Businesses are always seeking for expansion opportunities whether its online or offline. In the present scenario, digitisation plays an important role in driving a business towards success. It has surely widened the scope of business functioning but there are still a lot of core areas that are lacking behind which are expected to pick up the pace in 2018.
The major reason behind the areas that are still lacking behind is that over 68 per cent of the small businesses are still offline and rest of the businesses are not utilising digitisation to its full potential, according to KPMG report. The report also added that business catering in online space has seen twice the growth than the offline businesses.
But these trends are now changing and entrepreneurs of small business are realising the need of taking the business online after seeing the rise in business growth rate by going online. Lets see 5 online key business enablers that are expected to pick up the pace in 2018.
The digital wave has brought a lot of growth opportunities for businesses and incubation is one of them. The fastest way to growth is incubation which was a hard to find the solution in offline space but not in online space now all because of online networking portals like BusienssEx. You can find an incubator for your business online or you can also seek for virtual incubation. With the introduction of virtual incubation, you can take the benefit of using the services online from any incubator all over the world. It is analysed that over 70 per cent of the work of an incubator can be carried out virtually and at low cost.
With digitisation, seeking for mentorship is simplified. If you want to reach out to mentors that can help your business then you can easily access services from online networking portals like BusinessEx. These portals help to connect with the relevant business professionals as per your business requirements. You can take mentorship online as well if you dont want a personal mentor. The barrier of distance and time is removed by these networking portals.
Entrepreneur whether looking for franchising options, selling or buying options can now easily find opportunities through online networking portals as above mentioned. This trend is picking up the pace and it is expected that a lot more buying and selling business deals will take place through these online platforms. A platform like BusinessEx provides an opportunity where anyone can sell or buy a business in the diversified industry as well as location.
The major drawback of slow growth of small business is lack of funding. Due to a high percentage of businesses operating offline they dont know the benefit of the online business marketplace where they can easily reach out to potential investors to raise funding. These marketplaces are now picking up the pace in business ecosystem in order to raise investment.
It is essential for every business to analyse their business value from time to time which will help them in decision making and business planning. But many entrepreneurs think it as a time-consuming process and doesnt want to put their precious time in it. Entrepreneurs must understand the need for business valuation and use the simple approach by registering on BusinessEx portal and use business valuation calculator.