Four Measures of Success in Business

Week three of 2022 already!

With the summer holiday over, most business owners will be planning (or pondering) what 2022 will bring them.

We are in uncertain times and uncertain times lead to more competitive markets.

That makes it important to know what success looks like and be clear on how to track your progress towards it.

Defining success is a key to achieving success, so is measuring the factors that contribute to it.

What evidence do you look for to know if you are on track to achieving whatever you see as success?

Does that evidence also tell you where to focus to strengthen your business and increase your success potential?

Here are four Business Success Indicators you can monitor and measure to help you do all of that:

  1. Team morale
  2. Customer loyalty
  3. Business performance
  4. Owner satisfaction

Investing in these four areas could be the key to new initiatives that drive bigger success for you in 2022.

The following process will help you pinpoint where to focus to build a better business, enjoy a better life and build a business that truly can work well without you.

7 steps to start the ball rolling …

  1. Ask yourself what success looks and sounds like for each of the four Business Success Indicators
  2. Score your current reality on each of the four Business Success Indicators (out of 10)
  3. Identify what you are doing well and what you need to change to improve your scores
  4. Make a bullet point list of the top 3-4 ‘Key Issues and Opportunities’ for improvement – under each of the Business Success Indicators.
  5. Ask your team members what builds team morale and ask your loyal customers what leads to customer loyalty. Also ask both groups why it matters.
  6. Revisit your scores to check them against any new Team Morale and Customer Loyalty criteria.
  7. Develop a Project Plan to maintain or improve each of the four areas.

If you make the above steps a regular part of your business improvement process, you will do better.

The free one-page worksheet on the below link will help you do that. It also has space to record your Strategic Plan (Vision, Mission, Values and Strategic Drivers) and Top 5 Goals for 2022. Help yourself. Free worksheet here.

All the best.


PS. If you want help improving your scores in the four Business Success Indicator areas or want to build a business that can work well with you, get in touch.

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