Wednesday, March 6, 2013

Successful Business Endeavor – 5 Signs!

Is your P/L statement, the real sign of your business endeavor? Without any doubt the most important element in building a business is to create clear goals and targets. Successful companies set stretch goals and build a solid business model and strategic path to reach those goals, which are generally result-oriented – revenue, growth and profit.

However important these goals are in driving the direction and prioritization of the company, they can pose real problems while the business starts functioning in a high pressured environment. Using P/L statement as an indicator of a business status is like driving looking at the rearview mirror.

Most of the fast growing companies are dynamic and the real need of the situation is to hire a leader who is a visionary, pro-active and forward thinking to make real time decision to measure if the business is on the right track and achieving its goals, especially true for business with lengthy business cycle.

5 signs that can be used to measure successful business endeavors are:

1. Active Relationships:
Keep a track on the number of potential clients we are in conversation with who are actively looking for business enhancements or are likely to hire partners.
2. Active Discussions:
Take into account a client as an active discussion when we speak of our ways to improve or transform our business.
3. Active Proposals:
Look at the number of active proposals that has not materialized before but are still relevant to the clients.
4. Active Initial Investor Agreements or Value Starter Projects:
Engage your clients in a 6-12 weeks starter projects to explore the prospect of building or transforming a business, agreeing to a long term relationship.
5. Active long term relationships:
We know these partnerships have long term potential, but we need to invest in them to retain and grow your business with them.

Looking at these interesting signs we gain insight into where your business is going to land in the next 12-18 months. Any metrics that you follow to track the business success endeavor signs. Share with us we are eager to hear!

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