The growth cycle
Whether you’re just dipping your toe into the world of online business or you run a thriving enterprise on the cusp of global expansion, you will need to take different measures to optimise your success and pave the way for growth.
Understanding the specific requirements of each stage of the growth cycle is the first step to taking control of your online destiny – doing so can help you seize every opportunity and therefore improve your bottom line. These are our best tips for making the most of every phase of the growth cycle.
If you run an online business, there’s no denying that the startup phase is the most exciting – but it also involves the highest level of risk. This stage can often be characterised by funding worries and difficult decisions, with the potential to have a big impact on your business. When in the startup phase, it’s important to get the basics right. This means finding the right hosting provider, investing in the right e-commerce platform and signing up to a cloud computing agreement that allows your business to scale.
If you’re a mid-tier business, you’ve weathered startup hiccups to establish a solid customer base and profit margins to match. Now is a great time to be thinking about streamlining your business and putting systems in place for further growth. For instance, embracing control panels can save you valuable time when it comes to administering and organising your online assets. Think about upgrading your hosting service to incorporate this or seriously consider switching providers.
Established online businesses have mastered the basics and are in the ideal position to capitalise on growth. In this phase, key priorities should include fine-tuning existing processes and consolidating relationships with core customers. It’s time to take a critical look at your web performance and work out if your current provider is meeting your bandwidth and rack space needs.
Slow load times can negatively impact web conversions and cost your business time and money. If you’re an e-commerce business, think about your fulfilment processes and aim to make them customer-friendly. Often, a few small tweaks can have a big impact on your bottom line.
No matter what stage of the growth cycle your business is in, there’s always something to be learned and improved upon. Just think about your long and short-term aspirations and take the path that is most likely to lead to future growth.
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