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How can you identify whether your business is successful?

There are many approaches to gauge the success of a business. These are decided by positive metrics or measurements (Unfortunately, many of them are primarily based only on monetary measures) in addition to the ethical manner wherein they conduct themselves. If you want to make your corporation successful, then observe some guidelines such as:

A. Move out of your comfort zone & take some risk

Business owners must prepare to move out of the comfort zone to take a risk and not fear of failure. You must explore all options to make sure you can choose the best one for your business. Your interest in turning over every feasible stone for clues will greatly grow your probabilities for success.

B. The degree of perseverance

Perseverance is a very essential individual trait so one can be successful in life. It means determination at work hard no matter any odds or obstacles that can exist. It is to insist and to be company on getting something performed and now not giving up. If you preserve persevering long enough, you may obtain your genuine potential. Just remember, you can do something you set your mind to, but it takes action, persistence, and the courage to stand your fears

C. Business resilience

Business resilience is the ability a business enterprise has to speedy adapt to disruptions while maintaining continuous business operations and safeguarding people, property and overall Brand equity. All organizations, of any size or type, everywhere in the world, face a wide range of risks which could cause them long-term harm, from economic penalty to reputational damage. Those risk can be:

  • Natural disasters

  • Economic disruption and market turbulence

  • Terrorist-related incidents and disruption

  • Cyber crime and cyber terrorism

  • Civil emergencies, strikes, and similar action

  • Pandemic threats, including SARS and Avian Flu

  • Compliance failures

  • Disruptive technological advances

  • Technology failure

  • Supply chain failure

D. Resourcefulness

Resourcefulness is your ability to look where you are and take the primary step in the direction of your goal. Sure, the path won't usually be clear, but by simply taking the first step, you’ll have a one-of-a-kind vantage factor which will permit you to see if the destination you're heading closer to is truly the only you want. An attitude of resourcefulness inspires out-of-the-box thinking, the generation of latest ideas, and the capacity to visualize all the viable ways to obtain what you desire. Resourcefulness turns you into a scrappy, resourceful and enterprising entrepreneur.

Signs that your business is successful

  • Top on the google using SEO

  • Your product is giving solution

  • Clients refer your company

  • You always recruit

  • You have excellent Brand equity

  • Look beyond revenue

  • Listen to your customers

Important tips for running a successful business

  • Have a written Business plan i.e. getting organized

  • Analyze your competition

  • Keep your ego in check and listen to others.

  • Keep track of everything, and manage by the numbers.

  • Delegate to employees and avoid micromanaging them.

  • Be creative

  • Reinvent your business.

  • Provide great service

  • Hire the right people

  • Pay your taxes on time

  • Follow statuary compliance

Dr Praveen Srivastava, Business Coach & Management Consultant

Recipient of Philip Kotler excellence award in the area of Consulting and Training

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