No matter whether you’re a small startup or a large business, being successful is all about timing. It’s about knowing when to put your foot on the accelerator or when to edge onto the brakes. This is especially true in 2023 when the economic climate is ebbing and flowing between stability and instability.
Last month in the UK, for instance, the financial climate betrayed the instincts of countless experts by falling to 7.9% – far lower than anyone had expected. The business world in 2023 is incredibly hard to pin down and navigate, which makes the decision to “level up” increasingly difficult.
With this in mind, if you’re running a company and you’re considering putting your foot on the gas, how exactly can you know if it’s the right time to do it? Here are a few indicators that can reveal whether you need to take the next step:
A Steady Incline Of Loyal Customers
For B2B companies, especially, achieving customer loyalty is one of the most identifiable indicators of success. In the B2B world, existing customers can make up as much as 65% of revenue, with B2B leaders agreeing that it costs 20 times more to attract new clients rather than retain existing ones – visit incentivesmart.com for a full look at the benefits of customer loyalty.
If you have invested in a customer loyalty programme and you are noticing your retained clients are not only steady but on the rise, then this is an indicator that you are ready for growth and can look to expand.
A High Level Of Visibility
Every business needs to know what their customers are saying if they want a good look at their company outside of the bubble.
One of the ways this is done is through social listening, which can give your business a sizable amount of data surrounding clients and potential clients across multiple platforms. This is a great way to know how wide the reach of your company has been in the last few years, how many customers know your business’s name, and if you have certain liberties to take a step forward.
Picking And Choosing Your Work
It’s a catch-22, but picking and choosing work as a company is both a blessing and a sign of trouble. On the one hand, it shows that your business is in demand, and all the work that has been put in is paying off – another indicator that your name is out there and is becoming increasingly visible.
On the other hand, it shows that your business needs to take action to supply more customers on demand. In short, this is an indicator that your business needs to step up. Otherwise, its reputation for strong products or services could be at risk.
Looking To The Future
These are key factors to consider before you level up, but in short, intuition is the best indicator. If you feel like you are ready and your company is in a strong position, then there’s nothing stopping you from creating a plan to move forward and putting it into action.
