15 SIGNS YOU’RE DOING WELL AS A BUSINESS OWNER
From the outside, it may look easy to run a business. But when you decide to create your startup business, you realize that running a business is one of the hardest things to do. It isn’t just about having a company; you must also sustain the business.
Are you a business owner? We often interact with business owners and see that they are looking for some validation. They open up to share their fears and worries about the business. Because of how overwhelming handling business operations can get, they wonder if they are doing it right or should shut down the business.
First, we assure them they even made a bold move to start the business. Then, we help these business owners analyze the said business and give them some pointers that help them know if they’re doing it right.
Aside from the business owners, we interact with, many others might not know if they are doing something right or wrong. So if you’re a business owner looking for validation, we’ve compiled a list of signs that shows you are handling the business well.
If you can get a positive check on these signs, you should give yourself a break and take a breather, which means that you are on the right path. In no particular order, below are 15 signs that you’re doing well as a business owner.
How To Know You’re Doing Well As A Business Owner
Here are some things that might happen to let you know that you’re doing great as a business owner:
- You have gotten back your capital, and you’re making profits: One needs to get funding before starting a business, and this funding is known as capital. Some people may have this money handy, while others may need to borrow the money. Whatever the case, you would need to replace the capital eventually.
Once your business starts running, it needs to bring in money to replace the capital. So, if you’ve started making profits from your company and already returned the capital, you’re doing good as a business owner.
Sadly, some people complain of slow business operations and struggle to return the capital even years after the business has started running. If you struggle to get your initial funding back years after the company has begun, it means you are running at a loss and need to change your business strategy.
- People recommend your products and services to others: One of the best feelings a business person enjoys is when they have people referring their products and services to others. In marketing, we’ve understood that word-of-mouth advertising goes a long way as it fosters trust. Typically, a person wouldn’t refer your product or service to another person if they do not trust it. When a person engages in referrals, they put their name on the line. So when it happens, it means they trust your brand to a great extent and believe you will not disappoint.
Therefore, seeing that people are recommending your products and services to others, especially in your absence, shows that you have put tremendous work into building your brand. In addition, it proves that people have tried your business and you have efficiently delivered. So, yes, that is a big plus and shows that you and the company are excelling.
- You are constantly working on new solutions: What do you do in your spare time? A good business owner utilizes their spare time to think up methods and strategies that would help boost and elevate their brand.
Finding yourself thinking up new solutions in your spare time shows that you are on an excellent path. Furthermore, it proves that you have your customers in mind and want to serve them better.
It could be that you have researched and noticed a pain point of your target audience. Now, you are on the path of ensuring that you come up with a solution for their problem that aligns with what you already do as a brand.
A typical business owner should be a critical thinker, which is what would help you excel as a business. The new solutions that you come up with could be what would help boost your brand above competitors.
- Other businesses look up to you: Do you often get other business owners coming to you to ask questions? Understandably, you might initially feel sketchy about it, especially if they are competing brands. But when you look at it from another angle, it could be that they admire the work and effort you have put into building your brand and take you as a mentor.
Undoubtedly, most business owners are proud and wouldn’t want to admit that they are at fault. So, it is a big deal when a business owner comes to meet you for advice. Although you would not disclose all your business secrets, you can help give them pointers to things to do that can be beneficial to your business.
When you see that other businesses look up to your brand, you need to know that they’ve taken you as a thought leader in that industry and are huge fans of what you do.
- You believe in flexibility: Believe it or not, business owners are some of the most stubborn people you would meet in life. If you’re a business owner reading this, we know that your guns are out, and you’re about to argue.
But think of this…
Are you always open to taking advice from others?
Business owners would often instead do what is on their minds than accept what people tell them to do. It is only when their desired option fails that they consider what others are saying. However, this is a wrong approach to things as there is always sense in every nonsense. Even if you do not rate what the other person is saying, it is best to analyze it and pick the positive angle that you can get from it.
If you notice that you’re becoming more flexible with your thought process and ready to accept advice from others, it shows growth as a business owner.
- You are obsessed with your customers: You are nowhere as a business if you do not have customers. Now, imagine you have pumped money into running a business, and you do not have customers patronizing your products and services for over three months. Of course, you would feel sad about it and even consider shutting down the business.
Some business owners are lucky to have regular customers, but sadly they are not obsessed with their customers. It makes us wonder why they are careless, as these customers are the foundation of their business.
As a business owner, one of your top priorities should be your customers. Therefore, you must do everything you can to retain these customers. It is one thing to get customers and another to have them constantly patronizing your products and services.
- You have a reliable network: We are sure that you always hear people talking about having a great network and how your network is your net worth. Having a reliable network is like having a unique support system. These people would be there to hold your hand when you are going astray.
Understandably, there would be downtimes for your business. In these moments, you would consider closing down the company as it is taking a toll on you. However, your network can help you and your business bounce back. Your network would be there to provide you with the help you might not have had at that moment. One of your pillars as a business owner is your network, and once you have a reliable network, you are doing great.
- Your employees speak highly of the business: Did you know that your employees can make or mar your business? As much as you need to pay attention to your customers, it would be best if you also cared for your employees. If you didn’t know, your employees are your internal customers and play a significant role in the organization’s running.
What do your employees say when they interact with others about your business? If your employees speak highly of your business outside, it means you have won, and you’re doing well as a business owner.
Sadly, some business employees only have good things to say about that business when the employer is around. But if your employees can praise your business in your absence, you are on a great path.
- You have a curious mindset: People would often say that curiosity killed the cat. But is it always wrong to have a curious attitude?
We have seen that people with curious mindsets always go on to do and achieve great things. It is your curious mindset that can take you from basic to exceptional. When you encounter an issue, you need that curiosity to help you dig deeper and get to the root of the problem. Else, you may be coming up with a solution that isn’t useful.
So, you can see that having a curious mindset isn’t always bad. But instead, what matters is how you apply your curiosity. Thus, it would be best if you use your curiosity in a way that is helpful to both you and your business.
- Your business appears on the first page of search engines: One of the greatest and biggest wins for any company would be when their business appears on the first page of search engines. So, when people search for things that relate to your business industry on search engines like Google or Bing, your business website should be one of the first to appear.
It can only be possible if your website is search engine optimized. So we always tell business owners not to joke about owning a business and ensuring that it is SEO-optimized.
Typically, when people search for things on search engines, they would not want to go past the first page of the search results. Thus, it would be best if you strived to ensure that your website appears on this first page. If you can make this happen, you will get more visibility which would later translate to sales, and it shows you are doing good, and you can pat yourself on the back.
- You can bounce back from hurdles: Life itself doesn’t come without limitations. You are sure to fall along the way while running your business. However, what matters is your ability to bounce back from these hurdles.
Some people say you should make lemonades when life throws lemons at you. So, what do you do when you encounter challenges and difficulties? Are you one to run away from challenges? Are you the type to shut down the business once hurdles set in?
If you are such a person, you still have a long way to go as a business owner. However, if you have that unique ability to keep it moving even when challenges arise, you are doing well as a business owner. Everyone, especially business owners, needs a resilient spirit for more success.
- You do not desire the easy way out: We often hear people say they are looking for a life of ease. Today’s generation would say that they want a ‘soft life.’ It isn’t far-fetched to have such desires. However, a business owner needs to understand that you have to face rigors when handling a business.
Running a business isn’t the rosiest feat. When you are consistent, it eventually gets easier. However, it would be best to put in the initial work for things to make things easier later.
As a business owner, you must never run away from stress. It would be best if you had a mentality that keeps it going, irrespective of how difficult it gets. If you are looking for the easy way out, you are not ready to keep your business running. But when you can face difficulties, you are overqualified as a business owner.
- Your business is your passion: Why did you start your business? Are you running a business because you believe it is the easiest way to make money? Or, are you doing it because your friends are also business owners and you want to feel included?
If you have any of these attitudes, then you are going astray from the right mindset you need to keep your business running. Anyone who runs a company should be passionate about it, as that is the only way you can keep coming up with solutions for your target audience and keep your customers happy.
Your business should be your passion, as that also gives you the energy to keep going. You should treat your business the way you would care for a baby.
- You do not fear taking risks: If you have read the book ‘Take The Risk’ by Ben Carson, you would not only get to know about his life story, but you would see that most of his successes are attributed to the fact that he took risks. It is a source of inspiration to many people, and we know it would also be handy for business owners.
There is no reason why you should be scared of taking risks as a business owner. Yes, you may have your initial doubts. However, the worst that could happen is failing at the task and learning from it. But if you shy away from taking the risk, you will keep questioning yourself on what the outcome could have been. Thus, a business owner must not shy away from taking risks.
- You’re result-oriented: The idea shouldn’t be to have a business but to ensure that the company has an impact. As a business owner, you should be focused on ensuring that the strategies and plans you have for the business should be result-oriented.
Sadly, we see that some business owners copy strategies from other businesses and only want to tick the box that they’ve done something. They are not concerned about making an impact which should be the core of a business.
It wouldn’t make sense to spend money, time, and other resources on some execution strategies that wouldn’t be result-oriented. Thus, all business owners should be result-oriented in all they do. Once you have this mindset, you will see that your brain will also think up strategies on things that can boost your company, and you will always see opportunities in anything that arises.
Some of the frequent questions we get from business owners are:
How will you know if your business is doing well?
You will know that your business is doing well when you have people talking about your business and how it’s making an impact. It also counts as a plus when you do not have to borrow money to keep funding the company
What are the characteristics of a successful business owner?
A successful business owner is confident, not afraid to take risks, and has a result-oriented mindset.
To be an entrepreneur isn’t easy, and we are proud of all continuing business owners. So if you are ever looking for signs that show you’re doing well as a business owner, we’ve cited 15 instances for you!