Small Business Success

Is Your Small Business Successful? 4 Signs You’re Doing Better than You Think

Owning a small business is tough. Somedays, you might feel like giving up. But don’t! Your small business is probably more successful than you think it is.

The biggest question to answer when figuring out if your small business is successful is, “How do you define success?”

  • Are you successful when you have a certain number of loyal customers?
  • Or when you have a steady cash flow?
  • Or when you make enough to comfortably support your family?

No one else can define success for your small business. Only you can do that!

5 Things to Look at When Measuring Success

Even though the definition of successful is up to you, there are some things to look at to see how well your company is doing.

Look at Your Financial Statements

Take a look at your small business’s financial statements to see how you stand.

Your income statement will show you how profitable your business is. Your balance sheet will show how much you owe and how much you own. And your cash flow statement will show how much cash goes in and out of your company.

Check-In with Your Customers

If you have some customers, you’re already doing okay! But, check-in with them to see if they’re satisfied.

You could email them regular (like a couple times a year) surveys to find out how you’re doing. Or, you could ask them to review you on Google or Facebook. If you want to quickly find out, just ask your customers, “How was your experience today?” when they’re checking out.

Your customers know what they need from your business more than you do, so listen to them.

Find Out How Many New Customers You’re Getting

Loyal customers are great! But, to keep growing your business, you need some new customers, too.

Regularly, look at your business and figure out how many new customers you picked up last month. How many of those have turned into loyal, returning customers?

If you’re getting quite a few new customers, then you’re doing something right. If you’re not getting too many, don’t worry! You might just have to change up your marketing strategy a little bit.

Check-In with Your Employees

Your business couldn’t run without the hard work and dedication of your employees. So, check-in with them to make sure they’re getting everything they need from your company.

Hold regular performance reviews – not just to tell your employees how they’re doing, but to find out how you’re doing, too. Ask them if they’re happy and if they see themselves with your small business for a long time.

Check-In with Yourself

Okay, this is a big one: Are you happy with your small business?

Your happiness with your company means more than you might realize. If you’re not happy, that will pass down to your employees and customers.

But, as long as you’re happy with where you’re going, your passion will spread and help you continue to build a thriving, successful business.

4 Signs You’re Doing Better than You Think

You’re doing better than you think. Don’t believe me? Check this out.

Your Small Business Earns Money When You’re on Vacation

If your small business can run successfully and still make some money while you’re on vacation, then you’re doing pretty good!

Please, if you haven’t taken some time off in a while – do it now! It’s good for your health. And, your employees probably wouldn’t complain if you got out of their hair for a few days.

New Customers Find You

Do you have new customers show up out of nowhere, and you have no idea where they came from? They just saw your store and wandered in or found your website while searching for something online. That’s a great sign!

Customers Tell Their Friends About You

When your current customers start telling their friends and family to shop with you, you know you’re treating your customers right and giving them what they want.

To thank them, give something back – like a discount for each new referral.

You Can Bounce Back from a Rough Month

You won’t see tons of growth and profits every month (oh man, wouldn’t that be great!?). But, if you’re able to survive those rough months and come back better than ever, you’re doing okay.

If you have a rough month, use that time to figure out where you could be saving money or to find new ways to attract customers.

How do you define success for your small business?