Get Your FREE Subscription to HQ Magazine!
Canna Aid

How do you measure the success of your small business?


Profitability is probably the first thing people think about when measuring success. Is your business making money? It’s a pretty basic formula — if there is money left after you have paid your operating expenses and debt, then things are looking pretty good. However, if you find your bottom line is continually red, then your chances of success begin to dwindle.

Comparing yourself to your neighbor will only leave you wanting more in your personal life. However, a little comparison goes a long way in setting effective goals for your business. Understanding how your shop stacks up against your competitors in regards to products you carry, pricing, and customer service is key to keeping your customers satisfied.

In a Forbes Magazine article, Mike Kappel, founder and CEO of Patriot Software, suggests one method is by averaging your number of new customers.

“Knowing how many new customers you get is a great way to measure your business’s success and predict growth. If your business is stagnant with the same 25 customers, you might need to kick up your marketing strategy. See if the people buying from your business are existing customers. 

Develop a client list with email addresses to track customers. That way, you can easily count the number of new customers per month or year. 

Average how many customers you get from each new business action, like adding products or upping your marketing efforts. By averaging your new customers every so often, you can measure how successful your business is at drawing in new people.

And then there’s the old adage that holds up time and again: You never achieve real success unless you love what you are doing.


Canna Aid

Recent Articles

Colorado’s cannabis industry, once a pioneer in the legal market, is now seeing a decline for the first time since its formation. Despite the initial success, the industry faces crashing prices and increased competition.
As cannabis has been selectively modified to contain high THC, it started to become apparent that focusing only on THC production may produce a potent high but is not always ideal for a balanced and relaxing experience.
If you want to make the most of today’s most powerful marketing tools, don’t fall for the sweet nothings that Facebook and TikTok whisper in your ear. They are goliaths masquerading as coquettes. If you want to play the game, you need to be crafty. Here are five ways to get more from your socials.
Nearly everyone alive believes the media is biased. Most of us can name the bias of every major newspaper and cable channel as easily as we can recite the ABCs. If you’re in that majority, certain that you can determine slant from a distance, this test is for you.
Months after launching, the health-focused cannabis company came face to face with the COVID-19 pandemic.
The cannabis pioneer and activist’s new bubbler and water pipe designs  are legitimately burning up the market (and a heap of flower too).
This month, we had the opportunity to sit down with VPR Brands’ Chief Operating Officer, Dan Hoff—and the results were epic.
CBN for dogs is becoming an increasingly popular supplement because it acts very differently than CBD.