In business, we all know the importance of setting up goals. But how exactly do we know whether our goals are contributing to the performance of our business? We do this by tracking our overall business progress. This will help us to identify what areas in our business that we should concentrate more on for improvement. When we track our business progress, we are setting up our business for success.
I know just how important your business success means to you. And so to help you to understand and utilize the art of business tracking to improve your business, I’ll reveal to you 10 Simple Ways To Track Your Business Progress.
Here are some of the strategies to track your business progress:-
Track Your Goals With Key Indicators
We all set goals for your business. They can be short, medium or long-term goals. And when you set up goals for yourself or your employees, you will need to ensure that they are in line with the ultimate direction of your business.
For each goal you create, you will need to take several steps to meet the objectives of your goal.
So how do you monitor the success of each of your goals?
You do this by identifying key indicators that show that your goals have been met. They need to be measurable so that you know how far you have come in achieving your goals.
For instance, if you have organized a marketing campaign for a new online course that you have created, your key indicators for success could be an increased in sales for the course.
Review Customer Satisfaction
Every business needs customers to be successful. Hence, it is vital to always review your customer satisfaction.
It is beneficial to have customer relationship management (CRM) software and tracking tools like Salesforce especially if your business is rather complex and dealing with a lot of customers. With CRM software, you can document your individual customer’s exact requirements which will make it easier for you when conducting future follow-up or marketing campaigns.
When reviewing your customer satisfaction, you will need to take notice of whether or not their needs have been met by your business. You can also ask them to provide a review of the products and services that they have purchased from you. And you can even get them to suggest to you on areas that you can improve on for your business. This includes suggestions to improve your existing products or services and also to create new offers that would be more beneficial to them.
Track Employee Goals and Progress
If you are not a solopreneur, then you are probably dealing with either freelancers or employees that work directly for your business. So to keep your business successful, you will also need to track your employee goals and progress.
In every business, an employee will have his or her own set of goals, roles and tasks. So you need to identify the strengths of each of your employees so they can be matched with suitable goals, roles and tasks that will benefit your business.
Your employee should be clear about his or her role in the business and strive towards meeting specific goals and tasks that have been set out for him or her.
When working in a team, you need to stay organized with your employees. You can schedule the timeline of your employees by using project management software. Some great project management software that you can use is Wrike, Asana, Monday.com, Basecamp and Trello.
By using these software, each of your team members will be able to see what everyone else is doing and be motivated towards completing his or her task.
When you’re able to ensure a smooth workflow and move your employees towards meeting their goals and objectives, your business will progress.
Analyze Website Visits
Practically every business has a website. So if you still don’t have a website, my advice to you is to get your website started straight-away or you’ll be missing out on reaching a lot of ideal customers.
With that being said, a website is like a shop. The only thing it is online. So when you open a shop, you would want more visitors to walk in and hopefully buy something from you or at least ask you to contact them when you have something that would benefit them, right?
The same goes with having a website.
To track the success of your business in reaching people online, you will need to track your website visits.
Are you getting new visitors and returning visitors to your website? Are your visitors staying on your website to read your articles? Are you getting opt-ins from your website? Are people buying your stuff from your website? Are you getting visitors from your targeted demographics?
These are the things that you need to track to see if your website is helping to progress your business. And the best way you can do this sort of website tracking is by using Google Analytics.
Identify SEO Ranking
When you’re in business, there are certain keywords that you would want your business to be known for, especially in the online world. These are the keywords that your ideal customers will often key-in to search engines when finding certain things that relate to your business.
So you would want to tie in your content marketing efforts towards improving the SEO ranking of these targeted keywords.
When you get to rank your website with these keywords, especially on the first page of search engines, then this shows that your business has achieved its objectives in being known through these terms.
When people know you through your targeted keywords, this shows that your business will progress because more people will stumble upon your website and learn about what you do.
Phone Call Tracking
If you are a business that takes phone call enquiries, then you can also track your business performance by tracking your phone calls.
When someone calls you and asks about a particular product or service you are offering, you need to know how they found out about what you are offering.
Did they get to know about your business through your website? Did they see your Facebook advertisement? Did they find out about you through YouTube videos? Or did they see your posts on Twitter and Instagram?
Although this may seem insignificant and you’ll probably be in a hurry to close the deal straight-away, don’t forget that this data is pure ‘gold’!
So ask the person where he or she found out about you…
When somebody is keen enough to pick up the phone and call you, this means something is working in your business. You just need to find out which strategy that has worked in getting this potential customer to call you!
Analyze New And Repeat Customers
Taking notice how many new and repeat customers you get every month is another great way to track whether your business is progressing.
Having new customers means that your business is expanding its market share and becoming a well-known and trusted brand in your industry.
On the other hand, having repeat customers means that your existing customers are happy and confident with your products and services to the point that they are willing to part with their money again to buy from you.
When you organize marketing campaigns to increase your sales, make sure to document how many new and repeat customers that you have managed to acquire during the time of the campaign.
This will help you to measure the success of your business in gaining new and repeat customers.
Being able to track this data will help you to see if your business is growing. It will also help you to predict your future business growth!
Look At Your Financial Statements
While concentrating on your marketing and awareness campaigns, it’s also important to track your financial statements to see whether your business is progressing.
Especially if you’ve been in business for quite some time, it’s always a good idea to see how much money it is generating.
Three financial statements that are important especially if you have a small business are the balance sheet, income statement and cash flow statement.
It’s always best to strive towards having good cash flow as this will free up your business in a way that will allow you to make further investments for future growth.
Use Pictorial History
Another way to see how far your business has come is by using pictorial history. To do this, it is important that you document the stages of your business from its establishment right through to its current state.
You can do this digitally by documenting all of your past promotional materials, events, office premises, letters from customers and anything else that will help to remind you about the journey of establishing your business.
To determine the growth of your business, you will then have to go through these snapshots and compare them to new and improved initiatives that you are using for your business in the present times.
Sometimes, the best way to see your business progress is to realise the improvements that you have made since you were starting from ground zero.
Compare With Your Competitors’ Progress
Sometimes, a decrease in your business profitability may not mean that you’re not doing a good job in growing your business. There could be other factors involved – such as economic instability or the world financial crisis.
You can measure your business success by also analyzing the growth and success of your competitors who are selling the same sort of stuff or who are in the same industry as you.
If your business is not growing the way you want it to grow, then you can improve it by being creative and innovative in coming up with new products and services, or improving your customer service.
Tracking your business progress is one of the best ways to ensure the growth of your business. However, to systematically map your business to reach the level of success that you are after, you need strategic positioning. This is what I will be sharing in my upcoming online course – Business QuickStart Growth Formula. So if you’re interested, go to my Contact page here and let me know that you would like to know about the course Pre-Launch.
I hope this article on 10 Simple Ways To Track Your Business Progress will be beneficial to you. Have you tried any of these tracking strategies in the past and have managed to improve your business performance in any way? Or do you have other strategies for tracking business progress that you would like to share? I’d be happy to hear from you in the comment section below.