5 Indicators of Success in Your Small/Medium Business

For a small or medium-sized business to become more successful, it has to live up to its potential. You don’t necessarily have to grow a business to make it more successful. It’s not only large businesses which succeed. Even a small business can be considered successful if the sales numbers are much higher than the running costs. So don’t judge the success of your small or medium-sized business only on the basis of its gross income. It’s the net income that matters. Here are some of the other indicators of success in a small/medium business:

  1. Relationships with Customers: Do you have a number of repeat customers? Do you have customer loyalty? If so then you’re doing a lot better than larger businesses where people only buy the product once and then switch to something else.
  2. Good Company Culture: If you have happy, cheerful employees who like working for you and feel like they are a part of a team, this is going to be good for your company in the long run.
  3. Word-of-Mouth Marketing: Nowadays, a lot of marketing takes place in impersonal ways—via billboards, TV ads, print ads etc. In a world full of advertising, if you’re doing quite a lot of business purely by word of mouth, then you know that your customers like you and are interested in spreading the word about your business.
  4. More Innovation/Creativity: If your employees are coming to you with innovative/creative ideas and the general atmosphere in your office is one of excitement, then you know you’re doing something right. Plus if your customers welcome these innovations and even ask for more, then you know that your small business is successful.
  5. Healthy Competition: It’s good to have competitors in your field because it prompts you to work harder. If you feel like you’ve got a healthy dose of competition but not too much, then you know your small business is doing well.

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