A Key to Long Term Business Success - Balance Stakeholder Interests

At the start of another year it might be a good time to review the performance of your business from a different perspective.

In the long run successful businesses seek to balance the interests of their customers, employees and investors. Keeping them aligned is the job of business leaders.

So how did you do in 2010? If you want to find out ask these three questions:

Q1. How many of your staff have produced results beyond expectations and are real assets to your business?

Tip: Judge your people on the results they achieve, not whether you 'like them'.

Q2. What would a customer perception survey reveal about how your customers view your business?

Tip: Conduct a customer perception survey; see 'Doing the Business' Toolkit No. 16 or personally experience your own service by mystery shopping your business. Be warned you may get some shocks but that's the reason for doing it!

Q3. Are the investors happy with the returns they got in 2010 from their investment in the business?

Tip: Benchmark your business performance against your major competitors investor's returns over the past 5 years. Where is your business in the investor performance league table?

If all three questions get the thumbs up then you are on track for business success. If any fall short then make it a priority to deal with them ASAP in 2011.

If you need help then contact me.