When launching your business, whether it be a service business or e-com, the core purpose is to get the business up and running. For businesses that are in the e-commerce world, scaling up is a must. DigitsUp Co-Founder Myles Kronman reveals the three secrets that help in scaling up your e-com brands.
- Develop S.O.P. Book. the core purpose is to get the business up and running with a standard operating Procedures (SOP). You will need to have a business plan and take the time to go through each step of your sales process. Continuously update your S.O.P. as you expand. check on your goals in order for you to expand it. Often businesses expand naturally overtime. Normally this is viewed as a good problem for the business owner. But, if you are not well prepared to handle the influx of business with a standard operating procedure, you run the risk of company burn out. Growing too Fast is a thing!
- Understand the value of your time as a business owner. There are so many things to do when starting and sometimes it not worth your time trying to figure it out alone. There will be things that you will be knowledgable. There will be things that you can quickly and easily figure out with critical thinking. And there will be things that are completely new to you. Yet you will feel the urge or need to learn everything and do it yourself first even if it is time consuming. Realizing how to delegate the tasks that are out of your wheel house to either hired employees, contractors or a digital marketing agency is the first step on the road to $1million. Often this is the mistake of new entrepreneurs in every industry.
- Know you numbers! You’re an entrepreneur, Congrats! Do you love your business, and you want what’s best for it? Think about all the time and money that goes into making sure your business is up to date with all the latest information. You might buy courses and join business groups. Like many people you believe doing so will get you noticed and in turn bring in more sales. In reality this is all great but you have no real way of measuring how your business is doing. Are you thriving or just getting buy? Do you understand cashflow? have you considered how much better you could make your business if you know your numbers better? You are the expert of your business, and nobody knows your business better than you. If you need help with your numbers, hire a CPA now. Don’t Wait!