Measuring the growth of your business requires being open and receptive to the most recent developments in technology as the market is changing faster than ever. Truth is, the success of your shop will be determined by the results you and your team produce. If your shop lacks a continuous culture of learning and fails to track its necessary data, it will be very challenging to keep things afloat.
The good news is there are opportunities to take your business to the next level. Here are four ways you can measure your shop’s growth:
1: Assess your shop’s KPI’s (Key Performance Indicators)
Too often, shop owners and their staff overlook KPI’s because they don’t understand what the numbers are telling them. The reality is, your numbers are as valuable as you make them. When you assess your weekly, monthly and yearly goals you will see just how well your business is doing.
2: Review your marketing
Marketing is essential to getting customers into your shop. The key is to pay close attention to your sales and analyze the campaigns you run. You should be tracking your website, email and direct mail KPI’s so that you’re aware of which efforts are working and receive a hefty return on your investments.
For more tips on marketing, click here.
3: Evaluate your employees
The interaction you have with your team – especially your service advisor, should not be underestimated because your business depends on it. Through KPI tracking, you will see the issues your employees are having with sales, production, and efficiency. To improve the skill sets of everyone in your shop, check in with your staff on a weekly basis, establish goals for everyone and welcome any feedback or suggestions.
4: Study the market
It’s important to remain informed so that you can prepare for any major shifts. Sometimes a decrease in profitability has very little to do with the shop and everything to do with the demands of the market. When you know the exact percentage of how much of your business will be affected, you will be better prepared to make the necessary changes.
Evaluating growth is critical to your shop’s health. At Management Success, we are committed to providing shop owners and their staff with effective management training.
Click here to take our stages of shop expansion quiz.