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5 Essential Measures Of Charting Business Success

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StrategyDriven Organizational Performance Measures Article |Charting Business Success|5 Essential Measures Of Charting Business SuccessWhen you think about it, ‘success’ is often a broad term, and it applies to many different desirable outcomes. For instance, a post-injury patient overcoming the long journey of learning to walk again, alongside their physiotherapist, will no doubt feel the same kind of personal success that a major athlete feels when coming in first – both have had to put in work, aim for goals, and battle adversity, even if the outcomes seem very different on the surface; success abounds with each.

The same principles could apply for business. A small company that couldn’t hope to compete with a multi-national entity may be adored within its community and have generations of patrons select them first, ultimately guaranteeing a small market to serve for some time, and won via fantastic goodwill efforts.

That said, while thinking of your success in relative terms is a smart place to start, it’s also important to know what format by which to present real, tangible metrics you can use to plan for the future. Let’s consider how to achieve that, below:

The Essential Key Performance Indicators (KPIs)

It’s important to recognize that the key metrics for growth can be defined in more than one way. This list of customer success KPIs is a fantastic place to start. They allow you to understand where your risks and opportunities are when it comes to net revenue retention and driving business growth. One recommendation provided will show you how to calculate net revenue retention (NRR) to see the growth of revenue even without onboarding new customers.

In addition, seeing the churn rate of customers who may come and go can help you determine what your actual growth figures are and how they trend. In addition to this, managing your relationships, especially with long-term customers, is an essential measure to focus on, as anyone can generate new clients, but if they stick around, that suggests you’re doing something correctly.

Sales Growth & Retaining Customers After Promotions

Retaining customers after a promotion is a healthy means of showing if your product or service is delivering its value, or is perceived as valuable, once the real charges are applied. Anyone can sign up to a month free trial, but if a customer is happy to retain your service after signing on during that period, then odds are you’ve kept them for the time being.

It can be helpful to also push surveys out to these accounts for an incentive, perhaps offering 5% discount on their next purchase for completing a five-minute survey. Here you can determine why they stayed, if they would in the future, and what their main decision was to keep their subscription ticking over. You may reformat this depending on the general intent of your business, but it’s not hard to see how this perspective makes a difference.


Customer/Client Favorability

It’s healthy to consider the customer and client favorability that you grow over time. Note that this means more than just enhancing your relationship and remaining on good terms, but analyzing just how long term clients or even recently onboarded clients regard your service.

Comment cards, feedback, and analyzing their behavior using your services (are they receptive to upselling, do they preorder your newest items, what packages do they go for?) can make a huge difference.

In addition, you may be able to track this feedback through online customer reviews, seeing the discourse regarding your company on social media platforms like Twitter, and seeing what aggregate websites like TrustPilot have to say about your particular brand. This might not be a particular numerical measurement, but it does give you an insight into the wider cultural conversation about your brand, and how it’s viewed from various levels of your customer base.

Market Share

Analyzing your share of the market by calculating your total sales and dividing them by the reported sales of your industry can be a good idea. It will help you understand what share of the market your business is cornering, or at least give you an approximate idea.

Of course, you can adjust this depending on your niche, your specific location and the markets you serve. Note that you probably will occupy only a small corner of the market, and that’s okay, even this can serve businesses competently for years upon years going forward.

Market share can give you a somewhat decent understanding of how you might be fairing compared to your competitors. In some ways, this may be obvious, but again, one more tool in the arsenal to determine your position is never a bad thing, and should never be considered as such.

Staff Feedback & Satisfaction

It’s healthy to consider the staff feedback and satisfaction that you gain over time. Sure, no business will run solely that its staff feel happy and comfortable in their roles, as this is not enough to support their salaries.

That said, it’s an essential measure of if your internal management structure has been working effectively or not, and if that’s backed up with meeting realistic targets and solid productivity metrics, then odds are you’re doing something right.

A staff survey, listening diligently to the reports of your managers, and making sure staff are permitted to review working for you online in any way they wish will make a big difference. Sure, staff being happy and feeling capable in their roles is a good thing no matter what. But it will also lead to benefits such as them going the extra mile, staying at your company and lowering staff turnover (which is good if you’ve invested money in training them), and even promoting working for your brand to people they know.

In some cases, companies that are awarded ‘best employer’ status in your area have candidates lining outside of the gate for a chance to work for you. A great number of promising staff members hoping to apply the best years of their innovative thinking and hard work is never a bad thing for your brand.

With this advice, we hope you can understand some of the most essential measures of charting business success. With a little luck and a willingness to keep on top of these metrics, you may feel more secure in your position than ever.

How Online Schooling Can Help You In The World Of Business

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StrategyDriven Professional Development Article |Online Schooling|How Online Schooling Can Help You In The World Of BusinessDo you want to get ahead in the business world? Then you need to be educated. The good news is that you can get a quality education without ever leaving your home. Thanks to online schooling, now you can learn everything there is to know about business and more from the comfort of your own computer. In this blog post, we will discuss how online schooling can help you in the world of business.

The first way online schooling can help you in business is by giving you the opportunity to learn at your own pace. When you are taking classes online, you can go at your own speed and review the material as many times as you need to. This is perfect for those who want to make sure they understand the material before moving on. Additionally, if you have a busy schedule, taking classes online allows you to work around your commitments and still get the education you need.

In the world of business, many tasks are done online, so with online schooling, you will have an advantage of computer literacy, which is very important in today’s business world. In addition, a cyber school often incorporates the latest technology and software applications into their curriculum, so you will be ahead of the curve and know how to use the latest tools in your field.


Another benefit of getting an education online is that it can prepare you for success in a number of different ways. Some of these ways include building time management skills, developing better communication skills, and learning how to work independently. All of these skills are essential in the business world and will help you succeed in whatever career you choose. If you choose an online school you will also have access to a number of resources that can help you in your career. These include resume writing services, job search engines, and more.

Finally, getting an education online can help you save money. When you attend a traditional brick-and-mortar school, there are many associated costs, such as tuition, books, and housing. However, when you get an education online, most of these costs are eliminated. In addition, many online schools offer financial aid packages that can help you pay for your education. So if you are looking for ways to get ahead in the business world, getting an education online is a great option to consider.

As you can see, there are many benefits to getting an education online. If you want to get ahead in the business world, online schooling is a great option to consider. With its many advantages, it is no wonder that more and more people are choosing to get their education online.

How To Improve Your IT Team Performance

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StrategyDriven Managing Your People Article |IT Team Performance|How To Improve Your IT Team PerformanceYour employees consist of people from different walks of life with different skill sets and temperaments. Since you are responsible for ensuring they all get along and accomplish organizational goals, you can see how taxing the role can get. Fortunately, with a few effective tactics and a nudge in the right direction, you can encourage your team members to work together and become more productive. This article will discuss six ways to improve your IT team’s performance.

Ensure communication is clear and concise

Poor communication, or a lack of it, leads to confusion, misunderstandings, failure and disagreements in the workplace. As a manager, you must communicate your expectations of your IT team, the deadlines within which they should work and how they should conduct themselves while on the premises. Communication is also key during the onboarding process when you are training new employees.

Consider team building

If members of your IT team cannot get along with each other, the office becomes a miserable place. In addition, they will not be able to achieve the shared organizational goals. Since productivity depends heavily on teamwork, we suggest you engage your employees in team-building exercises to help them learn how to rely on each other. The fun activities during team building also help to dissolve any bad blood between members.

Create an amicable work environment

You can’t expect your employees to thrive in a poor environment. An excellent way to create an appropriate and wholesome work premise would be to let the sunlight in, incorporate green elements like flowers and potted plants and add comfortable furniture. It would also help supplement natural light with artificial light sources like table and floor lamps.


Outsource key IT functions

With rapid technological developments, having an IT department is no longer a luxury. However, your IT team might be overwhelmed with all the tasks that require their attention. In addition, your in-house team might not have the expertise your company needs to scale to greater heights. Outsourcing key IT functions can reduce their workload and allow them to focus on more pressing matters. Look for one of the best staff augmentation companies that will offer you flexibility and control over the external team and grant you access to a vast and specialized set of skills and technology.

Understand their strong and weak points

As a manager, one of your duties is understanding your employees’ skill sets. Once you grasp their strengths and weaknesses, you will be better positioned to assign them tasks you know they can handle. Employees that are given an avenue to exercise their expertise and knowledge make the greatest contribution to the company and are the most productive.

Make your team accountable for their actions

Lastly, an effective way to improve the performance of your IT team would be to avoid micro-managing them. Giving your employees control over their schedules and projects brings about a sense of accountability, builds their self-esteem and indices responsibility. You could grant your IT team ownership by appointing a leader from within the team or letting them handle a task independently without supervision.

Wrapping Up

No matter how good a team is, there is always room for improvement. Know your team’s strength and weaknesses, empower them and outsource some tasks to off load their workload. Above all ensure that you create a conducive working environment for your team. All these efforts will eventually improve their productivity and your IT business will grow.

Top Retail Mistakes that a Lot of People Make

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StrategyDriven Managing Your Business Article |Retail Mistakes|Top Retail Mistakes that a Lot of People MakeIf you run a retail store, you will want to ensure that you do what is always best for your customers. This is easier said than done, especially when you look at the fact that every business is different, and every company serves a different demographic. That being said, there are some big red flags that apply to every company, so it is important that you look out for things like this if you can.

Choosing a Bad Partner

This is easily the worst mistake you could possibly make whenever you decide to start your own retail business. If you choose the wrong partner, then this will really bring your business down, probably in the first few years. It may be that they have different goals to you, or that they are not a perfect fit for your company. At the end of the day, you should not let stress or promises of success or even money sway you into making bad decisions with your partnership. Your company will only grow if you have a solid level of groundwork and at the end of the day, initial partnerships are a key part of this.

Having a Bad Location

You have probably heard this time and time again, but location is everything. It is key to your company’s success. Don’t settle for a place that is cheap or good because it is convenient. Instead, you should be trying to invest in a location that is a good fit for your company overall. If you can do this, then you will soon find that it is easier than ever for you to ensure that you are making the best decisions for your company.


Not Investing

A lot of retail owners set up their shop, but then they stop investing. The store then eventually runs into the ground, and this is the last thing you need. If you want to avoid this, then you have to make sure that you are willing to give back to your company time and time again. Think about it, why do businesses play music? Because it engages customers, and it makes them feel more at ease. Investing in a good sound system isn’t hard either, so make sure that you are mindful of this and that you also be mindful of what your customers want from you.

Trying to do Too Much

It doesn’t matter how small your company might be because you will always benefit from having a bit of help. On the surface, you may feel as though your day-to-day operations are reasonable, but you will be over your head very quickly if you are not careful. Managing, marketing, ordering, and selling inventory can quickly take its toll, so make sure that you hire carefully and that you also take your time to delegate tasks. If you can do this, then you will soon find that you are able to achieve a lot of success and you can also do your bit to prevent a lot of burnout too.

4 Reasons Why Your Sales Are Dwindling

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StrategyDriven Marketing and Sales Article |Dwindling Sales|4 Reasons Why Your Sales Are DwindlingIf you’ve been operating a small business for some time you will understand the ebb and flow of sales. When it’s up, it’s up, but when it’s down, it’s really down. Let’s show you some reasons why your sales are dwindling and what you can do about them.

You’ve Lost Your Goals

Many businesses want to just sell as much as possible but this is a very transparent directive. Understanding the why you want to achieve more sales is a far more tangible approach to increasing motivation amongst your sales team. While platforms like Salesforce and the Salesforce playbook can help you with finding clear goals, you’ve got to understand that, if your team is not hitting targets, it’s not to do with the individuals, but the fact that you are not setting clear goals.

Your Workforce Is Unhappy

If you find your employees are not happy, they’re not motivated. If you really want to give your business an advantage, you’ve got to focus on happiness. But what does it take to create a happy workforce?

  • Making your team feel valued.
  • Offering competitive benefits and perks.
  • A better work-life balance.
  • Not applying pressure.


The latter point is pivotal, and while you may find that if somebody is not keeping up their end of the bargain despite the rest of the team hitting targets, you’ve got to delve deeper into why they are not doing as best as they can. It’s a common misconception that we only look at the last week as a hallmark of performance but this is an incredibly short-sighted but endemic part of in modern sales. You’ve got to look at the bigger picture and if your sales team is not performing, is there a real reason that’s beyond them? Because if you’re applying too much pressure this results in an unhappy workforce.

You Don’t Understand the Reasons for the Sales Slump

It’s not just about performance but about recognizing that there are things that are either your fault or beyond your business scope. For example, there can be a global problem affecting the business, but there can also be other issues that have nothing to do with your sales team. You might not be keeping up with the times, and therefore you could benefit from upgrading your knowledge of the marketing world.

Additionally, you might come to the conclusion that you’re not targeting the right customers. If this is an issue, you need to sort out the problems on the inside and invest in a CRM (Customer Resource Management) system. You can have the best salesperson in the world but if they’re not targeting the right person it’s the equivalent of selling mulled wine to a Mexican.

Your New Candidates Aren’t Cutting It

One of the biggest problems we all make as businesses that focus on sales is giving a new candidate a very short space of time to find their feet. It can take up to 8 months for an employee to fulfill their potential. Give people time!