How To Achieve Business Success

Business success comes in different shapes and sizes.

The definition of success for one business may be associated with failure for another. For instance, a business that is mainly focused on profit for shareholders will not share the same definition of business success as a not-for-profit social change project.

In this article, we’re going to explore the different definitions of business success and look at some of the tools you can use to help you achieve your targets and goals.

What is business success?

If you’re an entrepreneur who has a business idea or you’re a manager in an established business, it’s a good idea to define exactly what is meant by business success.

It’s not enough to simply state that you want your business to succeed, you need to know what that actually looks like, which areas it applies to, and plan how you’re going to achieve it.

Success can be defined by analysing actual performance data against KPI targets in specific business areas. In general, there are 6 key areas in which business success can be measured:

• Leadership and management – successful strategy, planning, and direction. KPIs for this area include: profitability, revenue growth
• Workforce – learning and skills development of employees. KPIs for this area include: staff retention rates, employee satisfaction scores
• Operations – optimised processes and workflows. KPIs for this area include: accounts receivables turnover, accounts payable turnover, quick ratio, cash conversions cycle (CCC)
• Product or service – efficiency of production and providing value to customers and clients. KPIs for this area include: team velocity, release time, customer retention rate, customer satisfaction score (CSAT)
• Sales and marketing – generating growth through conversions and brand building. KPIs for this area include: customer lifetime value (LTV), monthly recurring revenue (MRR), customer acquisition cost (CAC), % customer base growth.
• Finances – revenue and accumulating assets e.g. equipment and facilities. KPIs for this area include: gross profit margin, net profit margin, quick ratio

6 tools to help you achieve business success

In this section we’ll look at some digital systems and tools that you can use to help you reach higher levels of success across different areas of your business.

Find out what the 6 tools are here

*If you are looking for an easy-to-use and feature-packed CRM solution, Efficy CRM is the ideal solution for you. Book a demo of Efficy CRM to see how we can help you achieve higher levels of business success.

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