How to Measure Business Success in YOUR business.
Humans love scores, we love to know how we compare to others. Just look at exams, sports, employee evaluations, even surveys.
How many surveys do you see that say test your XXXX score (love appeal, beauty, knowledge, etc) I know a few have caught me hook, line and sinker.
It is really hard to know where we fit if we don’t score, it is impossible to know whether we succeeded if we don’t know the goal.
Not sure how you measure up? I’ll show you how…
It can help to use an existing framework to define how you will score – the most popular in business are:
- KPI – Key Performance Indicators
- OKR – Objective and Key Results
- KRA – Key Result Areas
- GMH – Goals, Methods, Habits
Some “experts” will say you must use KPI or only OKR work. I believe you must use what you as a business find resonates.
Ultimately they all have the same task…
To translate goals into measurable targets in order to compare results.
They are all designed to help you Measure Business Success.
Ultimate Customer Value (KPI | OKR | KRA | GMH)
The gold is not in the method you use but how well you execute them.
Our clients use the Ultimate Customer Value metrics system with great success.
Customer Value is made up of the 4 proven analytical (non-emotional) response elements built into the human buying decision.
- Customer Service
By setting up a goal and measurement of these 4 things in your business it gives you the Ultimate Customer Value advantage.
You can clearly see the experience your customers are having on a daily basis when they work with you.
They also allow you to do some powerful what-if analysis.
E.g. What if we want to improve quality?
- We could take more time and care to improve quality – what does that affect
- Time may affect cost and speed, will it impact service?
- Perhaps we invest in technology to improve quality
- This may come at a cost but may actually improve speed
- Can we improve the process, training, other component to improve quality
- what areas will this impact.
Regardless of which area you want to improve you can model the expected impact on other key components of the buyers decision-making process.
Check out our masterclass for on developing your Ultimate Customer Value measures. KPI MASTERCLASS – Develop Kick-Ass metrics to elevate Customer Service and Increase Profit
Compare the business next door….
The most important thing is to set your own goals and measure business success against them.
Often we want to compare ourselves to other businesses – this is a trap.
Every business is different. To compare will always be apples to oranges.
As you achieve increase the target of the goal, aim higher, get better.
Get your staff involved in setting and owning the targets.
Have fun with it, prize givings, awards & recognition – you may be surprised how your staff take over and find ways to improve.
Soon your will know exactly how successful you are!
That is how you measure business success!
If you liked this you might also want to check out:
- Roadmap to Recovery – Recession Proof and be a Corona Virus Winner
- Why a Coronavirus vaccine WON’T save the World Economy!
- How to get More Money Fast in your business
- KPI MASTERCLASS – KPI Meaning, KPI Examples, KPI Dashboard, Manage KPI
- Case Study: HOW A COMMERCIAL CLEANING BUSINESS DOUBLED PROFIT AND REDUCED STRESS IN 9 MONTHS