3 Steps In Ensuring Business Continuity

August 21, 2017 admin 8 comments

Have you just started your online business for a 3 months? By now , you most probably have make some money or none at all . A brand new business is more difficult compared to the one you inherited or bought over ; a business you started from scratch using your expertise or from a new idea, or a business based on a product you invented is always tougher .

To a large extent, all startups of any kind of business in any kind of industry are the same. They will take time to show results.Don’t be weary of non performing business in the first 3 months of operation. Especially an online one. Typically, you would have bundled together some working capital, leased a premise and bought new equipment. The sense of newness is exciting and you should have broken some barriers along the way!.
Its a matter of time that it finds its market and settles down. The passion and excitement may still be there but there is no longer a sense of passion, things start to feel normal and the days are spent doing same regular things.
If you have survived this phase, typically over the 3 months , you can celebrate!
But don’t get settled because most startups close their doors within 2 years, mainly because after the gains at startup, they failed to establish a momentum continuity of business.
So, if we are in this position, what action do we take to sustain our business ?
There are 3 steps to establish your continuity after the initial blaze of hyper-activity.

  1. Analise Your Performance.
    See what you are doing best or worse. Gather all of the data that you have. What is the average sales that you make in a day ? Does it meet your target sales in the Business Plan. If not , why don’t you adjust back the target to be more realistic.Are you doing marketing ? Do you do multiple marketing style ? Is your product following the latest trend ? Try doing a research on competitors sales. It may be a common cause. Try to change your approach to business. Check the product demand again.
  2. Operation Planning
    Did you prepare your operation planning for 1 year ? Maybe there are some customer fulfillment problems.How about stocks and logistic ? Do you have the capacity to deliver ? What is your Operating Baseline ? You also need a marketing plan. Although you are offering the best in class product , it will only do so if you market it properly targeted. You need to know who is your target market demographic . You can split your marketing strategy into 20% general and 80% target market and ensure them what benefits your product will bring to them. You then need to design your packaging and placement in the right places to attract that demographic, and you need to promote your product through the most appropriate channels – and pay for it. This takes planning.
  3. Structure
    Do you have the right people doing the right thing ? Or are you the one in charge and doing everything. Delegate where necessary and its better to have a multiple skill employee with high salary rather than many low salary workers. High salary employees will stay with you . Give them some shares of the company if needs to.

8 Comments on “3 Steps In Ensuring Business Continuity

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