Last year was awful and very tough year for business owners in Africa and all over the world because of the pandemic that we experienced and we continue to experience as of today. As many companies closed their financial year on 31st December last year, I would like to highlight some few concepts related to the business success metric.
Many of the companies use quantitative data to measure their business success. The data may be number of new customers, profit, number of new products that entered the market, and the volume of products sold in the whole year or the number of new subscribers in the various services of the company. For instance, last year NMB Bank Plc recorded a profit of 205.5 Billion (after tax) and became the first Bank in Tanzania to record a profit of over 200 Billion within a financial year. (Kudos to NMB Bank Plc 😊)
It's okay for companies to use quantitative data to measure their business success at the end of the financial year. My concern is on the extent to which these companies are using qualitative data to assess their business success.
To what extent the numbers resonate with the other forgotten side of qualitative data? How can we connect profit and employee satisfaction or leadership succes at work place?
By Justine Massaba on 12 Apr 2021
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