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When you start an ecommerce business, you also need to grow it. But scaling up your business is different because it requires an incremental and strategic approach.
It’s about much more than simply bringing in additional resources to keep pace with sales. At the same time, you need to keep one eye on your accounting, ensuring that financial management is in place to support your ambitions.
Online sales in the UK has been growing massively over the past few years. Some of this is due to the specific conditions of the pandemic, but ecommerce remains a massive market, with significant opportunities for online retailers.
Should you scale up to take advantage of these opportunities?
Is My Ecommerce Business Scalable?
This is the first question you must ask yourself. Not all ecommerce businesses are scalable, and not all business owners will need to scale up to achieve their goals.
For example, if your current online enterprise operates at a level that gives you the desired income along with an optimum work-life balance, you may feel no need to grow it systematically and exponentially.
But if your objectives, whether these are lifestyle or business-focused, require a scaled-up version of your business, then it’s time to think seriously about what this will involve.
There’s no ‘one size fits all’ to scaling up a business. Each business will sit somewhere on the scalable spectrum, but all businesses will have certain aspects that scaling up can address.
Vision and Leadership
If you’re choosing to scale up, you need to get others to buy into your vision for your ecommerce business. Even if you don’t employ lots of staff, you’ll still need to convey… Read More
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