Running a successful business is the ultimate goal of every entrepreneur. But the unfortunate reality of the startup world is the fact that 9 out of 10 companies will fail. This statistic can get really discouraging when reflected upon, but still, many entrepreneurs set out regardless, to be the next big success story.
If you’re running a business and don’t know if your startup is growing right or not, here are 5 signs your business is succeeding:
1. Customers Are Referring Their Friends To you:
Everyone is always excited to talk about a business who’s exceeding their expectations. They let their friends know about the exceptional service they’re getting and how your business is solving their real problems. If more customers and a bulk of them are showing up because your previous customers referred them, your business is sure growing in the right direction.
2. Your Business Is Making Money Even When You’re On Vacation:
Part of building a successful company means you can go totally off the grid with no form of contact with your business or the people working in it, and still keep turning in a profit in your absence.
If you’ve achieved this, then you’ve built a successful business.
Early stage businesses usually require the founders to pay almost 100% of their attention to it a lot of the time. Going from this to being able to leave your business in the hands of your team members without any fear of a decline in your service delivery and revenues means you’re well on your way to eventually building a successful business.
3. You Are Cashflow Positive:
Nothing feels better in a startup than knowing more money is coming into your business than is leaving it. This shows that success is around the corner and you’re able to reinvest your business revenues profitability than you earlier could.
If your business is losing more money than is coming in, revisit your marketing plan, highlight what’s the major cause of your cash crunch, and restructure your organisation to mitigate against those shortcomings.
Until you’re cashflow positive, your business will experience no real form of success.
4. Your Employees Enjoy Coming To Work:
Employees enjoy working for organisations with a great company culture and high prospects for growth. They feel comfortable in these type of businesses and could aim to build a long career with the company, as long as they’re well compensated.
If your employees are always excited to get to work and are constantly trying to make valuable inputs that’d move your company forward, your chances of growing a successful business greatly increases.
5. The Media Has Taken Note Of Your Business:
The media is always on the lookout for businesses doing amazing things, because they’d make a great story for their tabloids. When they spot any such business, they interview the owners, write amazing articles about them, and sometimes even blow their stories out of proportions.
Media interest in your business can mostly be a big plus to its growth because it exposes your coy to thousands of potential investors.