If you own an interior design company, you are on your way to rewarding success. One of the best ways to track your progress is with metrics that inform change, improve efficiency, and raise profit levels. Record metric results after completing one of these interior design business plans, to review current and forecast future growth.
1. Customer Satisfaction
This metric measures the satisfaction level of your customer after your designs are implemented. Review the results of this metric to determine if your customer will return. Create an online survey to assess customer satisfaction and make improvements where needed.
2. Customer Retention Rate
Customers who are satisfied with one transaction will often return with additional design projects. This metric is essential in your interior design company, as your reputation is linked tightly with the future of your company. Ask customers for referrals to measure this metric.
3. Cash Flow Projections
A snapshot of your company’s progress is seen in this metric. Track the metric by estimating the sales total against the fixed and variable expenses for one month. The result will indicate if improvements in expense reduction or profit generation are required.
4. Revenue Growth
The revenue growth metric measures how much revenue your company is generating. Track by measuring the yearly revenue against any major decreases or increases in revenue during that same period.
5. Funnel Drop-Off Rate
Measuring the number of clients who start a design project only to drop off is an essential metric to track. The results may suggest improved communication or targeted marketing strategies.
Customer satisfaction is critical in an interior design company, as are tracking and measuring profits. Essential metrics offer the overview needed to make improvements, add efficiency and grow your company.