After coming up with a great business plan, the next step is executing it. During execution, we always tend to pause for a while and ask ourselves the following. Are we doing it right? Are we executing it according to our plan? The excitement is there, but the worries are also there. Sometimes we aren’t sure if we’re heading to the right path or we’re heading to the danger zone. We want to have an idea whether we should continue running our business or we already need to stop from there. Paying attention to what’s actually happening to our business is vital in avoiding more losses and grabbing more opportunities. Thus, it’s important that we know if our business is doing well or not. The following are 17 signs to know that.
1. You are making profit at the time expected. Loss on startup or on the first year of operation doesn’t mean your business is not doing well. It’s normal. But if you’re still recurring losses after a few years, then it’s already a sign that your business is going to be a disaster. If your financial plans are realizing and you’re gaining as projected, then you’re on your way to a healthy business.
2. Your customers are promoting your business. If your clients and customers are endorsing your company and products in their own will, it’s an indication that they are satisfied and happy about your products. It’s also a sign that your business is heading to success.
3. Your spending less on advertising. This is a sign that your products are of high quality and that they promote and sell themselves. Just like in #2, your customers become your own advertisers and marketers through the spread of the word of mouth.
4. Your employees are motivated. If your employee turnover is low because your workers want to stick with you and they are happy to work with you, then congratulations! You’re probably a good employer, effective manager and an inspiring leader.
5. Your hiring more people to delegate work. This means that the demand of your products or services is increasing, and you need more laborers to carry out more production. This also means you don’t want to overload your current workers, and even overload yourself. This is also a sign that you love your family and you still want to reserve enough time for them by delegating your increasing tasks.
6. You’re paying taxes, loans and other payables on time. This is a sign of liquidity and solvency which means you are having the ability to meet your current and long-term financial obligations. This is also an indication that you have a favorable debt-to-equity ratio.
7. Investors are contacting you. This is because your enterprise is showing profitability and stability, and that investors are eyeing a good investing opportunity on your company. This happens, especially to those businesses that have a strong online presence.
8. Your welcoming partners and co-owners. You now want to share the credits of your business success to other people by looking for partners and shareholders. Incorporating proprietorship and partnership business, and public offering of shares for existing corporations are also an indication that a company is expanding and becoming ready to take the challenges of a bigger enterprise.
9. You can enjoy a good night sleep. This only means that you are kissing goodbye to your business fear and worries.
10. You can confidently face your critics You can answer any comments and feedbacks. You can also defend your company from false allegations. All of these mean that you don’t have anything to hide and you’re doing business in the righteous and ethical way.
11. Your business is green and eco-friendly. A business of success is one that doesn’t need to destroy the environment just to earn more profit. A successful entrepreneur is a protector of our mother nature.
12. Your family are receiving honor from you. When your company is doing great, there is no reason that your family and friends will be ashamed of you. You should bring honor and glory to them.
13. You’re not making money as your master. Financial freedom is a good sign that your business is doing well. When you are financially free, when you are becoming generous to your customers and employees, and when you’re giving more time to your family, it’s an indication that blessings are coming to your business.
14. You’ve just survived previous economic crises. Most business starters will certainly face business failures. Even the most successful entrepreneurs in the world have experienced failure and bankruptcy in their early stage of doing business. Successful companies are seasoned and tested businesses.
15. You’re thankful to God and to His people. Because of the stressful life of a business person, businessmen often forget to become grateful to God and to people who are actually supporting them. They usually realize gratefulness when they already feel the breeze of success and when they are already away from troubles and problems. Thus, thankfulness is also a good sign that a business person is heading to success.
16. Your people’s lives are becoming better. Even if you are earning more profit and you’re getting rich, if your employees and workers are still poor and not progressing, we cannot say that your business is doing well. Business success is not only enjoyed by its owner, but it must also be felt and enjoyed by all the people inside that organization.
17. You want to learn more to do business better. Finally, a person who’s doing well in business is not proud. He is wise and humble enough to admit that he still need to learn more and work more to bring his business more success. This is a sign that your business is running the way you want it, you are becoming wiser, and you’re getting more excited and more passionate to learn more to achieve its ultimate success!
So, do you have any sign that your business is doing well?