Starting and running a business is a difficult task especially for small businesses with a limited budget. A year into the startup can determine if your business is thriving or barely surviving. The current business start-up statistics indicate that 80 percent of new businesses shut down within a year. Though, this might be demoralizing and probably throwing you off a bit, it is extremely important to understand why this happens.
Most multinational companies and franchises you know worldwide started off as nothing but an idea which evolved into a plan or strategy which was effectively executed. When you kick start your business, it is important to exploit the most budget friendly and safe channels of execution which would count as your affordable loss. During the first stage of your strategy execution, you would begin to see the signs of your progress. Keep in mind that these signs might also be of failure which you should be brave enough to expect and bold enough to change.
Finally, when your company begins to thrive, you would start witnessing some changes at your facility and the mindset of both your customers, team or employees. Here are 7 signs that show your business has kicked off in the right direction;
1. You Get Your First Paying Customer
For a business owner, there isn’t a better feeling in the world than your first customer paying for your product or service. It marks the end of the very first step into your business which gets you pumped up for more. However, two customers are better than one so after enjoying your first victory, get back to the planning table and analyze, collect feedback and improve your strategy.
2. Customers referring your business to others
If you are good at what you do and provide quality service or products to your customers, they would definitely tell others about you. Referrals lead to a recursion of business permutations or in simple words, one leads to two, two lead to four and so on. Moreover, customers doing it on their own makes your business good but your business driving them to refer your product or service makes your business smart. Many startups use beneficial incentives to get more customers from existing customers and even employees. Today, many top companies offer discounts, gifts and other offers to customers and employees who act as ambassadors of your business.
3. Customers start finding you
When customers who you do not know start buying your product or using your service without any contact or referral, it is one of the biggest victories during your business expansion. The idea that someone uses your service or product without any prior knowledge proves that you are on the right track.
4. Your employees are happy, dedicated and motivated to achieve more for your business
Your business strategy can make you millions. Happy and dedicated employees can turn that million into a billion. Employees who treat your business as their own can bring about the success you never imagined so it is very important to groom, motivate, reward and involve them in your strategies as much as you can. Employees serve as primary ambassadors if they know that their creativity, hard work and task execution would result to praise and career growth. No employee wants to remain where they started off so if your employee management strategy is as important as your business strategy.
5. Your business is on the first page of Google and Search Results
In this digital age, marketing channels have evolved so it is important to keep up with everyday trends and development. If your business is on the first page of Google and search results, then you know that you’re headed in the right direction. Social media, SEO and content marketing is one of the cheapest ways to let prospects know about your business. Statistics indicate that over 60 percent of customers visit pages from the first page of search results.
6. Off seasons don’t affect your business
A stable business is one for all seasons. Companies who maintain their presence and execute consistent sales or service in the market are more likely to succeed than those who are dependent on variable factors like time, demographics, seasons and trends. It’s all about how you present your business and the importance of your products in the daily lives of your customers. Furthermore, another sign that your business is successful is that you’re on vacation and it is still making money.
7. Your internal and external communication channels are effective
Communication in most cases is the leading cause to a business’s success or failure. Effective and real-time communication at a manageable cost is what all companies aim for to reach out to their customers and even exchange information within the workplace. They use different channels like calls, emails and bulk SMS to constantly update, notify and promote their services.