10 Indicators of a Thriving Small Business

As a small business owner, do you ever feel too close to your company to see how well it’s really doing? Maybe you have such high standards that only perfection will do, or perhaps you can’t see the flaws in something you’re so proud of. Either way, these ten factors can help you get a clearer picture of your business’s health.

First, check if you have low turnover rates and if your employees feel challenged enough. Happy employees who find their work engaging tend to be more productive and provide excellent customer service.

Keeping your customers happy is crucial. Try this: draw three columns on a piece of paper and label them with a happy face, a neutral face, and a sad or angry face. Then, tally the expressions of your customers as they leave your store.

Having a clear mission statement that all your employees know is important. Even better, can they remember it without looking it up? Do they understand how their roles contribute to that mission?

If the local press seeks you and your employees out for your expertise, that’s a good sign you’ve established a strong, trusted reputation in your community.

A healthy workplace culture allows employees to freely express both criticism and praise.

Small businesses that are flexible and can adjust to changing circumstances tend to be healthier. Whether it’s dealing with a busy day short-staffed or revamping your pricing structure, the willingness to adapt is a strong indicator of potential success.

On the other hand, if you resist change and stick to old habits just because “that’s how it’s always been done,” it might be time to ask yourself if this approach still works or if you need to update your practices.

A robust business often has people eager to work for you. If you get a flood of applications or even unsolicited resumes, that’s a positive sign.

Of course, turning a profit at the end of the year and reinvesting those earnings back into the company is a very good thing.

Lastly, having so much business that it becomes a challenge to handle is another great indicator that you’re on the right path.