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Where Does Your Business Sell Its Wares?
25 August 2011
Offline? Online? Or is it a combination?
Do you have a strategy for both? Do you have numbers and statistics for both?
How do they complement each other?
Some businesses lend themselves to being ideal for online commerce. Others are more your traditional bricks and mortar type business. Nearly all try and cover both schools of operation. Whilst there are no right and wrong answers with this, there are definitely right and wrong questions being asked…
For example, for those with a website: “How does my Business website get more traffic?” is not the right question to ask. “What type of customer am I looking for and therefore where do they hang out?” definitely is.
If the purchasers of your products and services are to be found in a particular spot, then your Business needs to be there, no doubt. But just because one type of strategy works for one business does not mean it will work for all. When looking to Exit, what you want is to demonstrate what path you have taken, why you have taken the path you have, and the results of doing so.
If yours in an online business for example, then you want to provide the following information:
o Pages views per month
o Uniques per month
o Gross revenue per month
o Net profit per month
o Google page ranking
o Alexa ranking
If you operate off-line, where is your Business located? Why there? Is it about foot traffic? How successfully does it work? etc
For both strategies…how do your customers find your Business? Do you know how many referrals your Business gets? Is there a formal referral/loyalty program?
If you can’t provide answers to questions like these right now, don’t be alarmed. Start with the end in mind TODAY, regardless of how old your business is, and slowly but surely think through WHERE your Business trades and why, what results you have to back up your reasoning, and with your opportunistic hat on, where else there could be possibilities...
the entrepreneurial mother® specialising in EXIT Execution Excellence!