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How do you measure your business success?

Nov 11, 2011 | recommendations, tips, Vee's blog | 0 comments

When do you know you are successful?

Do you judge your success by the sheer turnover, the volume of sales or the number of clients you have on your books?

If you run your business efficiently you will no doubt have set targets and objectives each year and keep track of your incomings and outgoings. Then you’ll do the usual tally at the end of the financial period.

But, is that really enough to determine your success?  You may have made more money or gained new clients but has your business actually evolved?

While you have been busy reaching your targets so have your competitors. What’s the chances they have also been thinking ahead to the next strategic leap in getting ahead of the game?  Everyone wants to succeed but often only those who continually strive to get their business to the forefront of prospective client’s minds actually do!

So how do you determine your true success?

Understanding your customer profile…

It’s not about how many customers you have on board now. The answer lies in looking at the reasons new customers came on board and particularly why some didn’t!  Getting feedback from customers is an invaluable way of evaluating how well you are doing to the people who really matter…your customers!

Getting testimonials from satisfied customers is a very rewarding way of boosting your business profile. Equally, examining why others went elsewhere will give you some insight into whether you need to adapt your offerings or change how you promote them. If you use various marketing techniques to promote your products and services to your existing and prospective customers then these should be appropriate to the typical profile of your customers.

Being prepared to respond to change…

It not about the sales volumes it about understanding why a new product or service worked or wasn’t the success you envisaged which will enable you to adapt it for the ever changing market demands.

Over time you may need to expand and evolve your range of products and services. Knowing in advance why some things worked and others didn’t, helps you to decide the most appropriate direction for your business to take.  Look at the questions customers ask about your products. Find out the reasons why they return to you or recommend you to others. Explore why they make enquiries but don’t buy or go elsewhere.

Viewing yourself as a valuable resource…

It’s easy to underestimate how pivotal you are to your own business.  Your knowledge and skills are the fundamentals of your business and you need to ensure that you are free to do what you do best.

You are ultimately the reason for your business success. So adding value to your business lies with your own ability to focus your time on the important tasks of evolving your business, dealing with customers and providing quality products or services.  Consider whether it’s the right time to delegate tasks or take a look at other ways to free your time.


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