As an entrepreneur, you probably have found that you never have enough money or time. You often wear several hats at once and can’t develop a tunnel vision to certain things that can cost you both time and money.
Here are four ways you might be wasting time and money without even realizing it:
1. You let the little things distract you
Rather than thinking about strategies to expand your business, you’re bogged down with every minute issue. To be a successful entrepreneur, you must be a generalist. You must be mission driven, have strong leadership skills and most importantly, hire people to manage the little things. As a visionary, you must keep your focus on the company’s mission.
2. You don’t have a clear social media strategy
If you don’t have a clear social media strategy you can end up wasting large amounts of time trying to figure it out on the fly. Even if you limit your time—say one hour a day—you’re still wasting time. Without clear goals, and ways to measure success, your efforts are a waste.
3. You try to reinvent the wheel
The reason why people can’t get stuff done is because they are constantly trying to reinvent the wheel. Look for systems that already exist to automate aspects of your business to leave you more time to focus on what is important. For example, if you need a customer management system, don’t try to create your own, find something that’s already been developed.
4. You’re stuck in a wheel
Do you find yourself thinking about a project or an idea that you can’t quite get completed? If you find yourself going down the rabbit hole with an endeavor, you have to be honest with yourself and make a decision: is it time to drop the idea and move on?
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Source Beauty is pushing the boundaries of Egyptian e-commerce
Egyptian e-commerce: the county’s digital drive has not yet gotten to the growth typically seen in European countries and North America. However, as businesses have started shifting online, customers are now following suit, resulting in the gradual development of the digital eco-system.
Innovation, such as digital marketing, is reinventing the consumers’ path to purchase. The Egyptian e-commerce market is expected to grow at a rate of 33% annually to approximately $3bn by 2022, according to Oxford Business Group.
Source Beauty and disruption
The increase in e-commerce comes from rising internet penetration rates, driven by connected and digitally savvy millennials. Several platforms, both locally and internationally, such as the direct-to-consumer beauty platform Source Beauty, have disrupted the beauty industry in the region to drive their growth by truly connecting with their customers.
By being aware of the changing consumer behaviour trends in the e-commerce landscape, service providers like Source Beauty are continually fostering customer engagement with a community they have created. The customer service team, along with the editorial and marketing teams, respond to each comment and direct message, making customers feel listened to.
Lydia Schoonderbeek, the founder and CEO of Source Beauty, said:
“Egypt has traditionally been a price-driven market. After devaluation and high inflation rates, people have become much more price sensitive. People are consuming less and are shifting away from imported products due to price, accessibility and inconsistency in supply. As a result, they’re looking for local alternatives.”
In line with its digital transformation and financial inclusion agenda, the Egyptian government has set in place directives to raise the limit for electronic payments for individuals via mobile phones to EGP30,000 (USD1,905) per day, and EGP100,000 (USD6,350) per month, since March 2020. Traditionally, 70% of online purchases were cash on delivery, which has proven to be a major challenge to e-commerce growth throughout the region. This preference has changed to credit card payments, increasing to 30% from 16% due to the spread of Covid-19, but it remains to be seen whether purchasing behaviors will be affected in the long term.
The CEO of Source Beauty further added that, the company had seen substantial growth thanks to the COVID-19 global pandemic, with existing and new customers wanting to limit in-person beauty services and adhering to social distancing and mask-wearing requirements. Beauty customers, she says were changing spending habits, moving towards products that allow them to recreate the salon experience in their homes and protect them from the potential impact of an increasingly digital lifestyle. Finally, she believes they have seen customers prioritising skincare and haircare purchases over makeup.
The question is, ‘Is anyone in Egypt going to buy beauty products online?’. Who thought people would buy books on the internet from a website called Amazon! Well, the answer seems to be YES. Consumer spending in Egypt on non-essential goods has reached EGP 3.90bn in 2020 and is set to reach 8.81bn in 2021, according to FitchSolution’s 2021 Report.
According to the Egyptian e-commerce beauty company, Source Beauty, it believes that the world is in an era where consumers are looking to associate with brands and not products, to make their beauty purchasing decisions and this is where homegrown brands like theirs will doubtlessly lead to economic growth in Egypt.
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