Measurement will ensure that you are progressing your goals towards success and may highlight the extent to which you have achieved those goals and what you need to improve to address those goals. So, what are 6 ways to measure success?
1. Customer Satisfaction
Customer satisfaction is the first measurement. The utility your customers derive from patronizing your
product or service should be the first way to measure if you are successful. If your customers offer good
feedback, that is an indication that you are succeeding.
2. Rate of attrition
Those who work for you are another way to measure success. Yes, no matter how juicy a pay package is, people will always want to leave a job for another job opportunity. However, if the rate at which your team members leave is alarming, it might result in stability issues which could in turn affect the quality of your product or service provision. If you are hiring for the same role repeatedly over a short period it may mean you need to examine your team and how satisfied they are with your organisation.
3. Setting KPIs
This is the most traditional way modern businesses use in measuring success. They set key performance indicators to gauge the level of work being done and the quality of the deliverables from those tasks. In that way, they know if the business goals are being achieved or not.
4. Profit making
Businesses are set up to make a profit regardless of the scale. After all products and services have been offered to your consumers, you can measure success by checking the profit the company has made after deducting all expenses from the revenue. The leftovers will determine if the business has been successful or not.
5. Compare yourself to your yesterday
Change is constant in life. Measuring how you were yesterday and comparing it with today will show you if you have been successful. And if you do not notice any change, then that is alarming.
When comparing your progress, avoid comparing yourself with others. Only compare your progress as it might highlight the need to innovate, pivot, and move to progress.
6. Market Share
The success of a business might depend on the number of markets it controls when compared with its
competition. A business whose market share is small cannot outrightly be declared as not being
successful, but it will not be able to compete with core competitors.
Measuring your success can help you know what you need to pay attention to and achieve more. Hence,
always try to measure your success through the ways stated in the preceding paragraphs.
