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7 Signs Your Business was Successful in 2017← back
Where has January gone?!
It’s hard to believe we’re already nearing the end of the first month of the New Year. 2018 is in full swing, but have you taken the time to evaluate what worked well last year and what didn’t?
Here’s the better question: How exactly does one truly measure success?
Below are 7 performance indicators to consider as you think back on 2017:
1. Let’s start with the obvious: How much money did you generate?
At the end of the day, it’s all about ROI—how much money went out vs. how much money came back in? The goal here isn’t to have brought in enough to break even, but rather to find yourself with the excess funds essential for growth.
2. What was your NEW customer count?
This number could help you formulate predictions for the coming year. Did you notice a spike in new names and faces during specific campaigns or seasons? If this number remained stagnant, then it’s clearly time to make a change. Reach out to a marketing agency—like us—to strategize a fresh approach for 2018!
3. Were your new and returning customers satisfied?
Satisfaction is what keeps customers coming back for more. What was the general tone of the online reviews your business received over the last year? Don’t write off negative feedback; use it to improve your products and services. It’s never too late to send out a customer satisfaction survey to find out if and how your business has made a difference in the lives of your patrons.
4. How was employee morale?
Happy employees are in many ways just as important as happy customers because they too play an important role in cultivating opportunities for growth. Performance reviews are a great way to keep your team members motivated. Making yourself aware of the thoughts and concerns of your employees—and reacting accordingly—can reduce turnover and improve company culture.
5. How did your competitors seem to fare?
We’re all familiar with the expression “it’s not you, it’s me”—well, sometimes it’s everyone! If regional or national spending was down, then don’t beat yourself up over a decline experienced by the entire market. Instead, remember to always approach challenges in new and innovative ways.
6. How much did you learn?
The reason why we’ve all heard the saying “there’s something new to learn everyday” a million times is because it’s true! Industries are constantly changing, as are the strategies for effectively marketing them. Did you delegate your time in such a way that you were able to truly focus on the task at hand—leading? Successful strategies won’t develop themselves; they require your undivided attention.
7. Were your expectations realistic?
Now, it’s time for some self-reflection. Did you set realistic goals for 2017? One way to find out is to determine how many of those goals the company actually achieved. We’re not saying don’t dream big—ALWAYS do that—but what we are saying is that unrealistic expectations can hinder your motivation.
Success metrics aren’t always quantitative. A win is a win! Celebrate your victories and strategize for 2018 with 2017's missteps in mind.