Six Small Business Success Indicators

Six Small Business Success Indicators

Starting a small business is a risky venture: First, you’ve got to get it off the ground, and then you’ve got to help it grow.

How do you know if you’re on the right track? 

Although measures of success vary, Excelsior Growth Fund (EGF) has put together a list of some important indicators. These can help you recognize when you’re doing things well, and if your business struggles with some of these points, there are also links to additional information in the EGF Business Resources Library to help you fix

1. Profits are greater than losses

While it’s not uncommon for some businesses to run at a loss early on, eventually all businesses need more money coming in than going out. If yours shows a profit, figure out what you’re doing right and expand on those things. And if your business has losses month after month, there may be problems that can be resolved with simple actions. For example, if high-cost debt is at the root of financial problems, check out EGF’s article on how to refinance business debt.

2. Steady growth

Increased demand for your products or services is a sign of a healthy business that could be ready for growth. Sometimes, however, that’s expensive, because growth may mean additional costs for staffing, inventory, new locations, and more. There are many funding options available for small businesses but it’s very important to understand your options. Take a look at this article about how to find the best source of small business funding.

3. Increased customer base

Understanding what your customers like about your business’s values and staying dedicated to those is important, as are offering high-quality services or products, and making it easy to do business with you. This EGF article, Top Marketing Tips for Your Small Business, will help you keep the customers you have and reach more people, too. 

4. Positive company culture

A positive company culture with respect and optimism builds employee loyalty, and that saves you time and money on staff turnover. For more tips, check out EGF’s recommendations for the top human resources tools.

5. Collaboration with other businesses

Collaborating with other businesses helps you reach more customers and build partnerships that benefit your business. Learn more about these in EGF’s article, New Year’s Resolutions Every Small Business Owner Should Make.

6. Effective customer engagement

Healthy digital-engagement rates can mean increased sales, too. EGF’s article on the top digital trends for small businesses has more information on how technology is changing the business landscape and ways to keep customers coming back.


 And if your small business is in Yonkers or Manhattan, New York, here’s a special opportunity:

The Small Business Administration has opened applications for the 2017 Emerging Leaders training program. This six-month program includes classroom training, chief executive officer (CEO) mentoring and other coursework that will take your business to the next level.

 To learn more and find out if you qualify, go to the information on the SBA’s website or fill out an expression of interest form

Understanding what your customers like about your business’s values and staying dedicated to those is important, as are offering high-quality services or products, and making it easy to do business with you. This EGF article, Top Marketing Tips for Your Small Business, will help you keep the customers you have and reach more people, too. 

 

About Excelsior Growth Fund

Excelsior Growth Fund (EGF) helps businesses in New Jersey, New York and Pennsylvania grow by providing streamlined access to business loans and advisory services. EGF’s signature product, the EGF SmartLoan™, provides up to $100,000 in fast, transparent, and affordable financing through a secure online platform. Larger loans up to $500,000 are also available. EGF is a nonprofit organization and is certified by U.S. Department of Treasury as a Community Development Financial Institution (CDFI). Learn more atwww.excelsiorgrowthfund.org