Business Owners Only

People come to your ecommerce website… but they don’t buy. Do you know why? Do you know where along the sales process they fell off? That’s the type of data Jon MacDonald, founder of The Good, tracks as he helps his clients boost their conversion rate, i.e. the percentage of website visitors that actually buy. But too many entrepreneurs are focusing on the wrong metrics and don’t understand how to turn the data into effective action.

You’ve gone from startup to six or seven figures. Your business is healthy and growing. You’re ready to sell. What next? Just like selling a house, you can’t simply throw up a “For Sale” sign. You have to stage the house for showing, the financials should be in order, and you have to ensure that prospective buyers see value.

Despite what the pundits might say, email marketing is still very much a force to be reckoned. For most companies, says Austin Brawner, it’s still the #1 or #2 marketing channel. But that doesn’t mean you can simply build a list and start sending messages. As the CEO of Brand Growth Experts, Austin has seen first-hand that email campaigns today must be super-targeted and strategically thought out to have an impact.

You can fly by the seat of your pants with your business for awhile. But soon it’s time to grow up, says retail strategist Salena Knight, or you risk stalled growth, unhappy employees, stress and overwork. She’s a big fan of systems and processes, either automating certain tasks or making them very easy for someone to do. That productivity means making more money while working less.

On the surface, referral marketing is pretty simple. You simply have your customers or others– known as affiliates– promote your products and when they make a sale, they get a commission. It’s a great way to add some extra cash in your pocket without extra effort.

Many eCommerce entrepreneurs focus mostly on revenue and profit – and cash flow – to gauge the health of their business. Branden Moskwa says that’s just fine… but only the first step. You must also use those numbers to guide your decisions to create even more profitability in the future. One of the ways Branden implements changes that will foster success is by throwing out templates and embracing a customized eCommerce site.

Just because you’re good at your craft or profession doesn’t mean you can run a successful business. In fact, too many small businesses are forced to shut down, notes author and business consultant, Fred Parrish. Why? Because the owners didn’t understand the financial side of the business, even if they provided great service and had plenty of satisfied customers… not to mention plenty of cash coming in the door.

Common wisdom in the eCommerce world is that if you want to increase your revenues, you need to “buy” more traffic with paid advertising. The thing is, that while that may have worked during the startup phase of the business, it becomes less and less effective with an established business… not to mention more and more expensive, which cuts into your profits.

Do you want to sell your business someday? Or, pass it on to the next generation? Do you fear it might just shut down when you leave? If you’re already profitable and thriving, you’re moving in the right direction. But it might surprise you to learn that it’s not enough. As business coach and consultant Christian Muntean says, “A profitable business isn’t necessarily attractive to a potential investor.”

In today’s episode, we chat with Laura Posey. Laura is the founder of Simple Success Plans-- a company that helps other business owners create a perfectly customized plan to build their dream business all on just one sheet of paper. Laura left the corporate world after feeling like she asked too many questions and was unmanageable. She started Simple Success Plans in order to do what she loves the most… helping business owners.