Three Tips for Managing an Online Business

Don Nicholas recently interviewed Clay Hall, the founder of Aspire Media. Earlier this summer Aspire Media was sold to F+W Media, and the interview focuses on key questions related to running a digital media company in current times. Take a look at the interview in case you missed his insight on managing a digital media business.

The interview made me think about the process of managing an online media company and the requirement for success. Clearly there are a lot of elements that go into managing an online business, but today I want to discuss three main concepts that have echoed through Mequoda content over the past few months as we discussed Internet business models and the planning of online businesses.

Here’s a short list of three tips for managing online businesses. Keep in mind there are many other elements that go into managing online businesses, but we’re going to only focus on these three today.

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Managing Online Businesses Tip#1:
Pay attention to data: Measurement is required for monitoring the success of online businesses. Numbers make operators aware of the realities facing their businesses and can help make cases for organizational changes.

Managing Online Businesses Tip#2:
Hire the right people: The publishing industry has gone through significant changes over the past decade. As digital transitioning takes place, it’s important to have the right employees on your team since digital skills often differ from traditional publishing skills.

Managing Online Businesses Tip#3:
Be prepared for change: I’m sure you’ve seen the changes take place for publishers as digital popularity grows. Being prepared for major changes, and evolving with the landscape, will help you stay in business.

What skills have allowed you to manage online businesses successfully? Please share your insight with the community.