Every mega Business today that is tag success once started with a thought of; “I have a small profitable business idea, that can out turn out to become something big in time to come.”
If you haven’t read this article on this blog; “6 Business growth and strategies that work today” I advise you to do so before reading this article or after reading this article.
“Opportunities don’t happen you create them”- Chris Grosse”]r
We must understand that business is not merely having an office space and start meeting consumers’ needs. It is more than that!
Just as people are formed through birth, so are businesses. At the infant stage, every person needs the right nutrient to grow, so every small business needs business nutrients to grow and become a success.
This article is 100% needed for both startups and already established companies/businesses that have the desire to keep growing because there is no stagnancy in business.
Having a business is one thing, knowing if the business is on the path to success is another.
In this article, I will be showing you three(3) ways that determine if a business will be successful.
Three (3) ways to know if your business is going to succeed or not
- Rate of Returning Customers
Don’t assume you know it all, read every detailed explanation on each of them because am writing from life experience, not from a handbook.
And at the end of this article always do your part of becoming a lifter by using the share buttons.
It is better to have a goal and no business than to have a business and no goal.
Business goals are likened to the business vision. If you have a business and you can’t answer this question with clarity; “Where do you project your business to be in a few years from now?”
You are just like a sea captain sailing without a map.
And I advise, you shut down that business for a while, and take your time to think about why you want to run this business. And then come back to run it otherwise you are just wasting your time and resources.
So many people go into business with the mindset of getting busy, “so people won’t call them lazy and jobless because they are always at home”
And that is a very wrong mentality entering into the business world.
As I do advise, “Before you start any business make sure you’ve started it in your mind.
Projects how you want the business to look in a few years to come. And most importantly seek knowledge on that particular business before you finally lunch it.
Always remember this Business success quote:
“It is not the business Goal or vision that guarantees your business success, rather it is the plans put in place to achieve the business goals that guarantee your business success”
Having business goals is great, but having plans to achieve them is greater.
Because having a destination without the means to attain it, is as useless as having no destination.
If you’ve successfully answered the question; “Where do you project your business to be in a few years to come?”
And have also mapped out plans to achieve them, definitely, your business is on the path to success.
To know if your business goals are going to be achieved and if your business plans are really being effective is through what I call; the “Rate of Returning Customers”
Rate of Returning Customers
The only means to know if your business goals are going to be achieved and most importantly if your plans are really effective or not is through your rate of returning customers.
There are no two ways about it, it is either your rate of returning customers is high or low.
If it is high, it means your business goals will definitely be achieved and your plans are very effective.
But in the case where the rate of returning customers is low, It only means your business goals won’t be achieved and your plans need urgent changes because they are not being effective enough.
The rate of returning customers is what actually determines the survival of a business. Other factors could play a role in why some companies shut down within a few years of operating.
But if you take careful observation and findings behind the fall of any business, you will discover that the demand for their goods or services dropped badly.
And your demand can only drop if your rate of returning customers becomes low. So it all plays down to the rate of returning customers.
Don’t miss my next article; “How to Run a Successful Business”
- Indispensable Business Success Tips from Top Billionaires
- Best Business Startup Tips for everyone that wants to Succeed In Business
- 6 Business Growth and Development Strategies that work Today.
I hope you enjoyed this article; 3 things that make a business successful
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