As a business owner, there are multiple things that you have to juggle on a day-to-day basis to make sure that the business is flourishing. Finance is an obvious metric to measure, but what about the other elements of the business that can help you improve your overall performance.
Here are our five top tips of what you can do to make sure your business is going in the right direction:
- What are your objectives?
The first step is to make sure you know what you’re aiming for, so set your goals. What is your business objective/s? Are you trying to increase revenue, improve staff retention, diversify your client base, or enter new markets? Whatever you’re trying to achieve – ensure you clearly define, and reach agreement on the goal, then allocate a metric you will use measure the results. This takes us on to the next point.
- What areas will you measure and what metrics will you use?
You can measure performance in several parts of the business. In each area you must allocate a metric to measure your performance. This could be decision making leadership, capabilities in management etc. For each area, make sure you measure, monitor and manage on a daily through to quarterly basis. That way you can make sure you’re going in the right direction and make any changes immediately if you’re falling behind.
- Data, data, data
Your business has a wealth of data – whether that’s analytics from your website, email data, customer data, etc. Take the time to look at what has been working and how. Use the insights from the data to help inform your strategy moving forward. You may wish to use specialist agencies to help you to go through your data and provide you with a report.
This is as important as data. In order to make sure you’re measuring the right things, keep up-to-date with the latest industry reports and trends. Use both qualitative and quantitative research. Investigate why the metrics you’re measuring are on track. So for example, if there is an increase in revenue from a particular market or region, find out why this is. Is there any way you could accelerate this whilst managing the commercial risk? You can use this research to help you understand your business strengths and weaknesses and help you make sure you’re on track with your objectives.
- Check in on the competition
From time-to-time, it’s worth keeping an eye on what the competition is doing. What tactics are they using to reach the same objectives as you? What could you do to improve those tactics and maybe take them one step further? Take a look at how they’re doing on social media and what their search rankings look like. Check local press and companies house to see how they are doing also. Looking at competition can always help you make sure you’re measuring the right things to reach your objectives and improve overall performance.
If you found this useful and would like to have a chat about how you could improve overall performance with your business, drop us a call/message on firstname.lastname@example.org or 0121 693 1115.