When starting a business, it is important that at the beginning, the founder acclimatizes him/herself with the possibility of future success. Successful companies project their success by setting clear goals and devising strategies on how to achieve them.
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The goals are usually centred on revenue, growth, and profit. It is expedient founders know if these goals are achievable within a set time frame. Most often, these time frames in companies are as long as 18 to 24 months.
In this way, companies give themselves time to check if they stand the chance of surviving within the set period and beyond. In this article, we shall discuss how to measure business success with proven five indicators.
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The Number Of Active Engagements
One of the indicators for future business success is the number of active client engagements in the past three months and how active they are, and how long the engagement will take. The clients you have engaged in the past three months and how long they plan on doing business with your business, can be an indicator of how much revenue can be generated within the next 18 or 24 months.
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The Number Of Quality Discussions With Prospective And Current Clients
The second indicator is the number of active discussions with prospective and current clients. The nature of discussions will determine if the clients will likely do business with the company within the next 18 or 24 months. These discussions can take the form of promises of future patronage, or an already sealed deal between clients and your company.
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The Number of Active Proposals
The third indicator is the number of active proposals that are in the pipeline. It could also be seen as the number of active proposals that have not been accepted but are still under discussion, and it is still relevant to clients. For example, this is when proposals are still ongoing or still on the table, and they are likely to materialize depending on how much the company is willing to invest its time and resources to ensure that the proposals are secured within the timeframe.
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The Number Of Active Ongoing Projects
Another way to measure future success is to count the number of ongoing projects the company is engaged in for clients. Ongoing projects for both prospective and long-term clients can serve as an indicator, as long as it is within the timeframe. For example, a tech company that has just won a project of maintaining a client’s website for the next 24 months can give the company an insight into where they are going.
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The Number of Active Long-term Partnerships
Another indicator for measuring the future success of your business is by knowing the number of long-term partnerships that have been secured by your company. This is when you are confident that some clients are in for a partnership for a long time with the potentials of doing business within the set timeframe.
Featured Image Source: TechEconomy NG
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This article was first published on 9th December 2021
nnaemeka-emmanuel
Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.
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