Signs Your Small Business Will Succeed
Getting a business off the ground can be a bit tricky. Here at Region 10, we know this intimately, but that’s also why we are here. We offer business resources and classes for Montrose, Hinsdale, Ouray, Gunnison, Salida, San Miguel, and Delta County at our range of regional offices. If you’ve gotten your small business up and running, or are looking to start one, and want to know how your business is doing, we have a range of signs to give you a basic idea. None of these are guaranteed to tell you if your business will succeed, but a healthy income and these signs are good indicators.
You’re Not the Only Person Doing the Work
If you are working on your business and you’re alone, it’s best to get a bit of help. Doing things the hard way can work for a bit, but covering everything from accounting to running the counter and doing inventory is beyond difficult, it’s irresponsible and mistakes are bound to be made. A select few people can do this for a time, but the bottom line is that this isn’t scalable and, eventually, you will need to hire on more people. Being able to trust others in elements of your day-to-day running of the business is important and helps the business thrive in a variety of ways.
Your Business is Flexible
Having a solid business plan is important, but being able to make adjustments when issues are found in the plan or structure of the business is critical. By being able to make changes in business, you can adjust as necessary and find what really makes your business thrive.
You Make Decisions with Legal, Marketing, and Accounting in Mind
Every single choice you make will affect your company. If you have a big idea for a new product, service, hire, or whatnot, having your legal, marketing, and accounting specialist or departments in agreement, it means it’s a good call and a good sign. These three areas not only affect each other, but are critical to your success. Marketing can give you feedback about your services, products, and outreach. Legal specialists can help you understand potential legal issues and how to avoid them. Your accountant will inform you about the financial impacts of the move and their benefits. If you are making big decisions with these three areas in agreement, you’re on the right track.
You Plan For the Future
Looking at quarterly goals is important but, a business that only looks at the short term will almost always fail. As you get started, remember to plan out your business’s big steps. Keep in mind that there are often hold-ups and market fluctuations that businesses have to weather. Having a solid business plan from the get-go and keeping it up to date as you go along can help you to keep a solid plan and idea for how to weather the worst of it.
Your Network is Growing
As your business grows, your network and resources should grow with it. Reach out to regional organizations and increase your reach online and in social media. These days businesses make it or break it largely from their online presence. If your networks are constantly expanding then you are doing it right and your reach will help to keep you afloat whether your business is E-commerce or local business in scale.
You’re Receiving and Responding to Customer Complaints
When you get customer feedback, it’s good to look for patterns. If a lot of people are complimenting one aspect and critiquing another, and you are changing it, then you’re ahead of the curve. An adaptive business that listens to customers is a great way to turn from a good business to a great business, and often times that is the difference in success.
You Invest in Your Business
Any business can use constant upgrades and investments. This can mean extra help, more marketing, or better equipment. But having an eye for what is needed and where, and then getting what your business needs, when you can afford it, is a great way to know that your business won’t stagnate.
Although none of these signs are guarantees of success, they are good to keep in mind when reflecting on your business practice and growth. If you live in Montrose, Hinsdale, Ouray, Gunnison, Salida, San Miguel, or Delta County in Colorado, Region 10 is the small business resource center for you.