Small business owners should measure their company's success. That way, they can grow their business Photo courtesy of Shutterstock. Business is unpredictable, and about the only thing that you can count on is that everything continuously changes. So, how do you measure small business success?
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SMART Business Goal Examples
Strategic objectives link to and breathe life into your vision and mission statements. Each one sets an expectation for achieving a high-level, long-term goal, most often relating to finances, growth and maintaining a competitive edge. Specificity and measurability are vital, because without them, strategic objectives are far less useful. Rather than setting an unspecific strategic objective, a clear, quantifiable objective affords opportunities to create metrics that not only measure progress, but that also motivate and inspire your employees. Measuring progress with strategic objectives requires that they be specific, measurable, actionable, realistic and time-bound. Narrowly defined objectives state what you need to accomplish. Measurability refers both to quantifiable metrics and measurement methods.
To measure business performance, you need to track relevant business metrics, also known as key performance indicators, that display a measurable value and shows the progress of the business goals. Measuring performance is a vital part of monitoring the growth and progress of any business. It entails measuring the actual performance of a business against intended goals. Regularly checking your business performance protects your business against any financial or organizational problems.