Celebrating milestones can remind you why you started your small business

Over the last few months, Australian small businesses have faced what, for many of them, will be the biggest challenge in their business journey. But for all the concern and uncertainty, we’ve heard many inspiring stories of small business owners innovating, and seeing their businesses not only survive but grow and evolve, writes Suzanne Mitchell, Australia Marketing Director, GoDaddy.

Australian business owners are a resilient bunch, and recent GoDaddy research found that many are most satisfied when overcoming challenges, Whether it’s a small challenge, like winning over an unhappy customer or something bigger like running a small business during a global pandemic, for example – 60 per cent of business owners surveyed reveal they are most satisfied when conquering a challenge. After all, achieving goals, hitting targets and treating milestones as a source of inspiration that can bring immense satisfaction.

GoDaddy Business Resilience Research sought to understand key business milestones and the moments that bring business owners satisfaction – even when times are testing. Here are a few of those milestones.

Establishing that you have an adaptable business model

Creating an effective business model that outlines an adaptable, strategic path is likely to be one of the first milestones many will reach as they plot their return to ‘the new normal’ as restrictions lift. Nearly one in three Australian small business owners felt a sense of pride and self-esteem in reaching business milestones. While reaching any milestone can be a cause for celebration and a great source of satisfaction, realising that you have a plan in place to help you weather the current situation, and what comes next, could be the first source of satisfaction.

Earning yourself repeat business and referrals

Getting your first customer or client is exciting, but perhaps even more exciting is when a previous customer returns after restrictions ease or recommends you to someone else. That is certainly the case today, when every sale, order or lead is significant. Repeat business and referrals could be a powerful sign that you’re on the right track, fulfilling customer needs and creating value for your target market when you need them the most. Goals don’t have to be grand, and if somebody comes back for more, there’s a reason: you’re doing something right. Be proud of that.

Refining a successful online marketing strategy

One of the biggest challenges when starting a business can be having to wear a variety of hats such as finance, HR and marketing. Fortunately, there are plenty of tools out there to help you make the most of your marketing efforts (and budget). Developing an effective online marketing strategy with SEO tools, email marketing and social media integration could help you amplify your business online during a time when its voice needs to be as loud as ever. After all, an online presence is an important lifeline for many business owners, as they deal with cancelled events and quieter highstreets.

Take Dolly’s Disco Bingo, for example. When the pandemic struck, she lost many previously planned events when pubs and venues across Melbourne closed. In response, she relied on her online presence and now delivers her exciting, loud and bright brand of disco bingo via Zoom, to lounges across Australia. For Dolly, seeing her business bring joy to people online while in-person events are postponed is a source of immense satisfaction.

Reaching the first significant financial milestone

It can be a good idea to have financial milestones in place, not just so you can track your business’ performance, but because it can be a great source of motivation. According to our research, 21 per cent of business owners said achieving a financial goal is a significant milestone in their journey. And with money likely at the forefront of business owners’ minds more than usual, setting financial goals could provide a regular source of satisfaction as your hard work pays off.

Challenges come in all shapes and sizes, with some – like today – far more daunting than others. But by trying to treat each as an opportunity to grow and by setting your sights on key milestones, you might find a source of motivation to help guide you not only through the tough times today, but to help set your sights on a potentially brighter future too.