You can find numerous articles that will teach people how to start a business. It will offer advice from experts and successful entrepreneurs, helping ensure that you’ll know what they did and they did not do to get to where they are now. But how many times have you come across an article that helps you see whether your small business has gone past the startup stage and on its way to success? Maybe once, twice or never.
The following points can help you determine whether your fledgling business is ready to make the next step.
How long have you been in business?
Time is the best sign that will indicate whether your business is doing great or not. Experts say that around 49 percent of startups fail within the first five years. This means that if your company has been operating for beyond that period, it’s likely that you are enjoying some level of success.
To achieve long-term success, it goes without saying that you need to build your startup with that objective.
What do your peers say about you?
Your peers are the best source of opinion of whether your company is succeeding or not. After all, they have an impartial opinion because they are not part of your company. This means that your clients, customers, vendors and even competitors can give you a progress check. Aside from that, fellow business owners can offer insights as well as tips to help you improve.
What do your customers say about your company?
When you have customers who have been with you since day one and you are gaining more customers regularly, this could mean that you are doing something about your brand. Companies should have open lines of communication to let customers know that their opinions matter to the success of the business. That way, they will know whether the change they want to achieve through their marketing campaigns is taking effect or not.