6 ways to achieve business success

Taken from the Xero small business guide "Achieving Success in 2016".

Check out the full guide and other helpful tips for small business at xero.com

Here are some very measurable ways to track your success in 2016:

  1. Analyse sales reports
    Use your accounting software to create sales reports and take a look at performance over the last year. Have sales been increasing? Are there seasonal peaks and troughs? And how can you prepare for these in 2016?

  2. Look at profit and costs
    How is your business tracking when it comes to costs? What is your profit year-on year? And how can you improve it?

  3. Identify your revenue earners
    It’s vital that you understand which products or services are your best and worst performers so you can expand into your best performing areas. Take a critical look at why some products or services aren’t doing as well and re-evaluate whether you continue with them.

  4. Review customer satisfaction levels
    To figure this out you could ask your customers (in person or online): “How was our customer service today?” You’ll gain valuable insights from hearing your customers’ feedback in their own words. By analysing their answers you’ll get an overall score for customer satisfaction, such as a percentage or measure. Use the NetPromoter Score calculation method to quantify whether your customers are willing to recommend you to others.

  5. Evaluate your marketing tactics
    Is your Twitter channel working for you? Do you post regularly on Facebook? Do a deep dive into your website analytics to see which traffic sources your sales are coming from. For example, if your biggest and best-performing traffic source is from Facebook, consider dedicating more time to that channel.

  6. Check out the competitors – and stay ahead of them
    Are you one step ahead of your competitors or are you always playing catch up? 2016 could be your year to take charge and break away from your competitors by thinking outside the box. See what the competition is doing by regularly looking at product or service reviews from their customers on their website or social media channels.