Measuring Success In Small Business and Entrepreneurship
- Topics:
- Competitive Strategy
- Tags:
- Employee Satisfaction,
- Entrepreneur,
- Entrepreneurship,
- Finance,
- Financial,
- Financial Accounting,
- Management,
- Small Business
- Source:
- hcmpublishing.com
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Overview: The most common method people use to measure business success is financial worth. The more the entrepreneur and business are worth, the more successful the entrepreneur is considered to be. The extreme of this would be the valuation of an entrepreneur’s publicly traded company. The entrepreneur’s company’s market value is recorded daily in the newspaper. The entrepreneur could look at the stock quote and compute his financial value each day, if he so desired. This measure of worth is given great weight by society. The financial success of a business is best measured by focusing upon the company profits for the year. Some allowance might be made for the level of investment the company makes toward future growth and future profits, so as not to penalize a company for investing in the future. Customer satisfaction, whether measured by customer surveys or repeat business, is another measure of success. If customers find the products useful and enjoy doing business with the company, the company’s future success, no matter how you measure it, is more likely assured. Employee satisfaction is another measure of success. The great companies tend to have employees who pride themselves in working for their company. One should consider what the company has done for its employees throughout the year.
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Format: HTML | Date: Jan 2003 | Pages: 1
