High sales figures and profit increase – most likely that’s the first that comes in your mind by thinking of a successful enterprise. Certainly, profit is a decisive indicator for the success of a business. Without return, every business will struggle sooner or later. However, those figures are not the only scale. Lasting success also depends on the following factors:
Customer satisfaction: Only if your customer is satisfied with your service, he/she will come back. Your customers are the basis for the success of your business. “Know your target group” is not just a marketing phrase! Try to really understand their needs, and fulfil their expectations. In this way you can build up a loyal and growing customer base, on which, in turn the growth of your business depends on.
Employee satisfaction: A well-functioning team is most important for the productivity and service of your business. Satisfied employees are proud to work for their company and show this. They not only work for you, but represent your company philosophy and values. Furthermore, with the reputation of being a good employer you will find it easier to find good and qualified employees for your growing business.
Innovation: Standstill means falling back! That is why innovation is what distinguishes a successful company. Of course not every new product or new business idea pays off immediately, maybe it never does. Nevertheless, the readiness for something new, for changes and innovations is what brings businesses forward.
Profit does not always mean success, at least not lasting. So have a look on your business. Do you have the prerequisite to be successful?