Pareto Principle
The Pareto principle states that 80% of results come from 20% of input work. This is extremely helpful for business owners because it helps you maximize time. Focus on the 20% of your business activities that bring in 80% of your revenue and expand these activities.
Successful Online Business Growth
At the end of the day, for a planned business scale to work, you need to reduce inefficiencies and maximize your time focusing on revenue-generating activities. This is the best way to accelerate growth and get your company to where you want to be in the smallest amount of time possible.
Online businesses are perfect for automation and global-scale operations due to the constant push towards connecting the world via the Internet.
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