December 13, 2023
Best Practices for Reviewing the Performance of your Business
All businesses have hopes of success year after year. In order to be successful now and into the future, it is important to understand what is working and what isn't working in your business. Here are a few best practices for evaluating the performance of your business:
Set Goals: Knowing what goals you are trying to achieve is an important factor in effectively measuring performance. All businesses have different goals. One business might be looking at attracting new customers, while another might be trying to grow business with existing customers. Knowing what your goals are makes it much easier to benchmark your success.
Develop Key Performance Indicators: Key Performance Indicators (KPIs) are statistics that businesses can track to help evaluate their performance. Standard KPI's include things like generated revenue, productivity levels and output metrics. Having some kind of quantifiable measure of success can help not only to track performance, but to report on performance to others as well.
Get Feedback from your Stakeholders: Feedback from your business' stakeholders is an integral part of reviewing the performance of your business. For example, employee and customer surveys can uncover areas of improvement and areas of success that will otherwise go undocumented.