Now that your small business has been open for a while, you might be thinking “how are we doing, and how do I know if we are doing well?” Good news, there are ways you can know if you have a successful small business! Here are five ways to know if your business is thriving.
Your Product is all the Buzz
Think about it, if your product is the buzz of the town, you’re probably doing pretty well. Now, of course, you want this to be positive buzz. But, how do you know if people are talking about what your small business offers? It’s easy. Look on social media. Nowadays, social media is the way people communicate. If you are finding that people talk about what you offer and how amazing it is, hundreds and even thousands of others will be seeing what they say. And, be part of the conversation. Reply to both positive and negative comments or reviews to show your customers you’re listening.
Companies are Playing Copy Cat
If people are talking about your product, chances are that someone is going to want to ride on your coattails of success. If you’re building a successful small business, you’ll know pretty quickly as you begin to see other companies opening up with a similar concept or product, too. Don’t worry though, your product is being imitated for a reason (it must be that good!). Take it as a compliment and go back to the drawing board. Start thinking of what other amazing products you can get out to the market and give your customers what they want. If your first concept or product was so successful, try to make others just as great. Get out there and make a splash.
Healthy Cash Flow
Your product may be selling well and is the hot buzz of the town, but your company’s cash flow is a quick way to know if you’re financially successful. Cash flows are your sales inwards and the cash that you collect from operations in excess of all your business’ expenses. If you’ve got a positive cash flow and a minimal gap between what’s on paper and what’s actually in the bank, this is a good sign you’re thriving.
Leaving the Work at Work
I know, I know, leaving work at work can be hard, can’t it? But, did you know that 80 percent of employees are taking work home? This isn’t a good sign. If you’re taking work home it means you’re not taking the mental break you need to be productive the next day. If your small business is thriving, you’ll value your employees’ time outside of work with their families and let them have the mental break they need. Ultimately, your employees will be more productive and harder-working if they can go home and relax, rather than continue working after an eight hour work day in the office.
Lovable Pay and Benefits
Lastly, and very importantly, you’ll know your small business is thriving by the pay and benefits that are being offered to your employees. Maybe when you first opened employees were getting OK pay, but now that you’ve been open for a while and have seen a lot of success you should have given raises. To go along with better pay and company growth, maybe now you’re offering affordable health insurance benefits to your employees to give them the coverage that they need for themselves and their families. Employees who love their pay and benefits are a sign that your company is doing pretty well.
What are other ways to know if your new business is thriving? Comment below and let us know.
