There are many businesses on the internet; some flourish while others are left behind. Making it through the first year is most challenging as you have many competitors that also want their own business to grow. Some are lucky to make it through their first year without being bankrupted. If you’re business is one of the lucky few, you could be asking yourself what exactly made you successful. Once you are able to isolate it, you can concentrate on it and continue your success or perhaps be even more successful in your second year. Below are some guide questions to determine how you became successful.
1. What Were Your Profits?
Be honest with yourself when it comes to tabulating your profits or losses. Do not write off the new computer you bought just because your old one died on you, and similarly, don’t count money that is due any day now. Only after you know how you did can you start to plan on doing better.
2. Where Did The Money Go?
When you are able to make profits, do not spend it immediately. Instead, you should re-invest. A lot of businesses don’t make any profit even after five years. Re-investing profit will serve you better and it will enable you to expand your company.
3. Track Your Customers
You should have a database for your customers; if you don’t have it, now is the time to start building one. Whenever possible look, for a sophisticated system that is able to track repeat buyers. This way, you can determine who are your loyal customers and perhaps start a loyalty program for them if you like. Also, check every transactions you did and calculate how many were repeat business. You want to aim for the highest possible amount of repeat business simply because it is more convenient to keep an sting customer than to make a new one.
4. Learn From Your Mistakes
Receiving customer complaints are normal in any kind of business and you should have a detailed record of these. Study what mistakes you have committed and see to it that you’ll correct them permanently. Better yet, you should always look at your business in a way that you will oversee possible flaws and take precautions. This way you’ll have fewer worries while customers are in your business.