Day: July 1, 2018

Digital Economy: 7 Ways to Know Your Business Is on the Right Track

Owning a business is far from making it big in an entrepreneurial venture. You have to make a lot of right decisions to make it big. Here are the indicators that will tell you if you are on the right track.

  1. You make first page of google search: Google, Bing, or Yahoo, you have to make up the front page of the search results organically. The digital age of doing business defines your company’s value through intricate search algorithms, and every honorable mention and customer satisfaction will push you towards the top.
  2. You are a reference in the industry: If your customers are not referring your business, you are doing something wrong.
  3. You have a dedicated digital transformation team: Companies that are leading have a highly focused digital transformation agenda.
  4. Your net income vastly outweighs overhead: Starting out in a business, with lots of necessary expenses like product prototypes, logo designing, SEO, and buying web domains can set you back. It could be years before you start to make a reasonable profit. And when this profit outweighs the cost you incur running the company, you are doing fine.
  5. You are exploring new markets: Disruption is a major maker or breaker in the industry. If you possess a digital first mentality and keep researching and upgrade to adjust for new ideas and interferences, you are doing it right. You don’t want to be Nokia turning down Android.
  6. Your stock is highly valued: Making gradual progress towards building a steady call in the stock market takes time, investment, and lots of good decision making. Traders and investors use buy sell indicator to judge the worth of a stock in closed prospect or in years to come. You want investors to crave your stock.
  7. You welcome criticism: Your customers’ critique can give you unique new ideas to address pain point. Welcoming criticism is a sure sign of success.