As a startup owner, you obviously want to figure out the best way to measure success. In the early stages of business ownership, financial gains are not necessarily a good measure of forward movement. Instead, look out for these positive reinforcers as a way to measure your startup’s success.
How To Measure Your Startup’s Success
1. The Industry is Taking Note
If your competition is starting to get a little uneasy, that’s definitely a good sign. You want the industry to take you seriously. You don’t want your fellow competitors writing you off as the “new kid on the block.” Make them nervous. Have them second guessing their current strategy. Heck, take it one step further and start redefining the industry. This helps boost business longevity.
2. Your Employees are Eager to Learn
In an ideal world, every single employee would resemble a sponge. They’d soak up industry knowledge, and always be looking to better their performance. Although this is ideal, it’s not necessarily realistic. But, in a startup environment, this type of behavior is a borderline necessity. Because you’re a new business, you need to regularly test, evaluate, and adjust. You need to figure out what works and what doesn’t.
3. If You’re Observing Month-to-Month Financial Growth, You Must be Doing Something Right
I’m not talking extreme numbers. You definitely don’t want to shoot for 50% net profit increase in the first 60 days of business. That just doesn’t make sense. But, even just a minimal increase goes a long way. Long story short? You don’t want being in the red to become a trend.
4. There is a Complete Sense of Transparency in the Workplace
Want to encourage better individual performance? Keep all employees in the loop, especially when it comes to long term decision making. Don’t forget to ask the question, “So, what do you think?” This helps every single employee feel like they’re a part of something bigger than just the day to day grind. For the most part, there should be no secrets.
5. There’s an Accountability Towards the Greater Good
Your employees all prioritize “we” over “me.” It’s not about what can you do for us, it’s about what we can do for the company. In that, each individual also walks away with personal satisfaction. Remember, you want to prioritize the word “team.” Your startup will go nowhere fast if you can’t make morale and group performance an obligation.
Looking for progress and how to measure your startup’s success? Prioritize these outcomes, and you’ll definitely work towards results and long-term business success. Looking for more productivity enhancers? Check out this awesome infographic, Supercharge Your Staff! 7 Hacks That Put Productivity into Overdrive.
This article was written by Kristen Vanstrom and originally appeared on Small Business Trends [link].