Take a Selfie for your business: How to measure your small business performance?

Running a small business is interesting and can be challenging at the same time; off course the main goal for each small business owner and startup business is to transform his or her business to a successful one. But how you can tell if you are business is on the right track or not, for many people the profit is the only measurement for the business success but in fact it’s not only the factor you should consider to measure your business performance.

Below are 3 simple measures for small business success:

Your business plan vs. the actual achievements
The business plan is the first step to measure your business success and performance. Your business plan allows you to define your business goals, business priorities and the timeline to achieve your business goals. By comparing what you have achieved with the timeline you’ve defined in your business plan, you can tell for sure how’s the performance of your business. The most important thing you need to consider in your business plan, it should be realistic and can be done so you don’t get disappointed if you were out of the track.

Tracking your cash flow
Tracking your cash flow and knowing how much money your business making is also important factor to measure how well you are doing. By tracking your net income and how much profit you will be able to make in certain period you will know how good your business is and what actions you can do to avoid any loss or lake of the cash flow you may have.

The Balance between life and work
Working for yourself and set up your rules and schedule is one of the most exciting things about owning a small business. But in some cases you end up with a lot of working hours without having a great or healthy life style. It’s understandable that for certain period in your business especially at the start up of your business you need to work harder and spend more time in work. However you can measure the performance of your business by knowing the return on time invested. You will be able to tell if your business is working for your or you are working for your business.

At the end, taking a selfie for your business simply means taking a close look to your business and start measuring its performance. The main goal to do so is to make right what’s wrong and pursue what’s right you were doing. If the results weren’t so good, don’t be disappointed; remember your business is empowered by your will to achieve your goals and dreams.