Growing a small business is not a linear process. You may face unexpected challenges, opportunities, and feedback along the way. How can you keep track of your progress and adjust your course when needed? In this article, you will learn some of the best ways to measure and improve your small business growth.
Before you can measure your progress, you need to have clear and specific goals for your small business. What are you trying to achieve in terms of revenue, customers, market share, or social impact? How do you align your goals with your vision, mission, and values? How do you break down your goals into smaller and manageable milestones? Having a well-defined goal framework will help you focus your efforts and track your results.
In addition....how does your business compare to like industry metrics? What is best in class profit margin, inventory turnover etc? How do you determine your goals and your success? Are you optimizing current sales?
Define your goal and then track your results. Is the goal more revenue, customers, impact, comments, engagement, etc.? Define and decide what growth looks like and means for you then track that information to keep growing.
Goals come in defining the preparation work before setting them first. A pure wish list without putting the systems and plans to execute them first. Will often end in failure or falling short.
Esto es lo mas importante dentro de nuestra empresa, sin un objetivo claro no tendremos un Norte a donde apuntar. Siempre tener claro cual será, por ejemplo, la optimización de la estructura, la obtención de clientes, la explotación de clientes, la maximización de nuestro revenue. Sabiendo esto podremos tener claro hacia donde vamos y dará las pautas para desarrollar el siguiente paso.
Once you have your goals, you need to choose the right metrics to measure them. Metrics are quantifiable indicators that show how well you are performing against your goals. For example, if your goal is to increase sales, you may use metrics such as sales volume, average order value, conversion rate, or customer retention. Choose metrics that are relevant, reliable, and actionable for your small business. Avoid vanity metrics that may look impressive but do not reflect your actual performance or progress.
Es importante que a la hora de definir objetivos sea fácilmente medibles, de manera tal que podamos establecer si se han cumplido o no y el poder realizar el análisis de esta cuestión. Es mas que importante que las métricas sean concretas, cuantificables y no subjetivas, de manera tal que tanto nosotros como nuestro equipo podamos llevar un registro de ella.
To measure your metrics, you need to collect and analyze data from various sources. You can use tools such as spreadsheets, dashboards, surveys, or analytics software to gather and organize your data. You can also use qualitative methods such as interviews, testimonials, or feedback forms to get more insights from your customers, employees, or partners. Analyze your data regularly and objectively to identify trends, patterns, gaps, or opportunities for improvement.
Para esta recopilación si son datos duros ingresados en un sistema, son fácilmente rastreables y luego con la ayuda de IA, dinámicamente procesables para obtener análisis mas profundos de los datos que nos brinda la operacion diaria.
Based on your data analysis, you can experiment with different strategies, tactics, or ideas to improve your small business growth. For example, you can test different marketing channels, pricing models, product features, or customer segments to see what works best for your business. You can also use frameworks such as the lean startup or the growth hacking to guide your experimentation process. Iterate on your experiments by measuring their results, learning from their feedback, and applying their lessons.
Measuring your progress is not only about finding problems or gaps. It is also about celebrating your achievements and communicating your results. Recognize and reward yourself and your team for reaching your milestones, overcoming challenges, or exceeding expectations. Share your success stories and learnings with your customers, stakeholders, or community. Celebrate and communicate your progress to boost your motivation, confidence, and reputation.
Finally, measuring your progress is an ongoing and dynamic process. You need to review and revise your goals, metrics, data, experiments, and communication regularly to adapt to changing circumstances, customer needs, or market conditions. You also need to be flexible and open-minded to embrace new opportunities, feedback, or failures. Review and revise your progress to ensure that you are always moving towards your small business growth.