3 Strategies Entrepreneurs Need to Thrive in the Digital Economy
By Wilson Lee, BA'09
Entrepreneurs, small businesses and independent retailers face numerous challenges. High rent, high labour, high inventory and low margins are just some of the barriers to reaching your goals. The good news is, with a few small changes, you can learn to effectively leverage today’s digital economy and address your challenges effectively, simply by implementing the following strategies:
1: Work on your business, not in your business.
Serving customers, bookkeeping, deliveries and ordering, as business owners we deal with everything because no one can do it better than we can. The problem is we spend all our time working in the business but not working >on it.
You are the only person truly able to see the future of your business, to grow it in the direction you envision. You will need to spot problems and delegate solutions. Every minute you are working on a task that you can delegate is a minute spent not building your future.
2: Turn on the Digital Switch
After your free up your time and have an efficient running machine, it’s time to break your glass ceiling and scale your business exponentially. You will be able to attain higher margins and reach more clients. All while keeping your expenses low without the pressure of high over heads. The secret is activating your online presence.
The first step is to consistently create valuable content that captures the attention of your audience. When done right, you will be able to garner attention you’ve never dreamed of. For example, just through Instagram alone, we were able to grow our dessert shop into a 4-shop chain in less than a year. This is the power of having effective online strategies.
But it’s not just about garnering attention. Selling online is also a vital part of this strategy.
Imagine being able to fish in the middle of a fish farm. That is what it’s like selling online. More specifically, selling on Amazon. Amazon is now the biggest retailer in the world, doubling in valuation of Walmart. Amazon not only allows you to sell on their platform, but they can also take care of the shipping and handling for you.
Envision being able to sell to anyone in the world, anytime of the day.
That is how we were able to scale and reach thousands of customers in such a short period of time.
This is the power of turning on the digital switch.
3: Don’t do it alone!
You've probably heard of the saying “your income is the average of the 5 people you spend the most time with.” Picture the power you can leverage by being a part of a mastermind group, a group of like-minded people who can support you professionally, keeping you ahead of your game. You’d gain much more clarity on your goals and purpose.
These three strategies will not only help your business survive but also make it thrive in today’s digital world.
Wilson Lee is a serial entrepreneur who has been recognized by BC Business as one of their “Top 30 Under 30” as well as by Small Business BC as a “Top 10 Emerging Entrepreneur.” He also received the “New Business of the Year award from Richmond Chamber of Commerce. His company hosts the most popular events in Vancouver, partnering with PNE and the Richmond Night Market. Recently, he launched a dessert chain, 720 Sweets & Etc. and within a year, he has expanded to more than 4 locations, while establishing an exclusive contract with T&T Supermarket. Wilson is the Founder of Retail Leaders Mastermind.
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