Many believe that doing e-business is relatively easy. It is possible that you may also have the same mindset. Since, e-business is done online and you can do it in the comfort of your home, then it must be easy. This type of mindset is a recipe for disaster, according to Yair Hamami Management. You need to devote time on the planning stage of your e-business so that you can identify present and future opportunities, as well as present and future challenges. Like the traditional business, e-business needs to have a blueprint for future success.
- Have a Clear Vision
A vision is a clear picture of what your e-business essentially is. Only you can visualize what exactly you want the business to be. No one else but you can possess this essential ingredient for business success. If your vision for your business is clear and specific, then the chance of success is assured. Those who do not have a clear picture of their e-business, are often those who just want to copy what others are doing. This is a hit and miss kind of procedure and oftentimes failure is just around the corner. Countless stories of those without a clear vision and fail abound.
- Have Realistic Goals
Yair Hamami Management believes that those who lose the drive to carry on an e-business start-up are those who planned but they have unrealistic goals. An example of an unrealistic goal is a sales target that is beyond what your resources can achieve. If you have 10,000 in cash investment, do not expect to make 500,000 in sales during your first year of operation. Although there are products that sell exponentially, they are the exception. A realistic goal will help you maintain the drive to succeed and will keep you focused on your company vision.
- Tailor Fit Strategy
A business strategy is important for e-business success. You cannot just copy strategies from the competition hoping that it will work for you as well. In many instances, strategies that are unique to your specific situation are the ones that work best. You must have a clear management strategy, marketing strategy, sales strategy and financial strategy. These are the essentials, as experienced by Yair Hamami Management. A clear management strategy can be as simple as you doing the management decision for the big transactions and your partner or staff making the decision for small, day-to-day transactions. Tailor fit your strategy for your peculiar business.
Why is planning that essential? Those who do not have a business and strategic plan are like those travelling on the road but do not have a destination. They are active and on the move but do not have a clear goal. Your planning will pay off as a start-up and as you start to expand. Planning allows you to identify ahead of time, potential opportunities and problem. Those who run out of operating funds are usually those who plunge into e-business without a solid financial plan. Being proactive as you do business will do well for you. If you react after a problem happens, you may not have the luxury of reaction time in the fast paced online environment, say Yair Hamami Management.