How Is Success Measured - A Discussion
Howdy! A Portland, OR native, I currently reside in the northern San Diego County area as a freelance writer. When I'm not sipping coffee, soaking up some rays and writing or playing guitar you can find me at the hot yoga studio.
This article will discuss how was this success measured and the challenges faced. It will show how you can avoid some of the pitfalls of measurement and find your own 'signature' approach to measuring the business and its business results.
Some of the biggest benefits of building your business and then launching are likely to be on the horizon. When our first child was born we were amazed at how much more fun and meaningful it is to have a baby, than just buying them things.
Building a business and then launching is similar in that it is all about value creation and whether it can be sustained and enhanced. This value can be measured on several different levels and is most often driven by:
- Increased Profits
- Increased Assets
- Higher Gross Margins
- Increased Sales
- New Customer Acquisition
- Customer Engagement
- Relationship Development
- Team Development
Not only does it seem like there is a lot of noise around, and companies are often strapped for time and resources when building a business, but there can be many different ways in which the business can be measured and what different people mean by different measures.
Before you get started on your business you need to be very clear on who you are targeting and what you are hoping to achieve with your business
The fact that different people have different definitions of what success means may mean you need to get more specific about what you are looking for and ask them what they mean by success.
You should also do the same with your team.
To find success with your business, you need to be certain about what is at the heart of your offering and the value you are creating for your customers, and why your customers are buying from you.
You need to understand exactly what the customer needs are and what you are offering them to do.
Without knowing exactly what your customers want you can never build the right offering for them. In an ideal world you need to ask the customer exactly what they want and then think about how you can provide that.
Only then can you make the right offering for them.
Typically you want to look at how a product or service helps your customers achieve their aims
What are their objectives and what outcome are you helping them achieve? Do your customers need service, want to receive something, or need to sell something?
By considering what the customer really wants you can design the right offering for them. This is usually difficult to measure, but at least you know what your customers want and you can create the right offering to help them achieve their aims.
To develop your offering, and to generate some extra business, you need to produce more and better leads. However, this requires you to have some sort of strategy.
Having a strategy will help you prioritize your activities and make sure you have enough time to deliver the right activity for the right customer.
Having a strategy also helps you be more efficient and make sure you don't over-commit to anything.
For your strategy, you can look at what customers are looking for, what they will be prepared to pay, and how much value they are expecting from the activity you are proposing to do.
All these factors need to be considered when developing a strategy for your business. Having a clear strategy is a critical step in developing your business and will allow you to be more successful.
Having an integrated proposition and strategy was important to help us build our business.
Looking at what people are prepared to pay for your offering, what they want to get out of the activity you are proposing and what outcome you are trying to achieve will help you develop a range of additional activities.
This allows you to be more effective and maximize the value for the customer.
You will need to develop a range of additional activities to help your business grow and evolve
Some of the activities will be more costly than others, some may need to be committed to more often than others, and some may require staff to be put in place to deliver them. This is not about making a profit, it is about generating additional business for your business.
Over time, some of the activities may be rolled out, some may be canceled, and some may need to be dropped as the activities need to be developed further.
This is not about cutting costs, this is about developing your business, and growing your offering, to the point that you have the right offering for your customer.
If you want to sell your offering and be able to generate extra business, you need to have a range of activities and solutions in place to help you achieve your aims.
There will be times when you need to go away from your main activity and think about another solution. Look at what you are offering and why customers need what you are offering.
Consider whether you need more skilled staff, or need to change the technology you are using, or if you need to make changes to your business model to support your offering.