3 Essential Scaling Strategies Start-ups Should Focus on

Up to 70 percent of start-up businesses fail within the first five years. Most small businesses don’t fail because of a poor concept, a lack of contingency planning, or insufficient capital. They fail because they’re not ready to manage success. The most common reason is a business plan that doesn’t account for scaling up.

Scalability is about planning for success rather than only building contingencies against failure. Look at the resources and systems you’ll have in place to get started. Ask yourself how they will scale up once demand for your product or service increases beyond first projections. How will you manage supply if orders exceed your forecast production rate? How will you make your business more streamlined and efficient, save money, preserve quality, and expand?

There are three essential strategies start-ups and small businesses should focus on to make sure a profitable business can grow: cash flow efficiency, quality control, and project management. Your business plan should include forecasts of how you will manage these elements if your business is successful.

Cash Flow Efficiency

The baseline need is cash flow efficiency. Constant monitoring of your business practices is essential to understand where you can make savings. While any start-up will need investors and credit to bankroll the project, the first aim should always be to clear the debt and make a return on investment. Ironing out any problems in your cash flow efficiency while you’re still a small operation will save you future headaches.

Your cash flow forecast should be under constant monitoring and revision. Forecasting capital and cash requirements at least six months in advance will help you to make better decisions about where to get the money. To be ready to scale up, you should always try to reinvest from internal resources before taking on more debt. Manage your cash flow well, and your systems will be healthy and effective to manage the future growth of your business. You may want to look into using software like Float or Pulse to help you achieve your cash flow goals.

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Quality Control

If you’re offering a high-quality product or service, your business will probably do well. Unfortunately, quality is often the first thing to go if demand outstrips supply. Planning for unforeseen difficulties, business losses, and failure is wise, but it’s equally important to plan for success, which is only possible if you can sustain the quality of your product or service. Careful monitoring and continuous forward planning is the key. 

It’s natural to want to accept every client when you’re just starting out. However, to scale effectively, you must be in control of the speed at which your business grows, even if that means admitting to potential clients that you’ve reached capacity for the time being. It’s better in the long term to scale up slowly, and keep quality high, than push your business beyond its limits and disappoint your customers.

Project Management

Careful project management strategies should be in place before you even open your doors to business. On Day One, you should begin monitoring every aspect of your operation, from sourcing materials to cash flow balance, as well as debt reduction, client acquisition, production or provision of goods and services, human resources and investor relations.Effective analysis and skilled project management will enable you to keep on top of every aspect of your business. Check out PC Mag’s roundup of the best project management software for 2017.

Being prepared to scale up takes a lot of extra work. But the time and effort you put in at the beginning will save you a lot of anxiety in the end. With these three essential scaling strategies of a successful business in place at the outset, you’re already primed for scaling up. Don’t let unexpected success be your downfall.

Shopify Apps and Coupon Codes

Exceptional Ecommerce Apps Every Shopify Store Owner Should Have on Their Android Mobile Device

 
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If you want to maximize your time as an ecommerce entrepreneur, it is imperative you incorporate mobile apps into your task management duties. You can’t always be at your laptop computer managing your store; you need to be able to build your business regardless of your location. Luckily for Shopify vendors, there are now a multitude of excellent Android apps for online business owners. Check out this roundup of exceptional Android apps for Shopify; you just might find one or two you can use to supercharge sales at your store.

Our Free Tip for Entrepreneurs:

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Ecommerce Preview

 

The Ecommerce Preview app lets you instantly create a custom native app for your Shopify store. Spotlight your latest arrivals, offer secure mobile shopping, and let customers create collections of their favorite finds. Your new mobile app syncs with your ecommerce store in real-time and lets you add your own business branding for a completely custom look. Shopify + mobile shopping: can you say profits?

play.google.com/store/apps/details?id=ecommerce.plobalapps.preview
 

SimplyTick for Shopify

 

If you want to manage your Shopify store on your mobile device, look no further than the SimplyTick for Shopify app. This powerful Android app lets you do everything from track customer order sizes to monitor time-on-site rates. Understand which browsers and digital devices your customers are using, tracking sales rates for your store, and understand your most profitable sellers. The ease of Shopify selling plus the magic of mobile management is a combination too awesome to ignore.

play.google.com/store/apps/details?id=com.simplytick.simplytick
 

Entrepreneur’s Digest

 

Available from Shopify, the Entrepreneur’s Digest app is a must-download item for sellers committed to building a profitable online business. This terrific mobile app offers advice on ecommerce, business development, marketing, and entrepreneurship. Discover how to better manage your social media marketing and increase the effectiveness of your email marketing. If you’ve opened a Shopify store and haven’t downloaded this Android app, you’re doing your business a disservice.

play.google.com/store/apps/details?id=com.shopify.blog

 

Increasing the profitability of your Shopify store is made easy when you have the right tools at your disposal. Discovering Android apps for Shopify not only helps you become a better online entrepreneur, they also help you manage your time when you’re away from your laptop. Do you think you’ll be integrating any of these excellent apps into your ecommerce business management strategy?

2017 Will be the Year of Machine Learning

The ever changing dynamics in terms of technology are moving to the next level in the year 2017. As a matter of fact these dynamics are being pushed by increased demands for quality service and even the speed for service delivery. In order to ensure that this demand is met, technology expert have embarked on the development and improvement of the new technology known as Machine Learning. With the year 2017 already witnessing an increase in the level of machines doing much of the work, expert predict that this year will actually be the year of machine leaning.

Machine learning

This can be defined as an artificial intelligence (AI) which gives a computer the ability to learn without necessarily being programmed. The whole technology basically focuses on the development of computer software which has the ability to respond when exposed to new data. Research has proved that machine learning is similar to data mining. However while data mining extracts data for human use, machine learning uses the data to predict special patterns in data hence adjusting the actions of the programs accordingly.  Here is more information on how machine learning works.

Areas of machine learning

Experts are looking at 2017 as being the year where technology will breakthrough in terms of machine learning. With drastic increase in smart phones, drones, tablets, motor vehicles, and even internet connectivity, the demand for machine learning ability is also increasing among the users. As such phone companies are changing the programs which run most of these phones.

The costs are also coming way down for advanced computing power. You can already purchase massive amounts of cloud storage from companies like AWS (Amazon Web Services) and GoDaddy for pennies. Just check out these offers:
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Deloitte technology has predicted that 2017 will witness an increase in the number of smart phones which will come with the machine learning ability. These set of smart phones are set to change the mode of communication and even data management. Moreover this year will witness changes in military intelligence operations.

Auto Industry

Most countries in 2017 are turning to the development of drones which have the machine learning capability. This kind of change is revolutionizing the level of intelligence gathering by most countries without necessarily subjecting the military personnel to any danger. Auto mobile industry has faced lots of challenges in terms of security. However this is set to change and even improved through machine learning where vehicles are being operated by finger prints and even face detection. With these changes, customers are set to experience security to vehicles.

Medicine

The medical sector has already begun experiencing machine learning through data extraction and even storage. In developed economies, data storage and diagnosis of patients is happening simultaneously and this has already seen an improvement in terms of treatment and even data use by medical expert.

The many changes taking place in technologically based industries is set to increase due to increased demand. Moreover these changes are basically being driven by the fact that most of them will have machines which have the ability to learn. Internet connectivity is going to play a major role in machine learning however not all of the machines will depend on internet connectivity.

Twitter Set to Partner with Livenation

Have you ever been on Twitter? Or perhaps you have a Twitter account through which you follow a bunch of other users and have some followers of your own. If so, you know just how engaging the site it. There is always something to tweet about; an event, an issue, or a person. When enough people tweet about the same thing, it becomes a trending topic and you can learn all about it just by following the hashtag (#) on your timeline. Who needs TV, right?

Twitter is one of the fastest growing social media sites in the world today. Users are attracted to the real time nature of the site’s interface. Tweets appear on the timeline immediately after they are posted, allowing you to keep track of events taking place many miles away from your actual location. The 140 character limit prohibits you from making excessively long posts, ensuring that the timeline moves fast and remains interesting.

The Twitter Music App

In such an interactive site, it is only right that media files become popular. In 2013, Twitter launched the Twitter Music App to tap into the growing market for video and audio music files on the site. However, this app flopped in the market because of the large number of online video sites and applications already in the market. This forced Twitter to pull the app off the market in 2014, only a year after it had been launched because it was not doing so well.

Live Streams

This year, however, Twitter announced that it would be partnering with Live Nation to exclusively live stream music concert and other major events. Live Nation is an event and concert promotion company headquartered in Beverly Hills, California. From now henceforth, you will be able to watch a live concert by your favorite musician from the comfort of your timeline wherever you are. Twitter recognizes that most of us only get on Twitter to follow on the personal and professional lives of our favorite musicians.

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In fact, 7 out of 10 of the most followed accounts on the site belong or are affiliated to music celebrities. Events that brings these celebrities together such as the AMAs, BETs and the Grammys are among the most live streamed events in the world. With this partnership, Twitter hopes to tap into this vast market of live streams on the site. The good new for us, jolly users, is that we will now be able to live stream concerts by our favorite celebrities and enjoy their performances even when we are not able to attend in person.