How Do You Measure Results?

July 10, 2014
# min read
Paradigm Associates LLC

Recently, I have observed a noticeable improvement in what I call business owners' optimism. At a recent Construction Institute symposium in Bridgeport, CT, I had the opportunity to poll a select group of executives. My question was, "Are you seeing more opportunity for your business in the last two months?" Only two people, from a group of 14 participants, said things are the same or they are not seeing an increase in future potential business activity. Everyone else indicated they are experiencing what might be considered pent up demand. One attendee made the point, "American Entrepreneurs can only go so long without spending and investing, and that time is over." If I had an optimism meter, I would say the needle has moved significantly to the positive.

To follow up on my unscientific research, I reached out to 11 clients from the past two years. I asked a similar question. "Are you uncovering or identifying more opportunity for your business now?" The answer was a resounding "yes" for nine respondents. Two said they are not seeing improvements.

If you read this column on a regular basis, you know that I'm obsessed with staying in touch with my customers. This is my unique competitive advantage. It should be yours as well. I simply learn so much about future opportunities, every time I reach out to my customers. Staying in touch with customers can be a bench mark. If I have lunch with two customers each week, I've met my bench mark. When I get two qualified referrals, from a satisfied client, I have met my benchmark. What are your bench marks?

Successful business owners measure results and bench marks on a daily basis. They have clarity on where they are and where they want to be. If you can't measure where you are, it is unlikely you could manage the process for getting there. Put another way, if I were to visit your company tomorrow with an interest in buying your business for a substantial sum, an obvious question I would want answered is "How are you measuring results?" How would you answer this?

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