Every business measures profits. That is a given. Corporate offices measure everything from social media and inbound links to the efficiency of specific projects. Small businesses aren’t measuring all the aspects of their business that they can and should. Here are 4 things, beyond profit, that all small businesses should measure when it comes to their success.
1. Growing Customer Base
No matter the scale of your profits, you want to gain new customers. A growing customer base is a sure sign that you are effectively reaching your target market. Using social media, direct mail and telemarketing are all great methods to reaching new and existing customers. Measuring your fan base following and engagement tends to be a good indicator of whether your business can be more successful. Gaining more potential customers, and followers, means your business is offering something people like, want and need.
2. Customer Satisfaction
Are your customers happy? Happier customers mean more referrals to your business. An unhappy customer is more likely to discuss their negative experience than one who had a pleasant experience. If your customers are more often happy than not, it’s a good sign for your business’s success. If customers are unhappy, it’s a good indicator that things in your business need to be reworked, whether it is customer service, the product or pricing. While there are always unhappy customers, reducing that number to minimal amount should be a priority as your business gets going.
3. Employee Satisfaction
Businesses cannot function without the people who help it run smoothly. As a small business, you want to keep the good employees who can truly assist your business in its goals and growth. Hiring and training can be an expensive process. If employees feel appreciated, they’ll likely enjoy working more and won’t mind going the extra mile when needed. Keep in mind that you want to attract and retain the best possible employees for your company. These are the people who will want to watch the company grow with just as much passion as you.
4. Owner Satisfaction
Are you happy with the business, its current state and its goals? If you are, there is a good chance your business will become successful. If you’re not, think about why this is the case. Are you living the values you had in mind when creating the business? Innovation and constant reflection can lead to a successful business. Giving yourself a reality check about both the good and bad can encourage positive changes. Consider where your small business stands and gauge how you can improve.
Success doesn’t just come from profits. Having a good working environment for both owners and employees can motivate each person to work hard for the benefit of the company. If people outside and within your company are satisfied and you see a growing customer base, chances are your business is headed down the path towards success.