5 Ways to Measure Success in a Small Business

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Sustaining a new start up business could be a challenge for one if there is no tool to measure the success of the business. There is no way for measuring the health and potential of your enterprise if you do not have analysis of leads, sales and profit margin. However, here are some tips we would like to share with you in tracking your success.

Follow these five indicators, and you will find out which part of your business needs attention.

Measure profit margin

Profit margin is crucial to a new start up business because experiencing high volume sales doesn’t mean that you have high profit. Having high operation cost may eat up a part of your profit. Therefore, it is important to carry out a regular assessment of your prices, outgoings, operation cost and profit margin. Measuring your employee performance and utilizing human resources can play an important role in measuring profit margin.

 

Number of inquiries and where they come from

In this technology era, there are many enquiries and leads coming in from different digital platform.   With the proper tracking of where your source from and analysing the cost of each leads coming from, either from social media or traditional media advertising; this will help you to target the most popular ones, and know where money invested is failing to give a return.

 

Number of inquiries converted to sales

Having leads and inquiries are not going to bring you any profit unless you convert them into sales. It is important for you to first track and analyse the figures, work out the ratio of success, and implement strategies to increase your conversion rate.

The purpose of measuring is to attract prospects at the sharp end of the buying cycle which is leading them to spend money.

By measuring your company sales procedures and customer support can help you to determine how to polish up your standard operating procedure to respond quickly and professionally to customer inquiries, cutting out time spent on unnecessary quotes and unlikely conversions can help in retaining customer.

 

A ringing phone

How you going to analyse the conversion rate of incoming calls and abandon calls? Research proven that people who inquire by telephone are more likely to convert at two to three times the rate compare to people who fill out a form on a website. Having a human operator to speak to them on the phone helps them make a decision two to three times faster and, in most instances, you can upsell to them immediately and get them to spend more!

There are many options available in the market now for you to upgrade to virtual phone solutions, making sure that you don’t miss out any opportunity to capture your customers.

Engaging with a Cyngus eReceptionist who will always know what to say, how to say it, and where to direct those valuable calls. The phone is still a core ingredient of every successful business, so make sure you employ the very latest technology in maximising its impact.

 

Customers who pay

Sales coming in and everyone is busy tackling it. Hold on! How about your collection?

Cash flow can be a huge problem if many customers are delaying their payments or, worse, not paying up at all.

Making your payment plans and procedures crystal clear to all customer is very important to keep your cash flow flexible. Be quick to chase missed payments, collecting payment balance and consider employing the services of a debt collection agency if it helps in collection.

Monitoring and tracking one’s performance can be a daily challenge for a business. However, with a little help of technology platform, an interface where you can gain all the valuable insight, you will gain more than what you expect. ViSight Solution, a solution that designed and targeted to simplify customer engagement and increase company revenue.

 

Find out more on what ViSight Solution can do.


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