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How to Grow Your Ecommerce Startup in Year One

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StrategyDriven Starting Your Business Article |Ecommerce startup|How to Grow Your Ecommerce Startup in Year OneAs many proud business owners can attest, the growth cycle for ecommerce businesses doesn’t necessarily adhere to older principles related to the growth of physical stores. Indeed, when you’re setting up online, you’re bypassing many of the difficult aspects to scaling that you’d have had to work through with brick-and-mortar stores.

In this article, you’ll learn about your priorities in year one in order to make a sustainable and profitable business that scales effectively into your second year of operations.

Marketing

To scale, you need more people to visit your website, and more people to make purchases to boost your ecommerce business’ profits. It’s really that simple. While there are some other underlying elements to scaling mentioned later in this article, you’re going to need to build out a marketing campaign as a priority in order to draw in traffic, clicks, shares and sales to your site.

You can do this in a number of different ways, depending on your budget and the personnel you have on-side. If you’re a small company, you may prefer to outsource marketing to an experienced digital marketing firm, which will help you build a long-term strategy to increase engagement. Otherwise, look online to uncover some of the fundamentals of digital marketing, enabling you to slowly bend your strategy to fit with the wants and needs of your audience and your target customer.

Operational Efficiency

Many ecommerce startups begin with manual processes, and slowly move into the automated software world as they scale. That’s exactly what you should be looking to do in your first year, so you spend less time managing orders, responding to emails, and doing all those little repetitive jobs that end up consuming most of your waking day.

As a starting point, you should automate orders on your website, and automate emails through to confirm orders, confirm subscriptions, and add individuals to mailing lists. Mailing lists are incredibly important for your data collection, and to offer deals and discounts seasonally, so they’re also best set up in your first year in business. Once you’ve taken a good look at your operations, and made as many of them automated as possible, you’ll be able to deal with scaling far easier.

Deliveries

The only physical part of your ecommerce business is delivering parcels to customers. You want this to be as effective and efficient as you can possibly make it. You’ll know only too well that one of the main market differentiators in the ecommerce world is customer service, and that’s primarily driven through cheap yet swift delivery services. You need to get your parcel to its destination within the shortest-possible timescale.

The problem with distribution is that you can ship your products easily to local distribution centers – but it’s the final mile that’s the kicker, adding costs to your overall logistics operation.

Indeed, last mile delivery costs are one of your greatest overheads, and something you’re going to want to keep low in order for you to succeed in your first year in ecommerce. Be careful when signing contracts that you’re getting what you want to get from your delivery deal, and that you can hold delivery companies responsible for late packages, too.

Funding and Cash Flow

Finally, you need to be cognizant of your funding situation, and how much cash you’ll have in the kitty to support a growing business, before you enact your scaling plan. If you’re unable to meet soaring costs related to providing more for your customers, you’ll miss out on delivery times, you’ll miss payments to clients and subsidiaries, and you’ll endanger the soul of your business just as it shows promising signs of sustained growth. You need capital – some saved for worst-case scenarios – before you scale.

This capital will help you bring in new personnel if you’re swamped with orders to process. It’ll enable you to buy in bulk, reducing your order costs in anticipation of larger order volumes and it’ll enable you to invest in made-to-scale, cloud-based software – the kind that’ll help you to build your audience through automation, and meet the extra demands placed upon the entirety of your operations. With financial security in place, you won’t need to worry about your labor and your investments going to waste as you’ll be prepared for your next great step into ecommerce profits for 2021.

These tips are all designed for ecommerce startups in their first year – those which are ambitious to scale, but a little concerned about how to achieve sustained and sustainable growth into 2021 and beyond.

4 Tips for Renovating a Commercial Property: Are You Ready to Upscale Your Business?

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StrategyDriven Entrepreneurship Article |Renovating a commercial property|4 Tips for Renovating a Commercial Property: Are You Ready to Upscale Your Business?As a business owner, you know that attracting customers has almost as much to do with how your business looks as to how your business is run. Consumers are bombarded every day with ads from competitors trying to draw them into their store and sometimes, success comes down to something as simple as the way your business looks.

Renovating a commercial property can be a huge endeavour, but upscaling your business’ appearance can also be the thing that takes your company to the next level. Here are our best tips for renovating a commercial property:

1. Create a budget and a schedule

Like any renovation project, a budget and a firm schedule are key to success. There is an incredible array of changes you can make to a commercial storefront and it can be hard to reign it in, but proper planning and budgeting before the project starts are key. In general, you should add about 10% to your final budget as a contingency, since you never know what contractors might find when they start work.

Also, when it comes to scheduling your build, you want to make sure you can give your customers a date that you will be open and not leave them waiting. Customers’ attention spans are quite short these days, so if you run late on opening, they may forget about you!

2. Keep it clean

Even though your property is undergoing a renovation, it’s important to still keep it tidy and secure. Not only is it unsightly if there is lots of construction debris left lying around it can also be hazardous for the people working there. If you’re still open for business while renovations are ongoing, you could set yourself up for an accident if a customer got hurt. To prevent this, look into skip hire costs so that you have someplace to put your debris while the renovation is underway to keep your space safe and so that your storefront looks like its being worked on, and not like it’s been ransacked and abandoned.

3. Be prepared for change

While it would be great if our visions for renovation could go off without a hitch, that’s rarely – if ever – the case. Unless you’re building new, you can’t be certain what you might find behind the walls when the demo starts. Shoddy electrical work or outdated plumbing could quickly eat up your budget while taking away from your final product. While it might be hard to consider, being ready to have to change your final decor ideas to accommodate unexpected changes will be what helps your renovation succeed in the end.

4. Know your customers

Understanding who your business caters to is one of the most vital things to consider when you start a renovation. No matter what type of commercial property you’re renovating, take your employees’ and customers’ opinions into account. Make the design engaging and attractive, while still being a practical space for the work you’ll be doing in there. The way you renovate an office versus how you renovate a storefront will be vastly different. Don’t get lost in the design and stop considering how space will function.

The Climate Crisis and Brand Futures

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StrategyDriven Marketing and Sales Article | The Climate Crisis and Brand FuturesInnovation, on which any organisation is so reliant, is about to become more dynamic and challenging than ever. For strategists, the implications are profound.

I believe that hyper-relevance, ultra-personalisation, collaboration, ethics and sustainability are the crucial foundations of success. Meanwhile, those tasked with creating that innovation are now faced with the challenge of the environmental crisis meaning that society and business alike are confronted with an existential dilemma.

It’s one that has, in the majority of cases, effectively been ignored. That dilemma has in fact become a ‘climate and biodiversity emergency’. Indeed, and as we heard recently at the WEF in Davos, the risks that the environmental-crisis poses to business have moved from ‘potentially problematic’ to ‘potentially catastrophic’.

Major action is needed, with businesses in every industry, including the ever-widening area of innovation, having crucial roles to play.

So, the catalytic times we live in have profound implications for businesses and organisations of all varieties. Indeed, the Governor of the Bank of England, memorably declared a few months ago that “firms ignoring the climate crisis will go bankrupt”.

In the context of my new book, Influencers & Revolutionaries, the issues concerned have been epitomised by Greta Thunberg’s call for systematic change in her speeches at the UN, and via the global protests organised by the Extinction Rebellion movement. XR use nonviolent resistance to protest against climate breakdown, biodiversity loss, and the risk of human extinction and ecological collapse.

Meanwhile, despite the warning of an array of respected public figures, backed up with solid scientific evidence, it’s been staggering to observe many in the mainstream media, and the upper echelons of “yesterday’s businesses” still attempt to dismiss XR. However, it was interesting to see The FT, an early mover in understanding the movement, noting that “the word ‘extinction’ in their title isn’t just referring to plants, insects and animals. It means us.” * Green 2019

From a business-futures perspective, and standing at odds with “yesterday’s organisations and yesterday’s leaders” it’s fascinating to observe how modern management theory has shifted away from the one apparently set in stone by the economist Milton Friedman, for whom the responsibility of business was purely to increase its profits.

We now see leading businesses around the world having a very different overall ‘accountable capitalism’ stance, with the ‘purpose of business’ being viewed as one that has improving society as a central aim. That is a hugely important shift, and these modernised principles reflect a very different business world than that inhabited by Mr Friedman.

This is where, for instance, the building of trust by brand’s evidencing their ongoing actions, are of such importance. (They relate to what I termed ‘reputation capital’ in my first book ‘The Post-Truth Business’ regarding whether a brand is ‘trustworthy, reliable and competent’).

In the context of the climate crisis, the issue of why we should trust ‘the organisation behind the brand’ regarding their environmental credentials, is vital. For companies that are seen, by their behaviour, to be meeting the challenges set by the climate emergency in an effective manner; then on purely consumer-engagement and brand differentiation levels, this will enable them to achieve greater business success.

Which is where ‘real purpose’ as opposed to often vague notions of ‘brand purpose’ are highlighted by those like Extinction Rebellion.

A well-known industry saying has it that the most successful companies achieve their ongoing success by preparing for change, rather than simply attempting to adapt to that change when it appears. And movements like Extinction Rebellion have clearly acted as the ‘canary in the coalmine’ in an array of critical contexts.

The responses must be a transformation of the way in which businesses are led, strategies are developed, products are created, and of the overall approaches to be taken as we move towards a circular and more ethical economy. In each case, creative thinking and collaborative approaches help to illuminate the way forward.

And this ethos is what I outline in the ‘Innovation Manifesto’ with which I conclude my new book…

About the Author

StrategyDriven Expert Contributor | Sean Pillot de CheneceySean Pillot de Chenecey has over 20 years’ experience as a brand expert, combining marketing consultancy with ethnographic activity and trend research around the world. His new book is INFLUENCERS & REVOLUTIONARIES: How Innovative Trailblazers, Trends & Catalysts Are Transforming Business.

For more information, please visit: https://www.koganpage.com/product/influencers-and-revolutionaries-9780749498689

Want To Further Your Career? Here’s How To Do It!

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There is no one in the world who wants to continue to be at the bottom of their career. There are very few who get into a junior position in a company and choose to stay there because they know how to do it. They aim for the top spot, the CEO seat. They want to be the department manager, pushing themselves to the top of their career and not settling for anything less.

If you find that you are staring at the same four walls of the cubicle that you stepped into a decade ago, then you need to give yourself a shake.

You cannot complain about your job while continuing to walk the same steps day in and day out. It’s just not okay to stay stuck – especially when you’re not okay with being stuck where you are! You could be advancing slowly, or you could have a possible future in the company in which you currently work. However, it doesn’t mean that you can’t progress. Progression is what gets you from the current workspace to something better, more satisfying and – often – with better pay.

You deserve to have the very best future you can have, and that’s why we’ve got some excellent tips to help you to further your career. Don’t stay stuck in a position you hate when there is a whole world out there for you to conquer and do well in. Let’s check out those tips!

StrategyDriven Professional Development Article | Career Development | Want To Further Your Career? Here's How To Do It!

Give Yourself Some Goals

Setting goals is a standard tip for anyone who is looking to do better in their career, but you need to think about this carefully. Goals need to be listed to keep you focused, and as you move upward through your chosen industry, you should consider making your goals smaller. Yes, your overall goal may be to own a company, but that doesn’t mean that you shouldn’t set small goals to get you where you need to be. If you know what you want, break it down as to how you plan to get there and achieve each of those little steps.

Get Educated

What do you need to have under your belt to get where you need to be? It’s a big question to ask yourself, as if you don’t have the right piece of paper in some roles, you may find that you can’t get very far. For example, your IT degree may get you so far in the industry, but upskilling to a Masters in IT Security? That could get you so much further than you ever expected. Education is often the key you need to get you to an entirely new life. The more you learn, the more you can achieve, so check out what education you need to get to that next step.

Ask – Don’t Demand

If you feel like you are being wasted in the position that you are in, ask for more. Your employer is supposed to be supportive of your goals, and you will find that you may need to ask for the things that you want if you want to get ahead. It’s in their interest to help you to get that step up and do better. After all, your skills are going to help them to be successful. There’s nothing wrong with wanting to do better and get higher in your organization, and most employers covet that level of ambition. Keep working hard and approach your manager with a list of reasons you feel you are ready for a promotion. You need to be able to argue your point correctly and talk through your reasons if you hope to have a good outcome.

Rethink Your Resume

How does your resume look right now? You want to ensure that you look like an attractive candidate for any job for which you apply. If your resume is looking pretty bare right now, start looking at ways you could improve it. Are there courses you could attend to thicken it? Are there better options in your job? Could you be doing more? Add to your statement of service, too, and make your resume look slick and ready!

StrategyDriven Professional Development Article | Career Development | Want To Further Your Career? Here's How To Do It!

Know Your Passion

No matter what you are passionate about, it would help if you went after it. If you are not working in an industry for which you feel passionate, then get out of it. Nothing is stopping you from going after your passions, except you. Find out what they are and figure out what skills you need to be successful at it. Then go and get trained, educated, or whatever you need for it to go well.

Accept “No” Graciously

You want to step up and further your career, and that’s going to come with a ton of rejection. However, it would help if you didn’t allow this to be a problem for you. Take their no and use it to fuel your goals. Never take that first rejection as the only answer for you – push forward and follow your heart to success.

Start A Side Hustle

Any job that you want will require your focus. A side hustle in that specific field will give you all the fuel that you need for success. Start small and work around your permanent job. Over time, you’ll be able to build up and do more. Eventually, your side hustle could be your only hustle, and that is what will propel you forward!

Communicate Your Needs Well

One of the biggest secrets to success lies in the way in which you deal with other people. If you know how to communicate well, you can build connections with the right people in your field and get the job offer, raise or promotion that you need.

Right now, you feel stuck, with nowhere to go. You need to pull your socks up and make life happen for you. If you want a better career, go and do what you can to get that career. There is nothing out there stopping you – except you.

Future-Proofing Your Business 2020

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StrategyDriven Entrepreneurship Article | Future-Proofing Your Business 2020Businesses are facing both scary and exciting times all over the world. There is a constant emergence of many tools to facilitate functions like accounting, branding, marketing, etc. The other side offers raging competition as the internet opens up the market to international players through innovation and technology that is hard to keep up with. Many traditional businesses are succumbing to entities dominating web presence by implementing the latest technology.

Most small business entities are struggling with current tech trends like data analytic, AI, and cloud computing; though it is impossible to know the challenges ahead, risk management cushions your business against any negative impact from the changes.

Keep Tabs on the Tech Trends

There is always something coming up in the technological world. Smart entrepreneurs keep tabs on the new technologies and adopt favorable ones to scale their businesses to the next level. Before other players realize, you will be ahead of the pack. Do not dismiss an innovation, thinking it is too early for its implementation. As long as you can afford and will add value to the business, take it up.

Others appreciate the use of AI and use products like chatbots to improve their customer service, marketing tools, and branding. Internet of Things introduces smart supply chains, holds massive potential for small businesses, and allows the collection of real-time data through responsive system building. Consult your tech-savvy team and brainstorm on how to synchronize these technologies into your existing processes for future-visioning.

Through Virtual reality (VR) and Augmented reality (AR), customer engagement is changing. You can implement AR technology and free customers to visualize products in real environments or train employees on difficult tasks through VR. Such an approach sets you steps ahead of your competitors when they become table stakes.

Educate yourself on developments around you, even if not related to your line of trade. Keep yourself informed. Kodak – filmmaker and camera was a million dollar company but failed to see the introduction of smartphones as a threat. The giant company that was in operation for 130 years came tumbling down in 2012. Other products like handy cams, PSP portable gaming consoles, GPs devices, and telephone directories died when users shifted to smartphones.

Cloud Technology

Both small and large business enterprises have, for example, adopted cloud solutions for downscaling or upscaling, allowing a seamless collaboration. Employees can work remotely, thanks to this technology, as they can access and use files from their location, anytime. Organizations provide more secure access and reduce cybersecurity threats and virus outbreaks. A security breach is a serious threat to most businesses as it can cripple a company. A robust system is one way of future-proofing a business.

Some businesses are reluctant to adopt cloud migration as they have invested in customized software and infrastructure or do not like cost models like “pay what you use.” Hybrid clouds will allow you to use your system while you move some data to the cloud. Hardware, licensing costs, and public servers can be costly. Hybrid offers a cost-effective storage solution for start-ups and small businesses at any stage.

Hybrid also provides scalability and flexibility that allows rollback and roll out services for your customers and team. Since you only pay for dedicated servers when there is demand, you will reduce overhead IT costs. Ample data storage and the ability to support the latest tech will not only give you an edge over your competitors but also impress your customers.

Always Play by the Book

Change in the game presents different rules. Jurisdictions are exploring, and grappling with smart cities concept have birthed the need for local and regional data regulations. Invest in reliable cybersecurity to always remain on the right side of the law even when regulations shift. Some companies providing secure access, offer API management tools that allow you to integrate third-party apps with no compromise on your security.

Playing fair and keeping on the right side of the law will shield you from lawsuits and penalties that can quickly bring your business down.

Pay Attention to Customers

Rife competition in business can keep you engaged in product development and pushing sales that you forget about the most crucial player – the customer. Paying closer attention to your clients and studying their behavior is one way proofing your business.

People shifted to online shopping for convenience, wide product range, discounts, among other benefits a few years ago. Entrepreneurs who anticipated the change acted fast and set up eCommerce stores alongside their physical ones. Their counterparts caught off guard stuck in traditional outlets closed down.

Set up systems to track your customer behavior, listen to their needs, and consider industry developments. Always try to predict changes in the buying pattern and consider accommodating the clients to stay ahead of the game.

Track Happenings in Developed Countries

One of the most straightforward strategies of staying ahead and future-proofing your business is to follow trends in the developed countries in your industry. Creating a Google Alert on your interested topics is an excellent place to start. India cab hiring businesses should have learned a few things from Uber’s entry in the US.

Create a Conducive Environment for Innovation

While following the leaders is good, but becoming one is better. Innovation is not for the faint-hearted, as you may fail many times. Keep trying, though. An invention will set you far apart from your competitors and keep you ahead for a while. Innovation needs a favorable environment. You will, therefore, need to trust your team more. Give your employees the freedom to explore and reward their efforts. Invest in them by sending them to tech conferences and events in your industry. Working as a team makes your employees loyal to your brand and embrace your vision. Once they own the concept, they are more likely to make it better as they offer different views.

No business can survive the fierce competition and dynamic technologies with inadequate preparation for the future. Entrepreneurs who employ the future-proofing strategies above will withstand the unpredictable tides in the business world.