June 30, 2021 | 3-minute read (465 words)
Do you envision yourself at the top of the industry, or do you feel like you're always trying to keep up when you think about your own startup? Although experienced entrepreneurs encourage small business owners to avoid making regular comparisons with their competitors, many tend to constantly assess how they are doing by looking outward.
A Kabbage, Inc. study of over 600 small company owners found that 60% believed their revenue growth was slower than that enjoyed by their rivals. But in the same study, Kabbage discovered after analyzing the data that approximately three-quarters of respondents had a healthy revenue performance.
Even more shocking, only about 11% of small company owners could determine their position compared to other respondents. "The conclusions hint that small business owners may have unreasonable self-doubt about their firms' financial health and that a lack of adequate insights into their market or sector may impact why small enterprises tilt toward underconfidence," Kabbage said.
Your milestones are worth celebrating
Consistently evaluate critical indicators, such as month-over-month sales/revenue or client acquisition expenses, to ensure that you aren't underestimating where your firm stands. Instead of quickly jumping on to your next objective after you accomplish a new milestone, take the time to enjoy.
Assume your business is finally profitable for the first time. For most entrepreneurs, this is a significant occasion that should be celebrated. Instead of setting a new target right afterward, such as boosting earnings by 20%, give yourself a day or two to embrace the reality that you have accomplished a significant goal. Celebrate with employees so that everyone understands how important they were in making the event a success.
Why is it so important to celebrate?
One of the most significant reasons to celebrate your victories is that by not doing so, you are holding your company behind. That is undoubtedly correct. If you don't think you have time to celebrate your company's achievements, change your thinking. Consider your employees, who work long hours helping you grow your company and achieve your objectives. Celebrating your accomplishments will encourage them to keep working toward those goals.
Celebrations remind your employees that you value their efforts and acknowledge everything they've done to make your company succeed. It also makes sure that everyone focuses on the good, ensuring that the momentum continues to build.
You don't have to host a large party. Some executives opt to write thank-you cards to their employees, emphasizing how much they value a particular effort and how it helped the company achieves its objectives. Others reward their employees with a corporate lunch if specific goals are fulfilled. Whichever way you opt to celebrate, make sure to involve all of the individuals that assisted you in reaching your objectives.