The prime factor in terms of business success is making a profit, and rightfully so. After all, it is every entrepreneur’s goal to make money. But to measure success solely on how much the business earns is a little myopic and completely disregards some of the other vital aspects of a business, like its workforce and culture. The point here is that while making a profit is the ultimate proof of success, there are other ways to gauge whether a business is succeeding or not. The following, in particular, are some of the things that make businesses successful. Check them out:
It is achieving its goals
Money goals aside, it's imperative that business leaders frequently review the business' short- and long-term goals to see if they are being attained on time. Every goal met, in turn, is a small victory and a sign of both progress and success. In case these goals aren't being achieved, it's crucial to be honest about it, identify problem areas, and re-set SMART goals.
This course-correction then lets business leaders recalibrate their business plans such that they'll align better with the business' bigger goals for the future.
It has the appropriate business structure
An All Business article on choosing the right business structure detail show it impacts the way the business is taxed, the amount of paperwork it must submit, and the way profits can be distributed. The three most common business structures are corporation, S Corporation, and limited liability company (LLC).
Of these business structures, the LLC is fast be coming popular, especially among small business owners. That's because forming an LLC brings about many benefits. Notably, an LLC offers flexible management, customizable ownership options, and less paperwork. Being an LLC also establishes a business as official and avoids double taxation (which means more profits to distribute). Business leaders have free rein to choose the structure they deem best, and to change it depending on the business' needs. What's critical is that it serves the organization well.
It has a solid client base
Customers are the lifeblood of any business: no customers, no business. So, it goes without saying that having loyal clients isa sign of success, as they will serve as the business' main source of income.And if they are well taken care of and happy with what the business is offering, they can ultimately bring more value to the organization by way of referrals and word-of-mouth marketing.
Suffice to say, everyone in the business must endeavour to establish positive relations with every customer to win over their loyalty—all for the organization’s continued success.
It attracts and retains top talent
Any business that's hiring the best employees is doing something right. That “something right,” according to a Medium feature on talent recruitment, could be scheduling flexibility, great employer-employee relationships, opportunities for career advancement, continuous skills development, partaking in the organization’s growth, and less red tape in the recruitment process.
Attracting top talent, though, is one thing; keeping them is another. A way to ensure the latter is by getting the onboarding right, as discussed in the post on ‘OnboardingNew Employees in a Small and Medium Size Business World.’
The goal is to make an excellent first impression, as employees usually use their first three months to decide if they will stay or leave. It's for this reason small- to mid-sized businesses, in particular, need Smart OnboardingSuites, whose customizable features can help HR staff configure the onboarding process based on a variety of variables, including job description and location. In this way, there's a higher likelihood that the onboarding will be positive and reinforcing.
Again, though, making a profit still is the primary measuring stick of success. But any business that succeeds in the above areas are gaining smaller victories, and these will, collectively, add to the organization’s bottom line.
Article by Guest Writer Andrea Avery for Smart Onboarding
Get notified of all the new features in Smart Onboarding