‘Success’ is generally not the same for everyone. Whereas some people measure success by the profits, others could see success as having to work fewer hours and have a better work/life balance.
Especially with the way Covid has changed the way we work and live, people’s views and measures of success have changed. You may have heard the saying “What gets measured gets managed” so when it comes to the success of your business what are some of the business measures you can apply to manage your business better?
We’ve compiled 6 methods to help you get started.
Here us out…
This one HAD to make it to the list first because it’s the most common (and important) if you don’t make money, you’re not going to stay in business long.
Do your business’s financial income statements look healthy? Is your business still profitable or you’re consistently seeing red? Measuring your money coming in and money going out is a must. If your profits are maybe not as great as you would like what are some of the things you can do to reduce your overheads? Wages are generally the biggest expense to a business so if you measure your success by your profits would a reduction in staffing wages make your profits even better?
Could a virtual workforce reduce your onshore wages meaning lesser expenses and bigger profits for you?
Regular reviews of how your business is doing are vital. Especially if you are a serviced based business, your business is judged by every interaction and delivery of that service. So, ask yourself, “is your business delivering on what your clients are expecting and wanting”?
Keeping your clients and staff happy and satisfied can help your business perform better, make more sales and get more repeat clients, so this can be a powerful measure of success.
Other areas of satisfaction can relate to your branding, for example:
“Is your business or brand what you want it to be?” Is it a good representation of your product or service and represents you at the level of professionalism you are aiming for?
“Are you meeting your business targets?” Are you satisfied with your output and level of service delivery?
If you think you need to increase your output or customer service delivery. A great way to achieve more satisfaction in your business without significant costs to do so is to partner with a remote team specifically built around your business goals all working towards achieving the levels of satisfaction you set.
Happy clients = more return business or greater business sales. Since you’re in business to make money, the opinion and your client’s happiness should be listened to.
It’s much easier nowadays to know what your clients think about your services and products, via online reviews, automated feedback forms and end of sale questionnaires.
Think of the feedback from your customers as honest guides and rules of measure for areas you can improve or areas you are exceeding expectations.
Keep a tab on these comments, tweak your business as needs and try to give more attention to the areas that feedback suggests needs improving. If you haven’t received any reviews or feedback on your business just yet then we highly recommend you look to establish these channels as a great way to measure your client happiness.
How many new customers have you made within the past month?
How many potential leads or clients have you lost or completed their projects?
A healthy business can track how many new clients, lost clients and completed projects it makes at different intervals. Is this the case for you? New clients indicate health though not as much actually retaining them and getting repeat business.
If your answers have been mumbling and ‘No’s’, consider a business revamp. Those out-of-the-box ideas can be useful in your marketing strategy. Reviewing why you may be losing clients is also just as important as measuring new clients.
Have you stalked your competitors lately?
Are they doing well? Are your clients rushing to them for the same business you’re in?
This means that no one is looking for the services or products you’re offering. This weighs heavily on your business performance which is why it’s critical to keep an eye on what’s profitable for your business. While we never recommend straight out copying what your competitors are doing, it’s always a good idea to keep your eye on their marketing efforts, specials and offerings so you can differentiate yourself from them.
To stay hot on the market, showcase new products and services. Only do this IF your current services or products are at a halt or declining in sales. Showcasing something new is a great refresher to your existing clients and may attract new clients. Measuring yourself against your competitors can be a good way to measure your success against their efforts; however, make sure you team this one up with another rule of measure, especially if you don’t have many competitors.
Setting clear and defined expectations on what you want from your business can save you tons of stress when looking at business performance and success. If the numbers are where you want them to be (and hopefully exceeding) and you feel the business is performing well, you’re on your way.
If your business is not meeting your expectations, you should assess if your expectations are in line with the current economic environment?
We understand that sometimes you have to wear many hats when running your business and that Covid has placed more demands on business success than ever before.
If you’re not sure how to find your way around the market strategies mentioned in this article or need to grow your team without expanding your overheads in onshore wages, now has never been a better time to have a remote team that can support your business success and allow you to achieve more.