How to Measure Business Success?

Life is not measured by the number of breaths we take, but by the moments that take our breath away. - Maya Angelou.

"That which is measured improves" is the old saying yet it is highly relevant in today's business scenarios. Business strategy and business plan are essential processes for managing and leading a business to achieve its objectives being used by most business entrepreneurs. While focusing on the current status of the business and where it is heading, every business entrepreneur is also expected to know how to measure the success of his business. Various MIS reports, as well as monthly business reviews, are powerful tools to keep track of the business and how it is progressing. However, these are standard practices being adopted by most business entrepreneurs.

Often there is a query from business entrepreneurs who get into a detailed analysis about the measurement of the success of their business and how to track their ongoing business.

There are various parameters to measure the success of business entrepreneurs for their businesses. The five key indicators to measure business success are recommended for business entrepreneurs.

5 Key Indicators to Measure Business Success:

1.????Trust: It is the responsibility of the business entrepreneur to develop a work environment that promotes trust and transparency within the teams and between the teams and leaders. The extent of the belief of the team members in their managers and business leaders about the extent of trust that exists within the organization is a noteworthy measure of success.

2.???Brand Image: A powerful branch attracts prospects and existing customers for new business and repeat business respectively. There are different ways and means to understand the brand image of the business organization through market research and surveys. Brand image is one of the indicators in order to know the perception of the market forces about the business entrepreneur and his business.

3.???Team Engagement: An engaged team delivers the best results without the massive presence of the business entrepreneur. The amount of time being invested by the team while achieving the company’s goals speaks volumes about the level of engagement of the team. An engaged team ensures the best deliverables in the area of generating new ideas, reducing wastages, avoiding rework, enhancing productivity improvement, effective cost optimization, and implementing every single plan within the prescribed timeline. An engaged team leads to timely project delivery, and world-class quality standards, creating a customer delight experience and attracting new business opportunities besides repeat business from the delighted customers. ?

4.??Employee Satisfaction Index (ESI): Global standards and tools such as Gallop’s Q 12 are largely recommended for every business entrepreneur to measure the level of employee satisfaction. The higher score of Q 12 further leads to improved employee retention, improved productivity, improved interpersonal relationships, enhanced customer satisfaction, and finally, it generates revenue for the organization on a consistent basis.

5.??Customer Affiliation: Once the perceived value of the customers is ascertained, it becomes very easy for the business entrepreneur to design the customized solution that would facilitate the customer to solve his business problems as part of its business strategy. Most organizations are following the best practice of measuring customer affiliation. Every business entrepreneur is expected to keep the goal related to his vision as an ongoing process. It would be another excitement for the engaged team to understand the experience of customer delight. Customer affiliation is the result of the best return on the investment made by the business entrepreneurs being delivered on a continuous basis.?

Summary

The strategic role of the business entrepreneur is at the heart of the measurement of success. As the business landscape continues to evolve, so must our approach toward assessing success. Lately, there has been an emphasis on metrics that value both short-term successes and long-term goals. It is essential that we adapt our methodologies to ensure sustainable success! The process of measuring success is ongoing and evolving. It is essential for businessentrepeur to stay ahead of the curve and understand emerging trends in measurement.?Trust is the basis of any new relationship between two individuals or an ongoing relationship between the business owner and every team member.

About Author

Suresh is the founder of Boom Stride, a marketplace for business growth that enables business entrepreneurs, startups, and CEOs to identify their business pain areas based on diagnostic studies. The design phase of the strategic framework leads to a business navigation map ahead to implement personal transformation, team transformation, and organizational transformation, to achieve exponential business growth. His mission: To help one lakh business owners to grow businesses and live a life of abundance.

Connect with Suresh for a complimentary 30-minute discovery call at [email protected] and visit us at www.boomstride.com