Signs That Your Small Business Is Doing Well

Starting your own business can be hugely exciting but also risky. One in five small businesses end their operations before their first year is up, according to Small Business Administration statistics. Certain qualities are common in successful businesses, though. Let's look at a few of these qualities to help you determine if your small business is succeeding.

You're Responding to Setbacks Well

When it comes to setbacks in business it's never a matter of if you will have them, but when. The setbacks are going to come, but that doesn't mean you aren't succeeding. The way you respond to setbacks is what determines if you ultimately succeed or not. When you respond to adversity and challenges well, it's a good sign that you'll be able to weather the ups and downs of business ownership for years to come. One contributing factor to business failure is often the reaction of the business owner to challenges.

You're Maintaining Your Competitive Advantage

When you started your business you established your competitive advantage, the thing that would make you attractive to customers. If you can maintain this, there's a good chance that you'll be in the percentage of small business owners who succeed. Always be on the lookout and research to learn about what your competitors are doing so that you can make sure you're always one step ahead.

You've Established Loyal Customers

Once you've established a loyal customer base, you are on the right track for success. You'll notice the growth of loyal customers when you start to see repeat business, positive reviews, and customers recommending you to others.

You've Got Your Cash Flow Under Control

Small business success comes down to the money at the end of the day. If you've been able to get a grip on your cash flow, and you are managing your expenses with confidence, you are on the way to success. A cash flow that is out of hand is a sure sign that things are going sideways somewhere. If you start to notice these problems starting up, you need to consult with a business coach for small business insight. This type of consultation can make a huge difference in your chances of success.

If you want small business insight, please call us today. We are here for your business coaching needs.