Everyone who launches a business wants it to be ‘successful’. This word is thrown around as though it is tangible, but it is not; what does success for an SME actually look like, and how can you go about measuring it? A successful business needs goals and ambitions, but if they are overly ambitious it can be easy to lose faith in what you are doing when targets aren’t hit. If you are fully aware of what can be deemed ‘success’, then you are far more likely to be able to set down the right foundations and take the steps that will enable you to flourish.
So, with that in mind, what should success look like for you, and how should you go about attaining it?
Measures and metrics
1. Financial statements
This is almost too obvious to be included, but to leave it out would be remiss of us. You need to be very aware of what is contained in your financial statements, because, at the end of the day, you need your incomings to be higher than your outgoings if you want to prosper. Assessing business performance is all about being fully conscious of your business’ flow of money.
2. Focus on customer feedback
Is your business providing solutions that people find valuable? Are you offering products that are high in quality? Is your customer service up to scratch? It is absolutely essential to acknowledge the opinions of your clientele because ultimately, they are the difference between making it and failing. This also means responding to queries quickly – whether they be via phone, email or social media – and building a reputation as a company that genuinely cares.
3. Utilise performance reviews
If you have employees, it’s essential to understand how they are performing, where they can improve, and what they like and don’t like about your overall operation. Remember, these people are embedded within the business almost as much as you are, and their opinions can be incredibly valuable.
4. Assess your expectations regularly
You have to be sure that you are happy with what your business is doing, how it is operating, and whether your expectations are being met. Perhaps your goals were too high to begin with, or maybe they were too low, but by checking in routinely to see whether you’re on route to hit your targets, you can modify ambitions to match progress.
Success for an SME – where to find out more
If you’re launching a new business or if you’re planning the next phase of expansion for your small business, talk to us about finance options. We offer a full range finance solutions – products and services aimed at business development and growth. Regardless of how much capital you need or how big you are as a company we can normally help. Our transaction size starts from as a little as £1,000 and we have arranged funding facilities for brand new starts ups with little to no trading history to those turning over millions of pounds. Learn about the different forms of business finance we can help you with.