“Do not fear going forward slowly; fear only to stand still.”
Our urge for success and accomplishment gets lost among tough schedules, daily challenges and the tiresome work that comes with it. These things have a tendency to create an illusion of success when in truth, it is only just that; an illusion. We forget the reason why we started something in the first place. Unless we determine the position and the performance of our business, we’ll remain stuck in the same spot for years and years. It is important to maintain a check every once in a while by coming out of the work trance and to see how we are making progress in different parts of the business.
The following are some ways in which businesses can measure their performance and take out valuable insights from it:
1. How Are Your Employees Doing?
Employees are the wheels that drive your business from an unknown entity to a giant corporation. However, these same employees can also bring your business to a standstill or worse, make it crash. Therefore, a business must gauge the performance of their employees by observing their performance. Measuring the performance of employees might take little effort as each individual is weighed in their own rights. An employee’s performance can be measured by noting down their punctuality, their quality of work, their colleagues’ opinions about them, their personal goals, by their clients’ feedback and by determining their attitude towards work.
2. Are Your Customers Satisfied With Your Services?
If your customers are satisfied, then rest assured that your business is here to stay. Fortunately though, determining customer satisfaction is a lot easier today compared to the older times. Customers themselves are very vocal and opinionated. Add to the fact that they have a platform in social media to do so, it is fairly easy to determine how your business is doing on that front. When it comes to determining customer satisfaction, things are not that easier to judge. There will always be some customers who’ll find a fault, no matter how small their numbers are. The key to success is to pay attention to these complaints.
Figures help businesses determine their position in the market. By looking at profit margins and a number of sales, a business cannot only compare themselves with their competitors but also see how far they have reached from their starting point. Other than those liquidity ratios, leverage ratios and return on equity, it also helps determine where a business stands in terms of performance.
4. Have You Achieved Your Goals?
All companies and businesses have their own goals. Whether the goal is to win over a certain client, to achieve their sales target, to launch a new product, to establish themselves in a new market or to collaborate with a partner; when these goals are achieved, a business knows that they have done well.
5. Are Your Talented Employees Still Working?
Businesses hunt for talented individuals like a lion hunts for its prey. But, unlike lions, they lure these gifted employees with better packages and proposals. However, if most of your super talented and committed employees are still working with you, then it’s a telling sign that there is success written for this business and these skillful people trust in the business.
April Salsbury, MBA is a strategist, an analyst, an operational guru, a recognized leader and C-suite global healthcare executive with drive and focus for competitive markets. Co-host of The Business Forum Show and regular contributor to various business journals, she possess multi-functional and multi-national competencies with more than 15 years experience in business and healthcare. Her expertise is in invigorating revenue growth and infusing value of lean practices in growing companies through improvements to cash flow and operations management.
Fueling revenue, growth and profit, Salsbury & Co. is a consultancy firm focused on helping businesses and healthcare organizations achieve excellency. Our specialists have executive experience combined with deep functional expertise to provide our clients with services that drive real impact and results.
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