Estimated reading time: 5 mins
It’s a question that most business owners ask themselves at least once or twice. Or, they ask their management team this question at some point in their career. Success is measured differently for every business, and some measure their success in the way that they feel, with others knowing they are successful because they are told they’re successful. Measuring your progress is essential as a business owner. Not only do you need to know how well you’re doing in the eyes of your leadership team, but you also need to know what the public thinks of you, what your investors make of how you’re doing. It all counts and your business relies on your measuring its success to be going in the right direction.
There are plenty of ways that a business can measure its success, thankfully. This means that you have a list of things that you can check off and know that you are doing it right. You want your business to be the best that it can be, and you can ensure that it is when you continually measure your success. Below, we’ve got seven things that you could do to keep an eye on your business and see that it’s as successful as you’ve planned for it to be.
Your Revenue. You can pretty much tell if you’re doing well if you are seeing zeros popping up all over the place at a much faster pace than you anticipated. If you can cover your expenses, pay your bills and still have more at the end in profit, it’s a sure sign you’re doing exceptionally well. All businesses start slowly and are usually in the red when they first begin. Still, if you are edging toward the black, then you are going to be able to continue with this successful strategy and keep growing your profits. If you can manage to sustain your profitability, you’re going to be able to remain confident in the success of your business.
Customer Feedback. If you are using NPS software to gain feedback from your customers, you’re going to be able to tailor the way that you deliver your service. You can never have enough customers; more customers means that you can grow to accommodate them. If the feedback you are getting is negative, then you need to make changes to be able to be successful. Otherwise, you need to hear the positives and do what your customers are asking of you. The more you do to show that you are listening, the more your customers will remain loyal to your brand.
Customer Retention & Satisfaction. Sometimes, quantity is not as important as quality. You need to be able to see that you are making your customers happy, and for most business leaders, this is the way that they quantify their successes. It’s quality; happy customers will talk about you, which brings in even more customers that you can make happy. And on it goes. Word of mouth marketing is possibly the most important tool that you have at your disposal. If you are offering the service that your customers are asking for you, you’re going to keep hold of them and be able to grow your customer base massively.
Happy Employees. You could have the best profit margin and the happiest customers with a growing customer base, but if your staff turnover is high, then you have a problem. The only reason staff turnover should be high is if you are promoting within and making it so that people are hitting their goals. If your staff are leaving you in droves and refusing to work with you, then you’re not creating the right environment in which they want to work. A business does not flourish if the staff are feeling unfulfilled!
How YOU Feel. Most people who are in charge of a business don’t believe that they are ever satisfied – they’re always striving for something more and never really settling. However, striving for something more doesn’t mean that you are unsatisfied. If you can see that your business is doing well, and you are happy with the way you are hitting all your goals, then it stands to reason that you would have a successful business.
How Much Have You Learned? If you can steer your business in the right direction by consistently learning and doing better, then you can say that you have a successful business. You have probably realised that you will face failures in your journey toward a secure company. Still, if you are learning from these failures rather than folding at being told you’re doing something wrong, then you are going to develop and evolve as a business leader. Running your own business teaches you a lot about yourself, so don’t be afraid to continue to learn. Failure is necessary for growth, so pay attention to those first and then let the successes roll in afterwards.
What Are You Doing With Your Time? Did you know that your time is a precise measurement of your success? If your time is being spent delegating, creating, inspiring and listening, then you are using your time wisely. The best thing that you can do is prioritise your tasks for your business and hit your goals. The more you do this, the more efficient your business will be. A profitable company is a successful one, no matter which way you look at it!
A business owner must lead its staff, inspire its customers and push their business forward into new areas where they can. Measuring your customer success and profitability is the beginning. Still, eventually, you have to be able to take a look at your business plan you started out with and realise that it’s now out of date: you hit those goals long ago! Success looks different for different people, so learn what you believe success is and start measuring from there. You can’t go wrong if you are following your own business path.