5 Ways to Track Your Business Success

                     

Keeping track of your business success is the difference between resting on your laurels and anticipating the future. Incremental goals and basic business plans are great, but you need to know how effectively you are moving in the right direction. From tools that measure results to financial planning to best utilizing staff, strategically tracking progress, performance and revenues will prompt innovation and identification of problems, simplifying management and projects.

Here are five tips for keeping track of your business success and how to maintain it.

You Can’t Do It Alone

If you have staff, use them. Even the most successful entrepreneur is going to need the support of his team. If you have your 5, 10 or 15 year plan, share as much of it as you can with those who play a critical role. To keep a business going successfully, having everyone involved is only going to benefit what the business hopes to accomplish.

Have a financial planner on hand. For even a non-profit, success is measured by the amount of revenue that’s going back into the business.

Know Where the Revenue Stream Is

Track every penny. How long your business will survive is indelibly tied to how you spend and earn. Should and once your finances get out of control, the greater the chances you lose control of the business. Staying successful involves careful budget preparation. 

There is plenty of software solutions that can help you with this. A reputable vendor like Domo is a good resource.

Keep All Options Open

Avoid restricting the way your customers spend their money. First, make sure they have all the pay options. Check, credit, debit, etc., available to make their shopping experience as pleasant as possible. Your customers should also be able to utilize platforms like eWallet, WePay and PayPal.

On top of that give your customers choices of what to purchase. If you only have one product, once they decide they don’t want that you’ve lost potential income. Join an affiliate program that aligns with your design and inventory. You get a percentage of every sale and you give your customer base reasons to keep coming back.

Take Advantage of the Biggest Marketing Tool in the World

It’s not enough to have a business website. Measure how well you reach your customers. Clarify your goals, determine your strategy, implement it and use webmaster and web analytical tools for gauging the success of that website. Many of these resources are free.

Listen

Advice is important and having ears to bounce ideas off of can go a long way. Don’t let your ego take control. It’s about the business, not you. Inspect what you do, push yourself to greater achievements and let others help you in those arenas.