Question

Success is a relatively intrinsic measure, Discuss the various methods of measuring success, Use examples to support your answer.

Below is the key point mentioned by my lecture, pls answer this question based on the following keypoint.(and would appreciate showing the word on webpage instead of pictures)

Size(Sales,Market capitalization)

Growth(Market share, Sales growth)

Rate of Profitability

Answer 1

Ans ) Success is a relatively intrinsic measure. For measuring success in the business several measures have to take into account. There various points which are discussed below:

1) Look at business's financial statement : how much money business is generating. 3 main statement has to be taken into account for checking the success of a business

i ) Income statement : it measures the profitability of a business during a certain time period by showing business's profits and losses.

ii) Balance sheet : it shows the business's financial health, measuring how much you owe and own.

iii ) Cash flow statement: It measures how liquid cash is at your business.

Measuring business performance means checking out the money of your business. If you want to see how profitable your business is check out these 3 financial statement.

2) Check customers satisfaction: If customers aren't satisfied after buying from your business, they probably won't do it again. Collect surveys about your product to check review. So that you can know about the needs or wants of a consumer. As a result you can improve your product if that is necessary this will further help in enhancing your business.

3) Average how many new customers you get : After reviewing the product satisfaction achieved by customer, you can see if there is need to improve the product if the customers are satisfied they will help you to in increasing more customers indirectly, or they will start using your product then any substitute.

4) Conduct performance review : You have to conduct a review on the employees performance also, to help them if there is need for that, so that they can help you to achieve your business goal. On the other hand if the employers are not satisfied then their productivity will decrease and this will cause fall in your business profit.

5) Stay current on market : you have to go in the market, with the trend going in the market, if you lagged behind then your business may suffer. To grab maximum consumer you have to adopt new technologies new fashion going in the market for the success of your business.