So you’ve just gotten an online business up and running. Great job! That’s no easy feat.
Unfortunately, the real work has only begun. A big part of managing a business is about making the enterprise not only profitable, but more importantly, sustainable. It’s how you keep your business afloat, especially when times get rough. The success stories you see online – that’s just the tip of the iceberg.
Fret not! Here are some tips to help you out in covering the basics.
1. Know Thy Customer
Listen to them. Be clear on why and how yourproduct/service is providing value to them. Their inputs and feedback are the most valuable information you have to enhance your offerings to.While you’re at it, keep in mind that customer experience is key. Customer loyalty will be your biggest asset further down the line. Make sure to retain your current customers by consistently providing high quality customer experience.
2. Research your competition
All businesses face competition, whether they offer exactly the same or related
products/services. Be updated with what your competition is and how they are doing it. Evaluate what they are doing better than you and try to innovate and build on those ideas. You have to consistently do this so you don’t fall behind the race. Research, evaluate, adapt, repeat.
3. Stay on top of your finances
Cash flow is king. Keep a solid eye on the ins and outs of your transactions to make sure you are earning – and not losing, money. Closely track your revenues and expenses, and make sure everything is accounted for. I know… it feels like a huge chore. Luckily, the EON Bank PH app can make life easier for you. You can receive payments from your PayPal account, pay your suppliers straight to their banks, and easily track your money real-time just by viewing your transaction summary! There is also no maintaining balance so you don’t have to worry about any pesky penalties– especially when you’re on a tight budget. The best part is that you can do all of these through your phone! Download the EON Bank PH app to try it now or visit eonbankph.com to learn more.
Managing a business demands a lot of time and energy and can get overwhelming at times. When this happens, remember to take it one step at a time. Focus on mastering the basics first, and you’ll find yourself getting the hang of it as you go along. Good luck!
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