Measuring business success isn’t easy. Here are 5 key measures you should be watching.
Your objective is to make money. You need to know how much you’re making or when you plan on turning a profit if you’re under your breakeven.
Look at your competition. Is your offering on par with theirs? Do you hear customers switching or choosing you over them? You need to know where you are in the market and how you’re faring against everyone else.
3. Google ranking movement
Most businesses rely on the internet today for customers, leads, or visibility. You don’t need to be the top result, but you need to know where you sit against relevant keywords for your business and how your rank changes over time.
4. Repeat business & recommendations
Do people come back to you? If so, how many times? If you’re a business that doesn’t naturally foster repeat business (e.g. a kitchen knife store) then do people recommend you to their friends? Remember: it’s cheaper to keep a customer then get a new one.
Upselling is a key business strategy and should be a KPI you watch like a hawk. Are you able to upsell to your premier offer? If so, how often? Can you add items to a transaction? However, upselling manifests itself in your business, track that KPI and do your best to bolster it.