Feedback to Drive Business Performance

How can you use feedback to drive business performance?

As a business owner, do you want to grow your business, avoid common mistakes and reduce your stress?

Here are three easily available sources of feedback that can help you now:

From experienced business owners to start-ups, almost everyone finds themselves making mistakes on occasion. Feedback helps you recover from business mistakes faster, improve your business and minimize the chances of those mistakes happening again.

The very first thing you can do to minimize errors as much as possible is to identify the weak areas in your business and work to make them stronger. A weakness in any department of your business might create a big hindrance in the way of growth. There are some easily available sources of feedback that can provide useful indicators that you can utilise to see if your business is functioning to its full of capacity.

Customer Feedback

Listening to what your customers are saying about your business is a great source of feedback as they are actually the ones using your products and services. This is one of the smartest and easiest ways of getting free ideas on how to improve your business. All of this with the added benefit of reducing your stress as customers who feel listened to are happier to be doing business with you! (Just think how much happier you would be if you found a bank that actually listened to you …)

Feedback from customers and your audience on social media can also sometimes be useful so have a process to monitor this.

Employee Feedback

Business is not only about you. The people who work for you play a key role. Keeping your employees happy is another key to your success. Just like you look for feedback from your customers you should also be looking for feedback from your staff to help improve your business. One of the key attributes of happier staff is that they feel listened to.

Feedback from Your Accountant

Another effective way to understand how your business is performing is by using an expert accountant. An expert accountant is skilled in scrutinizing all the financial data in your business and pointing out the areas which are not profitable and need addressing. A proactive accountant would also come up with specific solutions for specific problems thus mitigating your concerns.

Executive Summary

You can use feedback to improve your business and combine this with current and accurate financial reports to keep improving your business performance.

For more information, please fill out a contact form on our website or alternatively you can call us on 03 9067 7798