Four Tips For Expanding Your Virtual Business

Posted: 10.09.2018

As your business takes off, whether you are working completely virtually or not, you’ll need to make some adjustments to accommodate the new size of your enterprise. After all, most entrepreneurs start from nothing, for instance, and therefore there’s only the ‘bare bones’ business structure to work with. But when you reach critical mass, you’ll be able to consolidate what you have into a more formal business that has the plan, projections, and protections necessary to thrive at a new level. This article looks at four ways to cement your expansion.
It may not be so necessary when you’re just starting out, but most small online businesses eventually decide to find an easy way to account for their finances through operating in the virtual space. Happily, you’ll not need to leave the virtual space to find a good option for accounting; there are some amazing apps and big data analysis software systems to help you out. As all your sales data is organized in terms of digital data anyway - with sales only conducted through your web portal - there’ll be a ready supply of insight-rich data at your disposal. Going virtual for your accounting needs, for example, is a great way to expand your business in terms of a time saving strategy.
As any business grows, it will tend to require protecting. That’s because your enterprise becomes something larger than a bedroom or private study operation, and it might come to involve a series of suppliers, clients, warehouses and logistics companies. As your business grows, regardless of the type of business you are running, consider the point at which you feel it’s necessary to secure some tailored general liability insurance for your company, so that you’re protected from legal disputes and lawsuits. General liability insurance covers the basics in terms of your culpability, so it is a good place to start.
In terms of expansion consideration, whether you are a business that operates wholly virtually or not, one area of expertise that should be considered is the press. This can be narrowed down to wholly virtual business in particular as, in this case, they’re an example of what all those in the world of commerce have been excited about for years - the fact that a business can exist solely in the virtual space, and make money. Even if you are not completely virtual yet as a company, see if you can secure some press coverage of your rise by sending out some PR reports to news wires and interested journalists in business magazines, papers, and blogs. You never know who’ll pick up your story, and you never know where press coverage can lead you or your business. Give it a go and see what benefits it brings you.
Smarter Planning
As your orders grow and traffic increases to your website or e-commerce sales platform, it’ll be time to take a step back to consider the future steps you’ll need to walk your business through. For example, sales projections will inform how many orders you make and whether you and your suppliers can meet demand. Web traffic figures will tell you whether it’s time to update and upgrade your site to make it more efficient for customers. Take a day or two to strategize with the direction of your company in order to take it successfully to the next level.

If your small business has begun to flourish, consider these tips to stabilize and profit from your expanded enterprise. The importance of accounting, insurance, press and smarter planning should not be overlooked, and when given your time and focus, can collectively boost your business even further.

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