Three Questions About Business Success
you’re talking to the business owner of a multi-site,multinational organization or the owner of a corner store, there are three critical measurements that denote the overall health and well-being of any organization: employee engagement, customer satisfaction, and cash flow. This applies to non-profit organizations as well as businesses.
No organization, small or large, can remain competitive in their chosen market without employees who believe in the mission and know what they need to do to achieve it. That’s why it is critical to measure the level of employee engagement at least once a year … anonymously. And we’re talking about more than finding out if they like the coffee in the employee lounge. In fact, that question shouldn’t be anywhere near an employee survey!
Customers are the next link in the “successful company” chain. How do you know if you’re on the right track and providing the products your customers need and servicing them in the way they want? ASK, of course! And don’t just ask your good customers, ask the ones whose orders are intermittent or dropping. An answer to the simple question, “How likely are you to recommend us to a friend?”
Lastly, there’s cash flow. If you ask any business owner how they measure their cash flow, they’ll have an answer for you, for sure. But be sure they’re specific about the definition of cash flow. Most profit and loss numbers have been massaged through the accounting process. They need to be looking at true, fluid cash flow. Even non-profits need cash flow.
Concentrate on questions around those key issues. Answewring these questions will put one on the path to greater business success.
1. How do you measure employee engagement? How often do you do it, and what do you do with the results?
2. How do you measure customer loyalty? How often do you do it, and what do you do with the results?
3. Does your current cash flow situation allow you to return cash to shareholders, pay down debt, and/or borrow more to grow faster? If not, how much do you need to do so?
RLS Focused Solutions has the tools and experience to help you answer these questions and development a plan to achieve greater success. Give us a call or email us to start discussing the possibilities. (910) 575-1286 or bob@plangoals.com