This episode offers a pragmatic look at growing an ecommerce business, focusing on key financial and operational considerations. It highlights strategic planning for growth spurts, securing funding from traditional and online lenders, and optimizing supply chain and shipping for profitability. Ecommerce operators will find actionable advice on scaling efficiently and managing cash flow to sustain rapid expansion.
Key takeaways
When experiencing rapid growth, plan for financial needs by exploring both traditional bank loans and more flexible online lending options.
Optimize shipping rates and focus on top-selling products to improve margins and cash flow during growth periods.
Prioritize operational efficiencies to support scaling, including potentially sourcing and managing staff internationally.
Prepare for detailed scrutiny from lenders, including providing comprehensive financial statements and growth projections.
Consider the logistics of international operations, such as setting up workspaces or managing supply chains, to leverage cost efficiencies and skilled labor.
Hey it's Mike and Grant! Today we are going to talk about how you can grow your business when you have a "rocket ship" year. We are still making plans for 2017, but there are some plans already in the works. We discuss those plans as well as suggestions you can do when you are in our current situation. Here is what we cover in today's discussion: Grant's trip to Asia. Our growth in 2016. What to consider when you need to approach a bank. How the banks will work with you. The online lending option. Why shipping rates are important. How focusing on top sellers is a way to save money. Why operational efficiencies are important. Mike's plans for a workspace in the Philippines. There is a lot of territory to cover on this subject. We will be doing a part 2 on this topic and the next couple of episodes will be pre-recorded because we won't be available for the live show. Speaking of the live show, if you go to our Facebook page at facebook.com/ecomcrew you can watch our podcast live when you like our page. Resources Mentioned Today:
What does this episode say about supply chain & operations?
When experiencing rapid growth, plan for financial needs by exploring both traditional bank loans and more flexible online lending options.
What does this episode say about finance & fundraising?
Optimize shipping rates and focus on top-selling products to improve margins and cash flow during growth periods.
What does this episode say about founder & leadership?
Prioritize operational efficiencies to support scaling, including potentially sourcing and managing staff internationally.
What does this episode say about supply chain & operations?
Prepare for detailed scrutiny from lenders, including providing comprehensive financial statements and growth projections.
What does this episode say about supply chain & operations?
Consider the logistics of international operations, such as setting up workspaces or managing supply chains, to leverage cost efficiencies and skilled labor.
