Know your numbers
Know your numbers when it comes to entrepreneurship. The best thing that an e-commerce business owner can do is to know their numbers. Numbers tell a plain story that is less open to interpretation. Numbers don’t actually care about your feelings. You will need to know your numbers in order to know whether or not you are progressing in your e-commerce business. An e-commerce business that is progressing will register high numbers. For instance, lets assume you made sales of $10000 last month. If you want to know if you are making any progress you need to have higher numbers the following month. Keeping records of all your numbers in regard to expenses, profits and sales will actually determine how successful you will become in e-commerce.
Know your numbers when it comes to marketing your products
When it comes to marketing your products online you need to keep a good record of your numbers. You need to know how many people actually saw your product ads and where interested in visiting your e-commerce store. This is the only way you can know if people actually liked your ads or where interested in your ads. Online marketing companies such as Google and facebook give you analytical data of how well your ads are performing. Ads that perform well result in a lot of sales produced for your e-commerce store. This means that numbers are everything when it comes to e-commerce. You will need to monitor these marketing and online advertising numbers.
Know your numbers before visiting investors
Investors always want to know your numbers before they invest in any kind of business that you bring to them. This means that it is your duty to know your sales, profits, and expenses before pitching your business to investors. This is fundamental for all businesses that are trying to seek funds for expansion.