Many business owners are well aware of the harsh statistics regarding the failure rate of startups and small businesses. However, while many of these businesses fail within a few years, many others become highly successful and profitable. Some of the unsuccessful businesses are owned and managed by individuals who are seemingly blind to the weaknesses of their company, while others have unreasonably high standards that ultimately lead to the demise of the business.
What Are The Signs Of A Successful Business?
It can be difficult to accurately determine if your own managerial style or objectives are making you impartial or blind to problems within your own company. However, you can more easily analyze your business in comparison to some of the most common traits that successful small businesses have.
With a closer review of these factors, you may be able to identify potential issues that could prevent your company from being successful so that you can focus your attention on the main areas that you need to improve on. These are some of the more common traits that successful small businesses share.
1. Motivated Employees
A good starting point is to analyze how motivated and happy your team is on a consistent basis. The success of your company is inherently linked to the skills and motivation of your team. While all companies may have one or two unhappy workers, you will generally have a lower turnover rate if your company is going to be successful.
Your employees should be happy and even excited to come into work each day and to tackle the challenges that they are faced with. These individuals may openly make suggestions and share ideas because they feel like valuable parts of the company. They may also offer constructive criticisms without fear of retribution. Focus on hiring the right team members and doing your best to retain them in your team.
2. Satisfied Customers
It can be difficult to run a successful company without having happy, satisfied customers. These may be customers who return to do future business with you or who openly refer your company to others over time.
Customers may be pleased with the customer service they received as well as with the quality of the products or services that they purchased. Your customers should experience true value and real benefits by working with your company. Use customer satisfaction surveys to determine if you need to improve in this area.
3. Expert Credibility
Many of the most successful small businesses are viewed by others in the community or marketplace as being experts in the industry. Remember that you do not need to be the largest company to provide a better service or product to your customers.
Your ability to tailor your offerings to specifically meet the needs of your customers may be easier to do when you are a smaller business, and this can help you to position your company as an industry leader.
4. A Healthy And Caring Work Environment
In many small business environments, workers may wear many hats and feel the need to burn the candle at both ends. As a business owner, you should not require overtime efforts from your team. More than that, you should openly encourage your team to take time off as needed. Telecommuting is another option to consider. When your team can work remotely a few days each week, they may be able to achieve a less stressful work-life balance.
All markets are constantly in flux, and some small businesses unfortunately are not focused on identifying and adjusting to change. The most successful small businesses keep a pulse on the market and can easily adapt products, services, features and even marketing messages to address these changes. One aspect of this is related to innovative technology and how this may impact your offerings.
6. Focusing On The Future
Some small businesses simply tread water trying to keep afloat, and they drift aimlessly without a forward-thinking goal. Successful small businesses are operated with both short and long-term goals in mind. More than that, there is a solid business plan that directs managerial decisions that aligns efforts so that the company has the best chance for success.
Small businesses are at considerable disadvantages in many areas in comparison to larger and more well-established businesses. Many smaller companies fail in relation to managerial issues or external marketing conditions. However, many of the most successful small businesses have similar traits that you can emulate in your own business to boost the chance of achieving high levels of success and profitability.
Author Bio: Jen McKenzie is an up-and-coming author from NY. She usually writes on business, marketing and HR subjects. When not at her desk, you can find her taking long strolls in the countryside or enjoying her free time brushing up on photo editing. You can reach Jennifer @jenmcknzie