Measuring Success with Financial Indicators Only

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Financial results are good measures of success for a business. However, that’s not enough. You also need measurements in these 3 areas:

  1. Customer measures. For example, customer satisfaction. It is key to know what your customers are excited about and what turns them off. You want to be able to identify problems early to minimize defection.
  2. Quality measures. For example, product and service quality. What quality parameters you want to set for your products and services. Is it comfort, function, or response time? What sets you apart from your competition? You want to ensure that these quality standards are consistently met.
  3. Operational measures. How well you run your business affects your ability to deliver on the customer and quality measures. Operational measures relate mostly to productivity. Productivity measures help you detect gaps and inefficiencies that affect the customers and ultimately, your bottom-line.

Success of a business hinges on many things but performance indicators in these 3 areas provide useful information for your team to be proactive.

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