Challenges facing online retail businesses: Part 2

Challenges facing online retail businesses: Part 2

Get balance as a business owner

If you own an online retail business in the South West, how can you find more balance in your life? And get better results in your business? Here’s Graham’s take …

You’ve got to take stock.
Easier said than done.

What you do [as a biz owner] is you take everyone else’s crap away.

And the biggest problem you’ve got at the moment is dealing with staff.

How can you minimise those problems?

You have to spend time with staff. Listen to them. It’s hard. You’ve haven’t got time. But see where they want to go. Talk to them.

They go out the door feeling so much more positive.

Look at what you can control.
Look at things you’re doing.

Is it worth you doing that?
Perhaps there is someone else who could do it?
Is it something you can automate?

I know it’s hard, but you’ve got to do it.”

Get your business ready for sale

Planning to sell your business in 5 years time? Or get it ready to pass on to family members? Here’s what to focus on now.

Get the business ready.

Make sure there are no skeletons in the cupboard.

Get it audited, so you can say, if I was going to sell, what have I got to do over 3-5 years time?

There’s so many things you’ve got to do if you want a decent price.

If you don’t want a decent price and you just want to get out, okay.

But if you think your company is worth a million, I suspect someone coming to buy will think it’s worth quarter £m.

The expectation gap is always massive.

Look at your business.

Get it resilient. And then start to think who is the sort of person that would buy your business.

Normally they go on multiple of profits. The more profits the better.

Look at where you can add value to their business.

What makes you attractive? Because sometimes it’s that bit that gives you a premium price.

Price rises

Is your business facing price rises? Graham tackles the tricky topic of price increases.

You’ve really got to look at what you’re selling, what the cost of that is, and where costs are going up.

Can you make prices increases?

Sometimes you’re saying no, but sometimes it’s in your brain.

Prices are going up everywhere at the moment.

It may be short-term.

But now’s the time to really consider whether to raise your prices.

Look after your employees

Listening to your employees is vital to ensure they are giving their best to your business.

You’ve got to look after employees.

I believe the best way to do that is to talk. I know it’s very hard.

You have to listen.

Find out what they want. What they want is not what you want.

Different people want different things.

Whether it’s money, whether it’s work-life balance. Whether they just want to be recognised.

Do they want training?

What’s different about them? What do they actually want? Talk to them.

You know, just humanly. Just as a conversation.

 

Looking to improve results in your online retail business?

Here are three easy ways:

  1. Download our free ebook
  2. Take our free profitable ecommerce retailer scorecard
  3. Book a Business & Xero Review with our team

Or chat with us now about the challenges you’re facing.

Author: Linda Carrington

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