Seven questions to inspire you in measuring success
Criteria for success is the limit of compromise allowance, the final point for your tolerance. It is essential to measure whether your company is moving toward success that results simultaneously in profit and a good reputation. Do you know if the quality of your products and services is at the required level? Look at these seven questions to answer where you are on the ladder to progress and use them to get inspiring insights.
- How high are the incomes? Make a report and analyze the financial aspects. After all, there is no use of a business unless it creates profit, is it? The opposite would mean it will – sooner than later – sink into the list of bankrupted good ideas. Review not just the monthly costs but the whole budget in a way that will allow you to compare, graphically plot the decline or rise of financial flows. Plan periodically to increase the company’s revenue on a Q-basis. Check what part of the plan is fulfilled, if it exceeds or does not reach the numbers set. Think about the investments you make – is there a reasonable return, do they fit the brand, are they meaningful? There are fix costs that need to be covered by all means. If you can’t handle them, probably the ship is going underwater.
- What is the regularity of your sales? The trend of sales shows if you are doing well. Declining sales are a signal you need to pay more attention to the organizational performance, to figure out what provokes the customers’ withdrawal. Is there a change in your audience, how can you attract new clients?
- How many customers do you have? Are there people or organizations that have been with you since the company establishment? Loyal users are among the key measures of success. Observe also what percentage of your new buyers return, how many of them briefly review the product or service and leave. If a group of customers drops out, it can be a sign of low quality – either products or services. The new customers increase is also an important indicator. Comprehend the profile of your audience and try to take care of its interests. One of the most unfailing ways to hold your positions is by a targeted online presence. Provide the customers with the chance to share their feedback.
- Are the people you work with satisfied? How involved are the employees, do they proactively support the purpose of your organization? How do you perceive them – as regularly paid for work profiles or inspired by purpose and passion? When you demonstrate respect for the people in the company, appreciate them as humans and congratulate them on personal occasions, the whole machine works smoothly, and you build a real team. Teamwork, on the other hand, affects positively customers and sales, respectively corporate outcome. Along with business proactivity, the professional quality of employees’ performance also grows. And this will probably lead to personal prosperity, which also should not be overlooked.
- How do the working days pass through? Do you organize your work efficently, how much do you postpone for tomorrow? If your organization is lame, see HERE our tips on how to make your to-do list fit for action. Being overwhelmed with activities is not the way to success, rather the way to permanent stress.
- How up-to-date are you? You need to be flexible in the changing market. Even if all is going well, don’t stop examining the competition, its new offers, the business trends – because you never know if your success isn’t just a temporary lull before a storm. A peer could launch an ultra-luxury new model any moment. Or bigger fish cann appear and press you in a corner. Relax in your accomplishments, but hold the wheel tight.
- Are you happy? How content you are with the success? Numbers achieved are not necessarily synonymous with satisfaction. Do you know where want to go, do you have enough time for yourself and your journey? If the flame of joy is not burning inside you, take the time to comprehend what creates this loss of fire.
Success, for sure, has its quantitative indicators. It is a percentage, a chart, an increasing number, or a set of higher revenues. But actual achievements are a matter of inner feeling as well. If you do not get your skills developed, or lack a work-life balance, you doom your results to an empty numerical life.