2017 Year in Review – 4 Ways To Measure Your Business Success
As an entrepreneur, it’s important to evaluate your business success on a regular basis. The end of the year is a great time to review what worked and what didn’t, set new goals and plan ahead for the new year. HealthyYOU Vending is here to help, with four tips for measuring small business milestones and moving forward with success.
Show Me The Money
One of the most important things you can do, every single month, is carefully review and analyze your financial statements, then use the information on your income statements and balance sheets to measure your financial success. How much money is flowing in and out of your business? Is your business generating enough cash flow to maintain and grow your efforts? Now is the time to make any necessary changes to improve your business health.
Of course, finances are an obvious indicator of success, but not the only one. Let’s take a look at why customer happiness, business growth and personal satisfaction matter as well.
Happy customers are a good indicator of success. If your customers and locations are satisfied with your products and services, chances are you’ll have repeat sales. If they aren’t happy purchasing from you, they probably won’t do it again. When it comes to healthy vending, what sells best can vary from location to location and even throughout the seasons. Obtain and listen to feedback from customers, and remember that location managers can and should be your best friends. Tracking sales through remote monitoring is an excellent starting point for analyzing customer satisfaction.
Goals and Growth
With growth can come growing pains, but it’s also a great opportunity to make improvements and streamline your process for the new year. Every entrepreneur has different goals. Maybe you’re happy staying small, maybe you’re ready to grow your business. A detailed business plan that includes both short- and long-term goals can help you measure your progress, increase revenue and take your business to new heights. Get tips for growing your healthy vending business.
Personal Expectation and Satisfaction
This metric is more subjective. How do YOU feel about the success of your healthy vending business this year? Did you meet your goals? Gain new customers and locations? Learn new things? Personal satisfaction is an important consideration, too. One of the great things about owning a healthy vending business is the opportunity to create change in your local community. Many small business owners (51%) report personal satisfaction from doing what they like to do best – and that’s a worthy achievement all on its own.