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Is Your Business Growing As Fast As You Planned?

Aug 17, 2007
Or are you not planning for growth at all?

Or worse yet, do you even know how your business is performing and what the key growth drivers are for your business?

An essential part of growing and developing your business revolves around the concept of identifying then tracking and measuring the key indicators in your business. Once you have established what it is you would like to achieve, and you track how you are performing, you will begin achieving your goals. You will also find that your employees will become aligned and begin working together towards growing your business.

A key indicator is a numeric value that you measure in your business. A key indicator is based on areas of your business that you have identified as being crucial to your growth and success. You should define the range of values that a measurement of a key indicator could fall within. It is also useful to give a brief text description for the maximum and minimum values of the key indicator. This assists you when you are actually measuring the key indicator.

The key indicator should be measured consistently over time. If the measurement value is determined by a series of steps a business system should be put in place to ensure a consistent and repeatable process is used to measure the key indicator.

I did not begin to have the success that I hoped for in my businesses until I actually took the time to define, track and measure the key values in my business. I can now tell in an instant how my business is performing and what areas I need to concentrate on to improve and grow.

In my web based businesses some of the key indicators I track include:

* Number of visitors to the web site:
* Number of conversions;
* Conversion rates (number of conversions/number of visitors); and
* Gross and net profit.

These key indicators are applicable to my business and may not be directly relevant to your business. You should identify what it is that truly drives your business and then measure and track the values over time with key indicators.

You can then incrementally make changes to the way your business operates in a concerted effort to improve. If you have identified and set up your key indicators you will be able to establish what works and what does not work.

If you consistently do more of the things that work in your business and stop doing things that do not work you greatly improve your chances of success.
About the Author
Justin Woolich has been involved with the design, development and implementation of Innovative Business Software for over 12 years.

Justin is passionate about enabling businesses with technology to assist them in the business development process. He is the driving force behind the ongoing development of the Business Systems Manager Software.

Start a free trial of Business Systems Manager today! Visit: Business Systems Manager
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