A common misconception attached to having your own business is to spend hundreds and thousands of dollars but unfortunately, not everyone has that luxury. As an online business owner, you are always aiming to strike the right balance between saving money and spending it on growing, it is one of the biggest challenges.
Entrepreneurs run the risk of spreading too thin and wasting their time, money, and effort into fruitless avenues if they don’t have a solid growth strategy. A solid growth strategy takes your business to the next level with minimum spending and utilizing your intangible resources.
Let’s check out these practices and take your career as a digital entrepreneur to the next level:
1. Effective Team Communication
The number of people that need to coordinate will likely grow when a digital enterprise successfully outgrows its startup phase. Leading one or more teams of employees requires a certain degree of agility – especially if those people do not work inside a physical office where they share the same space.
Effective team communication is of critical importance in the growth of business and to avoid workflow misunderstandings and disruptions.
2. Invest In Good HR Software
Small businesses usually skip the HR function and the founder/CEO is the one managing it. The founder involved in the HR function helps create harmony between the organization and he/she is able to understand and help their employees grow better and effectively.
As the team expands it gets difficult to do it all, this is where a good HR software comes in to play to help you or your HR manager keep track of employee performance management, payroll, recruiting, attendance, learning management, etc. Having good HR software adds more to the benefits of joining an online business.
3. Making The Best Out Of Social Networks
Social media platforms such as Facebook, Instagram, Twitter, YouTube, etc. are your best friends when it comes to online businesses These are some great places to showcase your content with minimum budget or with none at all.
Social media marketing fills in the secondary roles that would require you to invest money in different avenues of marketing. E.g. YouTube strengthens
4. Shifting Focus To Winning Strategies Only
In the race for innovation, a lot of businesses make mistakes of going astray from their winning strategies. If you have a strategy that works well in bringing in leads and converting them, don’t change it.
As simple as this may seem, a lot of businesses misses this simple advice “ if it’s working, don’t fix it”
Running multiple ads can quickly bleed you out of money, if one campaign was successful in providing the desired results run it again. Not only will this save you brainstorming and planning time but also earn you more experience of the platform to execute more efficient strategies in the future
5. Invest In Video Content – NOW!
Videos get better shares and conversions than any form of media communication. Period. Algorithms of different online platforms naturally favor video content because a 15-second video can bring more traffic to a platform than a 200-word long article. Research also shows that 9 out of 10 mobile users share video content.
It’s easier for brands to reach countless people and gain a lot of traction. Bigger brands usually go for well-presented video content to increase buying and brand loyalty as videos can reach consumer’s hearts, touch their emotional strings, and simply make their inner child laugh.
In conclusion, investing and following a robust marketing plan and keep your team aligned will pave your way to digital entrepreneurship.
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