Measuring company growth is necessary if you want a growing and successful business. There are a number of ways in which you can measure growth in your company. In order to get accurate results, you must implement consistent methods that evaluate all areas of your business, from internal factors to external.
Consider the following steps to measure the growth of your company.
1. Lay out your objectives.
Every business needs goals. Goals allow you to something to strive for, but you have something to measure against. When setting objectives for your company, the first step is to set realistic goals about what you can achieve so that you can be successful at achieving.
2- Create a business plan so you can stay on track
You business plan should not only reflect the objectives you would like to see for your company, but it should also include the methods you plan to apply in trying to achieve them. To see and measure the growth of your company, you can refer back to your business plan to not only see if you have managed to achieve objectives, but also confirm that you have successfully followed the plan that you set out for your business
3 – Hire an outside source
It is always a good idea to hire someone outside of your company to take a look at and evaluate your business from an unbiased standpoint. They can often see things, you and your business partner don’t see. Their additional insight is beneficial to help you achieve your goals.
4 – Evaluate your staff
Your business can only grow as much as your weakest link. You should continue to strive to have the best team that you can possible have. Compare staff levels, turnover and performance and determine whether those areas have shown improvement. Assess whether staff levels have increased and if productivity has improved accordingly.
5 – Assess your customer base
As your business grows, so should your customer base. Not only should you be looking for more customers, but you should also be seeing better quality customers as well.
6- Benchmark your company against competition
Growth is important within your company, but measuring growth in comparison to competing businesses determines your success in the industry. If you improve your reputation in the marketplace, you will ultimately attract more clients and increase growth within the company.
7 – Get customer feedback
Use opportunities with comment cards, phone calls or even online forms. Involving customers is an integral part of determining growth of your business. Use the feedback to continue to grow and understand what your customers are looking for and if you provided the solution that they needed.