4 Ways To Measure Success In Your Small Business
If you want success for your small business (and what business owner doesn’t) then it’s a good idea to understand exactly what it is. But what should you look for to gauge if your business is heading in the right direction? Here are a few things to consider to help you understand if you’re experiencing success or if it’s a ‘could do better’ all round.
- Profit
The goal for your business should be to have your profit charts display a line that heads steadily up and to the right. Profitably is often the first thing people think about when measuring the success of any business venture. If you’ve still got money left after you’ve squared your expenses and debt, then you are definitely sitting pretty. On the other hand, if your profit margins are heading south, then you need to have a rethink of your business activities. The profit and loss reporting function within KashFlow can give you an immediate snapshot of how your business is performing and is well worth a look if you want to drill into how your business is performing overall.
- Growing customer base
An expanding customer base is a sure indicator that your efforts to reach your target audience and satisfy their needs are paying off. Remember that the key to achieving long term growth is a vibrant growing customer base. You can grow your customer base in a variety of ways. You can do it by getting to know your customer and prospects and even through partnership work with other businesses.
- Customer retention
If your customer is satisfied and so much so that they stay with you for a long time, then this tells you that you understand their needs and you are addressing those needs correctly. Understanding your customer is crucial to the strength of your business. You can retain customers through attractive incentives, like a refer a fried scheme for example.
- Employee satisfaction
Happy staff can mean productive staff. And when you have productive staff you have a greater chance of hitting your business goals month on month. If your staff are feeling disgruntled then there’s a good chance that before long your customers will be feeling the same. If your staff feel valued and appreciated, they will go the extra mile for your customer, and that’s something your customer won’t forget in a hurry.
KashFlow software is ideal for small business cloud accounting and can help streamline your work processes freeing up more time for you to bring in new clients and keep your business competitive. For a free no-obligation 1-2-1 demo just call the KashFlow on boarding team on 0344 815 5779.
Keep reading:
Strong sales are key to a successful business. Find out how to maximise your sales in our free guide, available now: download your free guide to smart sales now.
