Digikredit Finance Pvt Ltd. | 11 Jun, 2018
entrepreneur's journey is full of doubts, assumptions and
do I know if I’m on the right path? How can I tell if it’s
working? How do I know if my business is successful? Yes, you are not
alone; these are some of the most common doubts of all entrepreneurs
you wish to run a
you must begin with answering two basic questions. First, what is
your objective? Second, what factors will help you achieve that
revenue is undoubtedly one of the most vital parameters of business
success for SME India. However, it is not the only one. Read on to
know the following 2 ways in which you can measure the success of
your business beyond money:
impact you make:
is an important key performance indicator that measures the
effectiveness of your business. The effect you have on the people you
serve is always directly proportional to the increase in the income
levels of your business.
you might wonder.
just treat your business as a transaction medium. Pay a lot of
attention to whether your product or service is adding any value to
the lives of your customers. Look for ways beyond the product’s
basic offering. Look at your consumer’s interaction with the sales
team, or the after-sales support.
beyond the call of the product will not only fill your pockets but
also build up credibility for your brand in the long run, thereby
establishing it as a market leader.
people you help:
What goes around
comes around. No matter what your goal is, if your business can help
several people along the way, it is already on the right track.
Understanding just this metric goes a long way in helping your
business gain the success and popularity you dreamed about.
Identify who you are
helping, understand how the help is reaching them, and exactly what
is the value addition that you are bringing into the lives of these
people. Also, knowing who you are serving helps you better your
product, services and business model.
Doing so can help
you not only identify your apt target group, but also create a lead
magnet that can turn out to be very profitable for SME India.
Studies have shown that companies
which focus on nonfinancial measures and value creation, stand a
better chance of improving revenues in the long run Thus, pay head to
the above two, non-monetary parameters as well, the next time you are
assessing the business success of your company.
association with Digikredit Finance Pvt Ltd , an NBFC, which operates
under the name SMEcorner and offers credit to small business owners.