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Measuring The Likelihood of Your Business Surviving |
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| E-PERFORMANCE MEASUREMENT | ||||||||||||
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Background |
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success of a business must depend on “measurable” factors. These
factors, seldom, are discrete, as their random nature makes it difficult
for an exact prediction of their states, when projected in time. Even the
most sophisticated simulation software may fail to represent the business
process accurately in real life. Thus, assure yourself that your business
will be successful by answering the following questions: 1/ Will your customers, if any, prefer your services or products over your competitors’, and if so, why? A good answer to this question will help you in the development of a business sustainability strategy. 2/ Are you financially better off with your current customers? If yes, do you need improvement? If no, what would be the opportunity cost for exiting the industry? The above questions are good for a start. The most important approach to dealing with business processes is subjecting them to extreme and hostile criticisms and analyses. This way, the likelihood of drawing conclusive deductions as to their worthwhile would have better standing. |
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