Are you a small company trying to make inroads into the market? You’ll have to be ahead of the game at every step, to establish your brand. And for that, you’ll have to be on the constant lookout for the hits and misses in your business.
Customer Demand
How fast are your products being taken off the shelves? If you’re an app-based business metrics like number of downloads, number of subscriptions and purchases will give you a good idea about the demand, your product or service is generating.
With current metric tools, you can find out more about the people showing interest in your brand. For eg their age, sex, location, device used by them etc. this will improve your customer engagement and retention.
Revenue
Revenue is a great indicator of success for any business. Small companies generally overlook the importance of revenue growth, especially if cash is tight in their business, but incremental growth in revenue is always a good sign of progress.
Profits & Losses
The guru of all indicators—balance sheet! Every business owner starts and ends with a balance sheet. It gives you a realistic picture before you float your company and while you’re running your business. It also tells you when the end is near.
Market Share
Nothing can be as authentic a success indicator as the market. The market share will tell you where exactly you stand among your competitors. This is, of course, assuming you have a sizeable market in your local area; big enough to measure your growth.
Workforce Stability
Measuring the happiness quotient of your employees at least 3 times a month. Employees look for work environments that encourage their growth and support their potential. A healthy workforce is the biggest indicator of the growth of your business.
Sales
Is your sales team is finding it difficult to make a sale; it’s a sign that you’ll have to relook at your brand. Are you positioning it right? Has there been poor feedback? Is there a problem with the service? The more effortlessly your sales team makes a deal, the better your business is being received by the world!
Every business has hiccups in the beginning but these success indicators will tell you if you have the potential to make it big!
