How do you view your business? Are you looking through the binoculars of society? Are you viewing with the eyes of scrutiny, looking ONLY at the monetary figures that your business may be acquiring? The society we live in today is ever fixed primarily on the financial aspects of a business and it seems that, this is how businesses are unfortunately measured. You may have noted yourself that, you might just be viewing your business in the same light. Well what can be done about it?
According to adequate research, there are many ways to measure the success of your business. Have a look at some ideas:
1. Your Network Flow
If you manage your business online, the amount of traffic you receive from visitors may tell you just how well you are doing…or not. As this platform serves as a means of communication between you and your customers – this could be a way of measuring your success and to see just how well you are doing, if at all.
If you are providing specific services to people and you have a system whereby you have allowed your customers to give their thoughts and comments on your business and its services, you can use this feedback to help you gauge how well you are doing as a business. Granted, it may not be to the fullest degree that you will gain a full coverage of the public that make use of your site, but it will provide you with a guesstimate of what you are already doing and how you can better your performance.
Since you will receive both negative and positive reviews, make sure you take note of all comments and adapt it to see how it can benefit your business. It becomes a great measuring tool in your communication with your audience and how much you value what they have to say which in turn again, will determine the success of your business.
3. New Customers
Are you receiving an influx of new customers your way? Customers that want to do business with you and that are interested in working with you - this is a sure way that allows you to measure the success of your business. The reality is that if you are under the frame of a successful business, this is recognised and noted by other businesses who then want to ‘come under your umbrella’ as it were, to engage in business activities. At this point, in their eyes – you are successful.
In doing this, they bring in new clients and customers who are then added to your list and your business is then promoted.
For the masses, this is a general way of knowing whether your business is successful or not. Your yearly, monthly profit margins are to be considered. If you have more coming in, then for sure your business is doing well. For many people, this is a very important and crucial way of determining the success of your business because it means that your business is not only profiting but also allows you to continue to provide the service or product that it is already giving.
5. Reviewing Your Current Market
Is your business expanding? Does your business allow you to dive into different markets? You will need to keep up to date with the various markets to ensure that your business stays afloat and stays current to attract new customers and to retain your current customers. If you are able to introduce new products and items to remain fluid through your market – this may be something that will help your business and you can review how that would affect your business, which will then in turn allow you to determine how successful you are.
6. Performance Reviews
Are you reviewing your business performance yourself? You might initially think that the success of your business lies externally. This is not always the case. As the business owner, you would need to take it upon yourself to conduct performance reviews to ensure that your business is staying in the direction that it needs to stay in. This will allow you to check your objectives, your targets and your goals and you will be able to see if you are reaching them. This contributes to your success in an internal way – and this is a very different approach that some may not even realise.
Measuring the success of your business involves honesty. It involves being able to decide whether your business is really doing as well - as it might appear. You might wonder though, how would you measure business honestly? Well, after reviewing the many different ways of measuring the success of your business, I can say without a doubt that the best way to do this is to examine your business yourself.
This is YOUR business…
If in your mind and your eyes, you feel that you are successful – then that is what you have made it. YOU are successful. It’s true that the examples above do aid in analysing success, but it only does so from external angles and even then - you just cannot always be certain. The reality is that, success really is what YOU make it. You can be given advice and you can receive the best of feedback and criticism but if you know in your mind that you have given your best and you see that you have progressed from when you first began, then you have succeeded.
Please DO NOT allow anyone to tell you otherwise. Let me remind you again – This is YOUR business. Success is from within and no one can ever take that away from you. This means that even if you receive negative reviews and words from others, your passion for what you love motivates you to continue. Do make use of the tips above, they still remain very helpful. Use it as a guide but don’t ever forget that success depends on you, not on anyone or anything else.