Signs of a successful business
What you think is a successful business may be different from the person next to you.
Some people want to earn lots of money. Others want a lifestyle or the profile of business success.
But there are some clear indicators that things are working well. Here are a few to think about.
People are happy. Your work peers, clients and even your suppliers, if they look forward to working with you and turning up to your premises then that's a sign of a successful business. Having a clear and connected purpose will show in its performance being the inspiration to drive business results.
At the end of the day happiness is something we strive for as humans so it's a no-brainer as a measurement of success.
Your business is cashflow positive. How many of you check the bank balance first thing in the morning when you wake up? When there's more than you expected in the bank then there's less worry about how to pay the bills.
Being cashflow positive also opens up other possibilities of investment. With your mind turned to other options in this way, you can focus on how to grow, rather than how to survive.
Business continues without you there. If your business can function without you then congratulate yourself. What this means is that you've been able to organise and systemise things without needing you present to direct or micromanage them.
Having a holiday, taking time out with the family or just being able to get in a break needs to part of your life as much as your business.
You're considered by many an expert in your field. If you're the go to person in the industry, and you find yourself being quoted or called to give comments, then don't take it lightly.
The reason has to be because of what you and your business has been able to achieve. Being an expert means you need to have an opinion and put yourself out there, this takes some courage.
So how do you feel about the success of your business? Your satisfaction is just as important as how others validate you but don't forget to celebrate even the small wins you get along the way.
Jeremy Tauri is an associate at Plus Chartered Accountants.