How To Measure The Success Of Your Small Business

How To Measure The Success Of Your Small Business
Maybe it has been a few years, and you’re thinking of preparing your company to scale up. But it can be difficult to figure out if your small business is actually growing, or if it has started to plateau. 

How do you really measure the success of your venture? It has to do a lot more than just your earnings – we take a look at other considerations to help you understand the bigger picture.

What your customers say about you

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A sure sign that you are doing well is getting overwhelmingly positive feedback from your customers. Whether your digital marketing campaigns are delivering leads and sales, or you are garnering more interests thanks to word-of-mouth, your brand is already generating awareness and enthusiasm.

Another thing that tells you more about customer satisfaction is your retention numbers. It is likely that customers who keep making repeat purchases year after year are happy with your product or service. This not only demonstrates that your business has staying power, but it also grants the opportunity for you to upsell current customers – which are a lot cheaper than acquiring new ones. Thus, focusing on your retention is wise for your bottom line.

The performance of your employees

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One of the core components of any successful company is the resources they have at hand, which is your team: the people who work hard to ensure everything operates smoothly. With a great team that collaborates and works well together, you are on your way to achieving the goals of your small business.

Performance reviews are commonly done for most employees, but you should also take a closer look at the value and worth of your team overall. They can make a difference in how your company can strive for growth and success.

If you’re looking to expand the team and hire more talents, a bigger office space can provide the ideal working environment. Our property at 34 Boon Leat Terrace offers ancillary offices for rent, located at the fringe of CBD. It has convenient accessibility via West Coast highway and the nearest train station is 10-mins away at Pasir Panjang MRT. This 6-storey warehouse is also well-suited for businesses seeking warehouses for rent to store and fulfil their orders. Unit sizes range from 232 to 4,752 sqft – furnished with windows, aircon, lights and carpet for selected units. Other facilities include 24-hour access, 4 loading bays and season parking for heavy vehicles & cars.

Follow the money

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Ultimately, the company’s finances play a big role in the success of a small business. But it’s not just about looking at the monthly profits you are earning. Rather, there are three financial statements you should consider: the income statement, balance sheet, and cash flow statement.

Start with your income statement to measure how much money is coming in and going out, which lays out the profitability of your business during a specific period. You can look at it by month, quarter and year. For balance sheet, it captures all the assets and debts you have, giving you a better idea on the sustainability of your small business in the long run. Lastly, a cash flow statement reflects asset liquidity, whether you have the cash to invest in inventory, marketing costs, or new hires – it will help you decide whether it’s a good idea to make a move in your business decision.

Getting more profitable is a good way to measure entrepreneurial success and set you up for expansion. If you’re ready to take your business to the next level, start with the office space to support your growing operations. Our property at Cantonment Central offers large and small offices for rent, strategically located at the fringe of CBD and right outside Tanjong Pagar. These individual air-conditioning units come in sizes starting from 281.05 to 13,536.69 sqft. The building is newly refurbished with automated turnstiles at the lobby and full height glass windows on all floors – tenants can also enjoy a breathtaking panoramic view at the 3rd level. It is also 2-mins walk away from the upcoming Cantonment MRT, and 10-mins away from Tanjong Pagar MRT for daily commute. Parking lots are available, and a variety of food amenities can be found easily within the vicinity. 

Save more on your rental with ongoing promotion! Enjoy 50% off your lease when you sign up for offices, warehouses and industrial spaces before 31 March 2021. Terms and conditions apply.

If you wish to find out more about LHN properties info, feel free to contact us at +65 6578 9966 or WhatsApp us at (65) 8345 9966. Alternatively, you can email us at space.enquiry@lhngroup.com.sg.