October 16, 2017
The hustle-and-bustle of daily tasks make it difficult for entrepreneurs to take a step back and answer one vital question – is my business really growing? Here's 7 things that can give you an indication that you're going in the right direction – up.
There is Strong Demand
Nothing says business success quite more than strong demand. If your products are selling well and way beyond what you originally forecasted, you’re obviously on the right track. Know, however, that great demand requires great supply. Failing to meet market demand means turning away orders and potentially helping your competitors succeed. Can your company adapt and meet the demand head-on?
Happy customers are often one of the best indicators of a thriving business. When you check in with your customers, do they often have great things to say? What are they saying about you on social media? Is the online world buzzing with golden reviews of your name? On the few (hopefully) instances of unhappy customers, is your team handling customer complaints efficiently and building customer loyalty? Both solicited and unsolicited feedback is essential to gauge your company’s success!
Weathering Economic Fluctuations
Take a retrospective look at your business history and check out when your sales last plummeted or supply faltered. What steps did you take to rise from it? Did you emerge unscathed? Fortitude and tenacity in the face of economic uncertainty means your business is built on solid ground and is growth-ready. If you are finding that your business is able to weather shocks as it survives through tough economic times, then your business model is A+!
Diverse Customer Base
Is your business attracting customers from all walks of life, ages, and from all over the country? Has word of your products spread to other distant corners of the planet? If not, perhaps you have a strong customer base even if it is concentrated? Customer interest from your target market and way beyond means you are ready to appeal to various customer groups, which often is a great indicator of business success!
Employees Love Their Work
An easy measure for business success is to look at your staff. Employee happiness is more than just smiles plastered on their faces. Are you retaining your key employees and are staff engagement figures skyrocketing? Are your workers staying true to your mission and vision, and do they seem determined and goal-oriented? If yes, your employees genuinely enjoy working for you, and that says a lot about the success of your business!
A great business is one that has developed strong and beneficial ties. Whether you’re dealing with financiers, an internal team of directors, suppliers, or your staff, a successful business has built open relationships that are nurtured with honesty. This means that your financiers are ready to offer finance, your staff engagement is great, and any issues you run into with your suppliers are resolved quickly with accountability. If this is evident in your team and everyone your business is connected with, you most likely on the path to success!
Profitable Product Lines
Is everything you sell developing customer interest, even if it’s a new product line? A good business that has developed recall will always have products selling well and making profit. This is a great sign of a well managed product portfolio and good market acceptance – a blinding green light for finding new geographic markets, increasing your distribution, or even considering export!
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