Tips for measuring success in business

Setting goals is one thing, but not having well-defined measures of what constitutes success could be creating tensions in your business.

“At the end of the day, it's a collaboration of so many minds on a very subjective project that has different expectations of what ‘success’ is or not,” explains Mikel Lindsaar, founder of development firm reinteractive.

“The CEO might see success as A but the product owner sees it as B. That can be a challenge.”

For Mikel, one of the chief concerns about success and measurability comes down to his firm’s workflow pipeline.The elements of a man climbing stairs to success

“I guess making sure that the flow of customers coming in is consistent. That's probably the biggest challenge that I think we and most small businesses have,” he says.

“Where are you going to spend that marketing dollar? I think there's a great quote, I can't remember who said it, but someone said that ’50 per cent of every marketing dollar I spend is a waste of money. The trick is just figuring out which 50 cent it is.’

“That's very true. It's very easy to try and take shortcuts, like buying Facebook likes or something like that. It's never really going to work. You need to be genuine.”

Mikel has also spoken to My Business about how he implements transparency into his business. As well as fostering deeper relationships with customers, he believes transparency is a great method for ensuring that the delivery of a product or service to a customer is a success for everyone.

“Our biggest job at reinteractive when we're running a successful software project is how do we help bring the customer to understanding the feature that they want, while nice, won't earn them any more dollars in the short term?” he explains.

“If you keep doing the nice-to-have features you never actually get around to the important features.”

Hear from Mikel about negotiating better payment terms, remote working and more on the My Business Podcast!

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