It is highly likely that if you are reading this article you are running a business. If not, you are probably considering starting one and that is a very noble thing to do. Running a business takes a lot of work, time and resources – it is not for the faint-hearted. Elon Musk once said, “if something is important enough you do it despite the odds”. That is a remark coming from one of the most iconic global technopreneurs alive today. So if you are running a business, keep at it and if you are musing on starting one, go ahead. Anyways, supposing you are running a business, how do you get to know if your business is doing well or not? If you have ever wondered about that then look no further as I shall be discussing 5 signs your business is doing well.
Referrals And Repeat Purchases
If your business is performing well one of the things you will begin to notice are referrals. By referrals I mean when a satisfied customer refers other prospective customers to you. Referrals can also come from people who have just heard of the efficacy of your brand. Closely related to that is repeat purchases – you will be seeing those a lot. Repeat purchases are also a direct indication of growing customer loyalty. These are things that cannot happen if your business is being mediocre. Let me emphasise the importance of collecting data every time a purchase is done. The aspect of referrals calls on you to inquire from your customers so that you know.
Increasing Cash Flows
By cash flows, I am mainly pointing to sales and profits. An increase in both those two is an indication that your business is booming. There can be some unique scenarios though; let me explain. Your sales might be constant and yet your profits will be increasing. You probably might wonder how, right? Well, if you diminish the cost of your sales it is possible to drive profits up (even if the sales are constant). The bottom line is, your business must be profit-making – that is a good sign. Whether your profits are constant or they are increasing that is what any business would want.
Positive Social Mentions
This can be online or otherwise but it is a great sign that your business is doing great. By social mentions, I am broadly referring to the incidence of your business being mentioned positively in social circles (physically or online). Due to advancements in tech, particularly social media, it is now possible to measure specific metrics such as social mentions for your brand. This all speaks to the importance of being active online as a brand. If your brand is being talked about a lot in social circles for good things then rest assured you are making it in business.
Getting Noticed By Competitors
At one time I was listening to Vusi Thembekwayo, a renowned entrepreneur in South Africa. He said something quite radical when he said, “If your competitors do not yet know your name then forget about making it big in business”. Therein lies an interesting point to note which is: if competitors begin to notice you and get unsettled then your presence is being felt. When your business is doing great it gets to a point where competitors begin to mention you in their business strategy because you will be giving them a headache. The moment you see or you get wind of this happening than just know that your business is doing tremendously well.
Getting Partnership Or Investment Offers
Anyone would want to be associated with a well-performing brand. Other brands and investors are some those who are usually keenly interested in approaching great brands with offers. The moment you see offers for partnerships or investments coming then it is a sign that your business is doing well. Of course, you will have to scrutinize such offers than to just blindly embrace them with both hands. Regardless you would have stumbled upon a great discovery i.e. your business is excelling.
There you have it, 5 signs that your business is doing well. There are obviously more tell-tale signs but I just chose to discuss 5 basic ones. When you see all these signs do not get too excited to a point of relaxation. Notice point number 3 that I talked about – competitors. Once they notice you it means you will even have to up your game further to stay winning. So these signs should be a confidence booster but more importantly, must be an inspiration to do even more to enhance the brand.
