Wednesday, 6 May 2015

Some success indicators in business

Success indicators are means of measuring the level of progress or success made in any business, it gives you an insight to how close you are in achieving your major goals in your business. The rate at which you are receiving acceptance in the market and the amount of patronage your product receives from the market are also success indicators.
The following are examples of some success indicators in business;
1)      Unit sales
2)      Profit made on investment
3)      The percentage of the market that is yours
4)      The quality of your product.

1)      Unit sales
This has to do with measuring the number of products being sold previously against that which is being sold at a later time, this automatically shows if there is an increase in the unit product being introduced into the market at a given time or if the number of products sold has reduced thereby reducing the unit sales.
“The increase unit sale of the product = increase in the number of the product introduced into the market”.
To this end, the increase in unit sale of the product shows a positive success indication that shows that progress is being achieved in the business.
2)      Profit made on Investment.
This is a measure of the amount of profit made from time to time in a business. An increase in profit is another positive indicator which shows that a business is becoming successful. 
3)      The percentage of the market that is yours.
Here the following questions should be answered;
a)      How many prospective customers know about your product?
b)      What level of patronage are you receiving from the customers?
c)      What is the level of acceptance of your product in the market?
d)      What do people say or feel about the use of your product?
e)      What is that special feature that your product has that makes it stand out?
f)       How affordable is your product with respect to its quality?
g)      How visible is your product in the market?

4)       Quality of the product.
The quality of your product is very important in business. Quality has to do with those features that your product has that makes customers want to stick to using your product no matter the number of competitors in the market. Having a product of good quality actually helps to increase your customer base due to increased patronage thereby increasing your market share and finally leading to increased profit. This is when you know your business is becoming successful, when you are recognized for the product you have and the services you render thereby carving a niche for yourself and your business.

Please add your comments and additions on the blog thank you. 


1 comment: