As an entrepreneur, especially with a young or growing business , it is always important to measure you business success from time to time to see what works for your business and what doesn’t.
You need to constantly measure your business performance so you know what’s successful and what isn’t. That way, you can determine what you need to improve in your business as you grow. So, how do you measure small business success?
Reviewing your financial statements
Your financial statement is a major parameter to look out for when measuring your business success. Take a look at your small business’s financial statements to see how you stand.
Your income statement will show you how profitable your business is, your balance sheet will show how much you owe and how much you own and your cash flow statement will show how much cash goes in and out of your company.
Checking in with your customers
Talk to your customers to see if they are satisfied with your product or service. You can try getting customers’ feedbacks through emailing regular surveys to find out how you’re doing.
You can also consider asking them to review you on Google or Facebook and any other platform you might have an online presence. You can also ask customers how their experience was while they’re checking out.
Checking how many new customers you have acquired
Loyal customers are great, but to keep growing your business, you need new customers, too. Regularly, figure out how many new customers you picked up the last month.
If you’re getting quite a few new customers, then you’re doing something right. If you’re not getting too many, don’t worry! You might just have to change up your marketing strategy a little bit.
Checking in with your staff
Your business couldn’t run without the hard work and dedication of your employees. So, check-in with them to make sure they’re getting everything they need from your company.
Hold performance reviews regularly, not just to tell your employees how they’re doing, but to find out how you’re doing, too. Ask them if they’re happy and if they see themselves with your small business for a long time.
Checking in with yourself
You need to constantly ask yourself if you are satisfied with your business. Your happiness with your company means more than you might realize.
If you’re unhappy, that will pass down to your employees and customers. As long as you’re happy with where you’re going, your passion will spread and help you continue to build a thriving, successful business.