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How Do You Know When Your Business is a Success?
How Do You Know When Your Business is a Success?

The aim of all small businesses is success, but it’s an elusive concept to put your finger on. Is your business successful when it’s making a lot of money? Or when your client base continues to swell? Or you have global appeal?

 

Of course, whether or not your business is a success also depends on your own goals for your enterprise. Some entrepreneurs are satisfied with routine sales and few challenges, while others feel stagnant in such a situation and aim for more. The telltale signs of success differ then according to personal and entrepreneurial growth targets.

 

Here are 10 of the more common signs of success:

 

  1. Your business is on the first page of search engine results organically - that is, without you paying for a top result or keywords. This means that your business is not only providing a necessary service but also landing higher in the results because of traffic to your online presence.

     

  2. You are receiving new clients through referrals from old clients. It is not often that word-of-mouth works in this day and age, but it means that your business is good at what it does - good enough to be the first thing that pops into someone’s head.

     

  3. You can lose customers. When your business is a success, you don’t have to worry too much about letting customers go who are not willing to work with you, are not making you any money, or are wasting your resources.

     

  4. You’ve changed a customer’s life. Many entrepreneurs begin small businesses because they have a passion about changing the world or making a difference. When someone tells you how you’ve made a difference to them, a goal has been reached.

     

  5. You can go on holiday and your company is still making money. A well-managed business will be successful when you don’t have to keep an eye on it and your employees every minute of every day, and can simply have faith in your systems.

     

  6. You can make money from selling it. If your company is a hotly-contested property and you’ve received several offers of purchase, you know you have a good idea, product, or service.

     

  7. Your cash flow is positive for several months. This means you can consider your growth or expansion possibilities, investments, and improvements.

     

  8. You feel self-fulfilled. Many entrepreneurs take charge of their lives by launching a business focused on something they love to do. If you can wake up every day and do what you love and make money doing so, that could be a personal milestone.

     

  9. You’ve made the news. If a magazine or news media house tells a story about you and your company, you’ve breached a marketing threshold that many can never overcome.

     

  10. You are bettering the lives of your employees. Many small businesses aim to make the lives of their employees better by teaching new skills or providing new opportunities.

 

Success is a highly subjective quality, and it would help if you included your own definition of success in your business plan so you know what it is you are looking for and don’t lose track of your goals.

 

 

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