Measure & Evaluate

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Turning the Plan into Metrics:

In review, ask these questions as you ponder expansion strategies. The metrics of success can be teased out of these questions.[/vc_column_text][induzy_vc_list_item list_items=”%5B%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Do%20employees%20have%20the%20necessary%20skills%20to%20support%20your%20growth%20strategy%3F%20Will%20you%20need%20to%20hire%20new%20staff%20or%20provide%20additional%20training%3F%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Can%20existing%20operations%20handle%20a%20sudden%20boost%20in%20demand%3F%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22How%20will%20you%20maintain%20service%20levels%20while%20reaching%20for%20new%20business%3F%20Are%20current%20operations%2C%20including%20order%20management%2C%20customer%20service%2C%20record%20keeping%2C%20and%20inventory%20control%2C%20running%20smoothly%20and%20ready%20to%20take%20on%20more%3F%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Where%E2%80%99s%20the%20money%20coming%20from%3F%20Will%20cash%20flow%20from%20sales%20be%20enough%20to%20support%20your%20expansion%2C%20or%20will%20you%20need%20lender%20or%20investor%20financing%3F%20What%20will%20you%20need%20the%20money%20for%3F%20Study%20historical%20cash-flow%20statements%20as%20a%20guideline%2C%20then%20determine%20cash-flow%20needs%20on%20a%20weekly%2C%20monthly%2C%20and%20annual%20basis%20to%20plan%20your%20funding%20strategies%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Are%20you%20ready%20to%20delegate%20more%20tasks%20and%20give%20managers%20more%20control%3F%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Does%20expansion%20rest%20on%20a%20reliable%20mix%20of%20intuition%2C%20solid%20competitive%20analysis%2C%20and%20customer%20research%3F%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Do%20you%20have%20a%20time-defined%20exit%20strategy%20if%20expansion%20plans%20fail%3F%22%7D%5D”][vc_column_text css=”.vc_custom_1608144711845{padding-top: 50px !important;padding-bottom: 0px !important;}”]

Internal Metrics:

Here are some measuring sticks that you can use to measure your growth. Are you really successful? Plenty of cash is not always the best measure. Where you see gaps, find ways to improve in those areas. Reassess weak areas from a non-core or core competency angle. Is the weak area something you can outsource?[/vc_column_text][induzy_vc_list_item list_items=”%5B%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Compare%20how%20long%20it%20takes%20to%20create%20the%20product%20and%20get%20it%20to%20market%20vs.%20how%20long%20it%20takes%20to%20receive%20the%20full%20payment%20for%20it.%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Calculate%20the%20profitability%20of%20your%20product%20or%20project.%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Measure%20the%20time%20and%20effort%20it%20takes%20(including%20all%20of%20the%20steps)%20to%20initiate%20and%20complete%20a%20sale.%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Analyze%20your%20top%20five%20customers%20and%20why%20they%20buy%20from%20you.%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22What%20is%20your%20staff%20turn-over%20rate%3F%20What%20is%20your%20staff%20absentee%20rate%3F%20What%20is%20your%20workplace%20health%20and%20safety%20record%3F%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22s%20your%20information%20technology%20and%20computer%20system%20sufficient%20to%20handle%20your%20business%20growth%3F%20Can%20you%20measure%20the%20effectiveness%20of%20newer%20technology%20vs.%20staff%20efficiency%20and%20customer%20satisfaction%3F%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Has%20the%20number%20of%20customer%20complaints%20increased%20or%20decreased%20over%20the%20past%20year%3F%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Conduct%20an%20employee%20skills%20inventory.%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Go%20back%20to%20your%20financials%20and%20cash%20flow%20projections.%20If%20changes%20are%20needed%2C%20can%20you%20afford%20them%20and%20conversely%2C%20can%20you%20afford%20not%20to%20attract%20and%20build%20new%20people%2C%20policies%2C%20procedures%2C%20processes%20to%20move%20ahead%22%7D%5D”][vc_column_text css=”.vc_custom_1608144682629{padding-top: 50px !important;padding-bottom: 0px !important;}”]

External Drivers and Indicators

It’s not enough in the business world to have your gaze averted inward — you must assess changes in the external business environment. Watch for changes in the following areas:[/vc_column_text][induzy_vc_list_item list_items=”%5B%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Canadian%20dollar%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Competition%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Consumer%20price%20index%20(CPI)%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Customer%20demographics%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Employment%20and%20unemployment%20rates%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Financial%20markets%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Gross%20domestic%20product%20(GDP)%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Information%20technology%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Motor%20vehicle%20sales%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22North%20American%20economy%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Retail%20sales%20figures%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22Supply%20chain%20dynamics%22%7D%2C%7B%22icon_type%22%3A%22simplelineicons%22%2C%22icon_fontawesome%22%3A%22fab%20fa-accessible-icon%22%2C%22icon_simplelineicons%22%3A%22icon-check%22%2C%22icon_variation%22%3A%22c%22%2C%22icon_color%22%3A%22%2301ab86%22%2C%22list_title%22%3A%22World%20economy%20and%20geo-political%20elements%22%7D%5D”][/vc_column][/vc_row]