business stuff, Dylan Gallagher

When a Canadian success story is $1-billion we should take notice

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Let’s face it – $1-billion dollars is a lot of money.  Reaching a value of $1-billion dollars is a lot of success.  Being a Canadian company that is worth $1-billion dollars is a huge achievement that not many companies reach.  For those of you that do not watch or pay attention to technology you should know that Canada has a massive success story in a company called Shopify Inc. (click here for their website).  If you want to be a retailer selling something online – you are either using Shopify or should be.  Shopify is everything you need to set-up an online store and they have over 80,000 customers in more than 80 countries.  They just raised $100-million dollars to pay for more growth and to capitalize on new opportunities.  Great news for Shopify but what about your business?

Reaching $1-billion is huge feat and a huge undertaking.  Many things have to come together to produce that kind of a result but smaller businesses can still benefit from seeing these success stories and incorporate elements including:

1. Focus on the customer – technology improvements are creating massive opportunities for companies that offer products and services to get to know their customers.  The word “experience” continues to be a buzzword that every business must deliver.  An incredible experience for the customer – there is no room for error here.

2. Keep it simple – technology is also enabling complicated tasks and interactions to be simplified which Shopify has obviously hit out of the park and is being rewarded for it.

3. Know your market and math – it’s pretty hard to focus on your customer if you don’t know who they are and it’s tough to keep it simple if you don’t know what business you are actually in.  Your profit margins should reflect that you understand the cost structure involved in bringing your product or service to the market.

When you look at companies that experience massive success each one of them has their own story to tell.  If you own a business you have an opportunity to build your own success story that is worthy of notice.

“All you need in this life is ignorance and confidence; then success is sure. ” ― Mark Twain

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