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How do i know if my business is doing good or bad?


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Matthew’s Answer

A very simple question but the answer is not.

My initial answer is - my business is doing good if it is adding value.

I look at a business as a process. It takes something in (raw material, inventory, talent, ideas, etc.) then they go through the business process, which converts them to some kind of output that are purchased by a customer because they find value in the using the product or service. The business has added value during the process to help the customer address or take care of his/her need.

Also, I know of many business owners in small communities who feel their business is doing good since it has provided employment to families in the community for several generations in some cases.

Usually, a business owner can tell pretty easily and pretty quickly, if their business is doing good or not. The more difficult question is WHY?

Matthew recommends the following next steps:

Find a business that interests you.
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Gain experience by working in the business as an employee for a while.
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Save as much money as you can to invest in your own business.
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Develop as many relationships as you can.
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Try it.
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Vinoth’s Answer

Getting feedback from customers is always a good thing to check whether what is going good or bad. Second thing is to check your annual turnover (profit/loss vs invested money). Third one is to check these details from the day of your business start and see whether you have improved based on the customer feedback or seeing consistent profit across the years. Set a goal for the improvements and then move accordingly.

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Kristi’s Answer

Your business should always be generating revenue, so you can make a profit.

Kristi recommends the following next steps:

Perhaps have a Financial Adviser review you monthly and year over year numbers
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