Measuring your businesses success is entirely possible and something that you should try to do on a regular basis. Checking up on where your business is at least once a year is a great way to ensure your continued success, because it’ll make you more aware of how each choice you make affects your business outcomes.
How are your profit margins compared to the rest of your industry? Do you know where your business stands when comparing it to complementary businesses? This is an important thing to know so that you can work on being even more successful.
Send out a survey to your customers occasionally to find out how they are doing. One way to do this is through your follow-up autoresponder messages. Make it a habit to send out surveys to them on a scheduled basis so that you can regularly know how your customers feel.
Your Personal Satisfaction
It might seem strange, but business success is not only defined in the numbers but also in your own personal satisfaction. Check in with yourself to make sure you’re enjoying your life and feel good about what you’re doing. No amount of money can make up for feeling unsatisfied personally.
Your Competition’s Success
Where do you stand in comparison to your competition? Not just on income, but in all factors? Keeping tabs on your competition is a great way to not only inspire yourself to do better but also to know where you stand as a business within your direct industry.
Profit Growth through Time
It’s one thing to make a profit, but how is your business growing over time? Are you making the profit growth over time that you wanted to make? Is your profit decreasing? Did you have too many expenses that didn’t pay off, or is everything going well?
How many new leads have you acquired over the past quarter or year? What was the cost and how did they convert? Knowing this information is a good way to measure your business success.
How many prospects convert to buyers based on your efforts? Look at all types of conversion rates, including subscribers to email lists, conversions to buyers from being on the list, direct buys, and so forth.
Do people know what your brand stands for and who you are? You can test your reach by conducting a survey using Google Ads to find out if people know who you are. The number of people who recognize your brand is an important measure.
Set up a schedule to check on each of these metrics occasionally. That way you can pivot when needed to change the direction and fix any issues that arise. Keeping tabs on the numbers, your feelings, your customers’ thoughts, and even your competition can help you keep track of and measure business success.