Business Growth - Business Success And Failure

Question 1

What are signs of success in a business?

Answer 1

1. Increasing profits - a successful business will be increasing its sales each year on year
2. Attracting new competitors into the industry - a successful business attracts new competitors into the market in order to share the success
3. Favorable customer reviews - a successful business will be receiving good customer reviews on its website and on social media from satisfied customers

Question 2

What are some signs of failure in the business?

Answer 2

1. Loss of profit - an unsuccessful business will have failing sales, which will lead to decreasing profit year on year.
2. Loss of customers - an unsuccessful business will lose its customers because of a lack of variety of products, low stocks or poor service
3. High employee turnover - an unsuccessful business will be unable to attract any new employee or keep its existing staff