Measuring business success can help you identify weaknesses in your strategy. It also enables you to make data-driven decisions that better align with your goals.
Analyzing your sales history, cash flow, social media engagement, website traffic, and other metrics will give you the data you need. However, there are some more immediate signs you can look out for to ensure you’re on the right track.
Here are five signs your small business is going to make it big:
Your Team Loves What They Do
Whether you have a physical headquarters or use an affordable virtual office, you want your people to be happy when they clock in each morning. Happy workers are great for business because they’ll do everything in their power to ensure that the company supporting them flourishes.
Not sure how your team feels about your business? Your best bet is to ask them. Job satisfaction can directly affect productivity, work quality, and business performance. So, it’s a discussion that’s well worth your time.
You Have More Cash Coming in than Going Out
When your income is greater than your expenditure, it means there’s hope for your business.
The fact that you can make some sort of a profit now indicates there’s potential for more. It shows that you can not only invest back into your business but settle debts and pay yourself and your team a living wage. It’s also an opportunity to add to your emergency fund so future challenges don’t affect you that much.
Knowing your cash flow situation also gives you a greater understanding of how flexible your business can be. Positive cash flow proves that you can handle your current financial obligations while planning for whatever may come in the future.
You Inspire Others
If your competitors are copying you, chances are you’re doing something right. Sure, it can be a bit worrying at first, but you have to think about it like a game of chess. You can copy your opponent’s opening moves, but as the game progresses, you’ll find it doesn’t serve you well. With consistency and the endgame in mind, your business will stand out, and it’ll be clear who’s copying who.
You Earn While You Sleep
You may have gotten used to being hands-on with your business, and it probably took a lot of your time and energy to get the whole thing started. Now is the time for you to prove that it can stand on its own.
See if you can delegate your tasks and responsibilities for, say, a week. Take a break without concerning yourself with the business. If you return and your business is progressing normally, you’ll know it can sustain itself and stand the test of time.
You’re Getting More Referrals
Nothing does the trick like word-of-mouth referrals. When customers are satisfied with your goods or services, and they tell others, you know you’ve got something good going on. That’s especially true if you didn’t encourage them to talk you up or sing your praises.
Referrals are heralds of growth. The more people know about you, the more business you can bring in, and the greater the potential for scalability.
Keep your eyes peeled for these five rays of hope as you go about your daily operations. The more of these factors you can identify, the more confidence you can have that your small business is on the right track. If your business is showing all five signs, then you know it will do well in the years to come.
