The Investing Responsibly Resources Center can help you make better investments.
A good investment ticks at least 4 boxes:
- The value proposition makes sense to you
- You understand the metrics around the investment
- The risks are known and acceptable
- You are comfortable investing from a social standpoint.
Read on for how to apply these principles to your investment decisions.
All types of investment are covered by Investing Responsibly, including financial, stocks, private equity, start ups, personal education and business management.
Information resources are provided free of charge to readers for business education purposes.
Indicators of a Successful Startup Business
For a startup business to turn out successfully, there are certain indicators that must be put in place to achieve this. Here are a selection of some of the best indicators of an improving business worthy of further investment.
1. Business and marketing plan
One should have a written down business plan while also having an idea of what a successful business means in the long run. The essence of having them written down is like having a point of reference.
Ensuring that the business plan is adaptable to change is essential since the economy is never stable and such changes should be put into consideration. Having a separate marketing plan ensures one identifies what they should do in order to not only attract new clients but also retain the existing ones.
2. Acting like a business
The business should be its own person since it has its identity and is a brand in itself (Office Organiser). Acting like a business also involves separating the business money from personal money. This should not be hard since there are various accounting tools like Quickbooks which can help one do that and also come up with complete accounting reports to that effect.
3. Return on investment
The business should at least be able to run on its own money. This does not matter whether one does the business as a hobby and gets the satisfaction but should return some profit with it. It may not have reached the point of profitability but still it should not necessitate the need to keep injecting one's saving in order to let its doors remain open. This eliminates the need for acquiring credit in order for it to remain in the industry (ATB).
4. Retaining clients
Clients are the lifeblood of every business, and their repeated custom and referrals are crucial to success and longevity. If they are happy with your goods and services, they will keep coming back. This means their needs should be met so that it's a win-win situation. They get what they need and you also get what you want. Yet, sometimes it is difficult for a business owner to maintain a long-term relationship with a client. Managing customer relationships is about meeting needs and ultimately profiting, so everyone wins (BMA).
It is said if you want to go fast, go alone but if you want to go far go with someone else. This is practical in business world . Having another team member is relevant since two heads are better than one. The other team member can come up with creative ideas which one may not have thought about if they were alone hence promoting growth of business.
6. Know the business
Growth comes from knowing what works in your business and what does not work. This is essential for making changes in order to maximize on what is working and getting rid of what does not work and improve the overall business performance (NI).
7. Conversion of customers
This is essential for adding new customers to your current client list. Almost every page on your website is a potential landing page for a new customer.
8. Continue to learn and improve
As a business owner, you must continuously review what's working and what's not in your business and make changes accordingly (SN).
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