Is Your Business Surviving or Thriving

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It’s said that running a new business is a gamble and that we cannot be sure whether or not a business will survive. Still, there are some signs to watch out for that explicitly mean your business will thrive.

Did you know that 29% of small businesses fail because they run out of capital? This is the sad, unfortunate truth, and it happens to too many businesses. With so much on the line, monitoring your business’s success, especially during the first few years, should be a top priority. While every new business has its ups and downs, you can leverage your current position to set yourself up for greater success in the future.

3 Signs Your Business Is Set Up for Success

1. A Positive Workforce

With a positive workforce, your business will thrive since your employees enjoy what they do and put that positive energy into every working day. A happy team is a productive team, and their positivity will spread to the clients and vendors who support your business, too.

2. A Clearly Defined Market

With a clearly defined market, you can enjoy more sales, increased ROI, and definitive rewards for your hard work. The thing is, the market dictates your income as a business. You don’t compete with every other business out there, but you compete with similar businesses within your market. To succeed, make sure you have a clear understanding of your short- and long-term goals within your particular niche. Your goals should reflect the services you hope to provide to your target audience. With a clear path forward, you can outpace your competition.

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3. Referrals From Past Clients

When people refer your company to others, it starts a chain of word-of-mouth sales. People tend to trust other people’s recommendations when buying products; thus, when a company is referred or a service is recommended, people tend to take the other customer’s word. If your business is getting many referrals, you should take this as a sign that you’re set up to thrive.

How to Take Your Business From Surviving to Thriving

Assess Your Workplace Environment

A new survey from Clutch reveals that an office relocation has a positive effect on 68% of employees. This is probably the case since it’s a new environment and everyone seems to enjoy the fresh and new beginnings of where the company is headed. As your company grows, make sure your physical location grows with it, both in building size and community prominence. Relocation of premises gives rise to a new start and excellent possibilities even from the employee’s point of view.

Pay Attention to Financial Details

Your finances are an important marker of success. According to the Federal Deposit Insurance Corporation, All FDIC-insured institutions must disclose extensive financial information in quarterly reports known as Call Reports. Make sure to keep tabs on your internal financials and those of your lenders and investments. Stay ahead of any major changes to financial laws impacting businesses to keep your company responsive and compliant.

Make Sure Your Services Are Scalable

You may not have considered this, but when your business is scalable, it can achieve better outcomes. For instance, companies that remove bottlenecks and other issues are more likely to achieve better results. Bottlenecks usually keep problems within the company stowed away, only to get worse at a later stage. Scaling your business can help eliminate this issue.

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Whether or not your business is currently thriving, you can leverage your current situation to ensure your business can grow from surviving to thriving. Use the tips above to assess your current situation and make the best moves for your specific business. With careful planning, a great team, and a clearly defined market, you can find success.

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