Launching your business is an exciting phase but turning it into a successful one can be the challenging part- it requires continuous effort, unswerving commitment and consistency. Everybody dreams of making it big in the industry but how do you determine if you have reached that point where you can proudly say that you own an established business? Ideally, there is no stop to growth, there is always room for more, but there are certain factors that signify progress and can help you assure that you are on the right track. While there is no sure-shot formula of determining optimal growth, progress which is too fast or too slow could be a silent killer for your startup. It is extremely essential to strike the right balance by availing lucrative opportunities at the right time without risking your resources. So what are the signs that indicate that your business is better off the edge and is doing better than just surviving? Here are the top signs of a growing company- if you can tick off these, you are probably doing a good job and deserve to forget all the pressures to get a good night’s sleep!
You have a stable cash flow
A great achievement in a business startup is when you reach the break-even point- Your business is able to make enough money to support itself. Although, the real accomplishment is when your business is capable of more than that. Being able to generate a decent amount of revenue with consistency determines that your business is doing fairly well!
Your business makes money without your supervision
How many times have you taken a break from work and been on a holiday? Do you feel that your business can withstand the pressures and survive without you being there to manage it? If yes, your business has reached a stable point where you can leave it for a limited time without being worried on how it will work out.
You are able to scale growth
A growing business demands more resources. That includes additional employees to be able to handle the increasing pressures of work or more equipment etc. The ability to scale allows your company to leverage and effectively handle the increased work load. If you are able to cope up with the growing demands of your business, you can be assured that your steps are synchronized with the business advancement.
Customers refer you
An important factor to determine the reputation of your company is to evaluate customer experience and gain their complete satisfaction. Customers which keep coming back to you for more business is a good indicator that your business has a decent status. And, if you find your loyal customers referring your business to their friends, family or mentioning your name in their social circle, you can be proud of doing extremely well in this industry.
People want to partner with you
A good sign of a thriving business is when you get offers to collaborate. People find scope in your business and they look at it as a lucrative opportunity to invest their time, money and energy in. If somebody approaches you with partnership offers or other collaborative proposals, you can be certain that your business is making it big and definitely going places!