Well you have what you think is a great business model, a sound marketing plan, believe you have got your pricing right and established the necessary channels, relationships, activities and resources to support your enterprise.
Success is assured, right?
History shows that what you think will work doesn’t always. And you might think that things are g0ing well but are they?
Ultimately there is only one true measure of success. Customers are the only true measure, if they are seeking your bundle of products and services to a level to allow you to sustain your business then you have achieved the first hurdle. From there you want to grow your business or operation.
But there are other key measures of success that you can observe to help you in monitoring your progress.
On top of your customers there are four other groups you need to impress to achieve success:
- your competitors: the harder they try to take your customers, the harder they try to poach your staff the more successful you are
- your suppliers: the more they want to be with you on your journey the more successful you are
- your shareholders: there continuing investment support the more successful you are
- your staff: the more they want to stay with you and encourage others to join with you the more successful you are
Of course this is only part of the story, but it is an important part. Monitoring these five components of success is something all good managers do.
Building strategy and setting milestones that help deliver these successes are critical components to achieving your long term objectives.
Be wary of just taking a short term customer only view.