Is your business improving?
While some business owners look to their financials to determine whether their business is doing better, many small business owners also look to the following indicators. They know business is better when:
1. Management isn’t panicked when some high maintenance customers go elsewhere.
2. Management begins to test new services and markets.
3. Pay raises and/or year-end bonuses are extended to staff.
4. More staff is hired.
5. Equipment and facilities are upgraded.
6. Logo, business cards, website and other marketing materials are updated.
7. The business supports a fundraising event.
8. The business sponsors a youth sports team.
9. The owner takes a vacation for the first time in years.
10. Some tasks are done “just for fun”.
Furthermore, the truly wise business owner will engage in the above activities even before business is really better. This is because the wise business owner knows from experience that acting on the belief that something is better actually helps things move in the direction of getting better, just as priming a pump helps the water to flow more quickly and steadily.