3 Factors of Business Growth And Sustainability
When starting a business, it’s important to have an understanding of the things that keep a business running. A lot of people think it is just money, but on a second look, that can be very wrong. Money in-flow alone cannot keep a business up and running. There are three other things to measure and improve on. These are the things that serve as the factors determining how long a business will last.
What are they?
It’s important that as you start up with your business, you take record of the number of people who are perfectly satisfied with your product and service and are appreciative enough to give a positive feedback. This is important because it helps you to figure the number of people who have the likelihood to come back again and who you can call loyal customers. They help to keep your business running more than money will do.
You need to always take note of the negative feedbacks you get in your business because they open your eyes to areas of imminent hazard that can be arrested before the disaster happens. When a customer complains about your customer service, timeliness, product durability or any aspect of your value delivery, it’s a red light that should be immediately addressed before the big disaster happens.
You need to know how your referral base is. How many of your customers feel safe enough to leave their friends, loved ones or associates in your hands without seeing you as a risk? This is a vital index to measure. It tells a lot about your brand equity. When there is a need for what you do and people are afraid of contacting you but feel safe to contact someone else, it’s a terrible danger to your business.
These three things are very vital in your business. They determine whether the income flow will be sustainable or not. You are really not in business if all you make is money and you’re blind to these three areas. You probably just have a passion or a quick-money scheme. If you really are interested and determined to build a business that will thrive and survive for long, these three vital performance indices are inevitable.
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