Business online is booming, though many Central Oregon small businesses report difficulty keeping up to speed with the challenges of business online. You already know that technology is an essential element, whether you have a simple web presence, e-commerce retail, or a sophisticated inventory manager. However it takes careful planning and integration to develop a successful online business and in this article I will review a few trends.
It is a challenge to build and maintain an effective online business, and having the right team is as important as the right technology. In part, this is because every firm is unique, and consequently the people and technology which enable it to be successful online are both important and complex. Only a naive entrepreneur believes a generic out-of-the box website is a pathway to success. By contrast, a better approach is to carefully examine the business needs which are then used to drive technology solutions.
A successful online business requires planning, implementation and ongoing maintenance. To make that process simpler I encourage clients to focus on what sets their business apart from the competition and how they can best serve their customers. Experience has shown that when a business has a clear understanding of how their online system supports those customer’s needs they are more likely to realize that vision. By contrast, it is unlikely that any online technology which was not developed with the customer’s need in mind will be as effective.
I can’t over-emphasize how important it is to physically reach out to your customers. Many entrepreneurs focus their efforts primarily online, and consider physical interaction as inefficient and unnecessary. However, a purely virtual presence has difficulty reaching all likely prospects. Consequently the most successful business strategies are those with a multichannel approach, which is more likely to succeed than a pure online business. All things being equal, combining an effective website with a physical location and highly efficient operations is typical for companies that achieve online success.
I mentioned highly efficient operations and this is an area where technology is making a significant impact. There are a number of systems that can be used to more efficiently run key aspects of a business, such as orders, inventory, fulfillment and payment, among others. These systems are able to help make decisions faster and more accurately that add revenue to the bottom line. They also collect large amounts of data and today mining that data is a key driver of success. Businesses can look in their data to identify previously unknown patterns and then apply new insights to make better strategic business decisions. Initially selecting and configuring these systems can be challenging, and this may be another area where a business and technology consultant can advise you.
In summary, if your online business presence is not living up to your expectations, it may be time to re-examine your strategy. Fortunately, there are many opportunities to sharpen your online business though it all starts with communicating a strong message to your customer, then using the best mix of technology to supports your unique business goals.
Michael Curry holds a doctorate in business and has been using information systems such as highly responsive websites to add value for local businesses since 2002. He can be reached at consult@webmentors.com or by phone 541-323-2932.
