Question

Propose measurement techniques that might be beneficial for a business  to use as an aid to business performance.

Use examples to support your answer. (800 words )

Answer 1

Every owners want their business to be successful but one uncertain about how to measure their business ideas or performance.

Listed below are some ways to measure success in a business and which should be applied regularly to ascertain how far your business ideas have taken you.

1. Profit- This is the most important technique . You need to keep checking in to see if your business is drawing a profit or you are continuously in the red. If everything is not ok then it is time to consult with financial specialist who can help you get things back in track.

2. Competition-Competition in personal life is not good but in a business it is not bad. Keeping track of your competitor and update your business regularly will ensure you remain higher up on the graph.

3.Customer feedback- Now a days online forums and feedback from customers can keep you informed about the reviews on your brand or business. Checking your reputation with your clients is one of the methods of measuring business perform. Make necessary changes as per customer's reviews can improve business.

4. Satisfaction- Ask yourself if you are satisfied with the current standing of your company or brand and have achieved the targets you had set. You will probably come up with at least one new idea that could increase your business future success.

5. New customers- Knowing how many new customers you make is one great way to measure success in a business and predict the growth chart.

6. Social media success- Social media marketing is also playing very important role in business success selecting the right social media platforms or showcase your products or services and effectively managing the same isnone of the best ways of connecting with your customers on more personal level.

7. Goal and planning- There should be clarity of goals and you must have planning to achieve those goals.

Above mentioned points will give a headway in measuring the success of business