Launching Your Plan and Building Momentum
Once months of preparation and planning are behind you, its
tempting to focus solely on business as usual. After all,
that's what brings in revenue. But as the economy shifts,
seasons change and business grows, so should your plans and
objectives.
Did you know that the number one reason businesses fail in
the first few years is poor management? Management and
strategy are key functions in any start-up. Your initial
business and marketing plans were created using forecasted
or estimated information. As your business matures, this
information becomes more predictable. You'll learn who your
customers really are, what they want and how much they're
willing to spend. You'll also discover actual budget
figures, with longer histories giving a more accurate
financial landscape.
Revisit major forecasts and strategies annually, if not
quarterly, to see where you stand. Then make adjustments
accordingly. This includes your business and departmental
budgets, your business, marketing and advertising plans and
strategies. Ask yourself the following questions to make
sure your company stays as effective and efficient as
possible.
- Do you qualify for greater bulk product discounts as a
result of new purchasing habits?
- Can you phase down marketing or advertising and still
sustain your current sales momentum?
- Is your website structure still relevant to your target
audience?
- Could you improve website features or functionality to
strengthen your users' experience?
- What seasonal sales fluctuations can you proactively
address to maximize profitability?
- Do you see any operational or organizational
inefficiencies?
- Does increased or decreased staffing make sense?
- Could you improve your relationships with key vendors and
suppliers?
- Could you streamline or improve order fulfillment?
Set your ongoing strategy and continually review your goals
on a routine basis. With the right map, you're sure to
reach your intended destination.
Final Thoughts
Ebusiness freedom has a compelling draw, which is precisely
why so many men and women have worked hard creating and
developing their Internet company. When you own an
ebusiness, you set your own hours, avoid the 'location,
location, location' doldrums, living where you choose,
working from home if you prefer, keeping start-up costs low
and staying at your day job until unnecessary. But perks
aside, ebusiness development still requires a great deal of
planning, strategy and skilled execution to succeed.
Keep your customers loyal by paying considerable attention
to all of the important bricks-and-mortar service
techniques like delivering high levels of customer service,
offering valuable products and services, managing
complaints and returns effectively, offering various
payment options, processing sales quickly and committing to
ongoing sales and marketing efforts. Everything you do,
whether local or global, start-up or blue chip, should
consistently reinforce your initial business purpose and
vision. While a strong brand and niche can set your company
apart from the competition, you'll need to stay true to
your original brand throughout growth and expansion to
ensure your founding purpose isn't derailed.
As visitors use your website and process orders, listen and
respond to their needs. Customer service can be a challenge
when dealing with electronic correspondence and website
interfaces. But remember, every ecommerce website is asking
its customer to process his or her own payment, similar to
asking a walk-in customer to run the cash register. So make
check-our quick, intuitive and easy. Confirm orders
immediately via email. Thank your customers for their
business. Always remember that they could have chosen many
other companies to conduct business with, but they chose
you. Ship items quickly and respond to inquiries in a
timely and courteous manner within 24 to 48 hours. You'll
invest less in customer retention than you will in earning
new customers, both in marketing dollars and time.
Stick to your budget, ensuring your lenders and investors
are on the top of your priority list. After all, they had
enough faith in you to put their money in your concept from
day one. As revenue grows, use these funds to responsibly
invest in ongoing promotion while keeping debt low. Give
your business a good three years to establish footing,
maintaining enough in the bank to cover expenses should you
hit a slow week or month.
Finally treat your employees well. They're company
representatives who can make or break customer deals,
influence investor opinion, sway the media, cut costs and
maximize profits. As you grow from one or a handful of
founders into a larger business or enterprise, your
employees act on your behalf when conducting day-to-day
business. Ensure they have a motivating, pleasant and
rewarding atmosphere with which to spend their days. You'll
be rewarded ten-fold.
If you're willing to put the necessary time and effort into
your ebusiness dream, your opportunity for entrepreneurial
freedom awaits. Move over Ebay, here you come.
----------------------------------------------------
Clinton Douglas IV, writes E-Business articles for people
who want to achieve more online success. Learn Today, "How
to Start an Online Business in less than 30 Days starting
from Scratch"! Free Special Report - Limited Time! Plus,
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