List of Non-Financial Performance Objectives

As a business owner, you want to grow your company and increase sales. Although financial goals are essential, there are many other factors that affect business performance. Non-financial objectives, such as those revolving around customer loyalty, employee welfare, labor productivity and production volume also matter. These factors have a direct impact on your company's performance and revenue.

Customer-Oriented Goals

Seven in 10 Americans are willing to spend up to 17 percent more with a brand that provides excellent service, according to a survey by American Express. Millennials who receive great service will share their experience with 17 people on average. Poor customer service, on the other hand, is reason enough for 33 percent of buyers to switch brands.

How does your business measure customer satisfaction? What about customer acquisition and retention rates? Does your staff take the time to vet new clients, answer customers' questions and fulfill their orders in a professional manner? If not, you're losing out on potential business.

We live in a customer-centric era. Regardless of your niche and type of business, customer satisfaction is paramount. Buyers have more options than ever before. If you fail to meet their needs and expectations, they'll go to your competitors.

Employee Performance Goals

Your employees are your greatest asset. Without them, you wouldn't be able to run your business smoothly, meet customers' needs and, ultimately, generate sales. Make sure you have a system in place to measure employee performance and productivity.

For example, you can monitor their work efficiency, quality and quantity. Good employees neither waste time nor effort. They make sure to meet deadlines without sacrificing work quality. They also develop creative solutions to mitigate risks, cut costs and improve customer satisfaction.

Depending on the nature of your business, try to determine how often customer inquiries are addressed on the first contact. Ask your customers to rate their experience in store and online. Keep track of the number of sales made by each employee and try to improve those figures. Invest in employee training and encourage your team to keep learning.

Employee Engagement and Satisfaction

Happy employees will do their best to help your business grow. They'll go back and forth to ensure customer satisfaction, meet deadlines and live up to your expectations. Companies with engaged employees are 17 percent more productive and have 41 percent lower absenteeism rates than those with disengaged teams. They also report up to 20 percent more sales and 21 percent greater profitability.

As a business owner, it's your responsibility to make sure that your staff is satisfied and engaged in the workplace. Conduct polls and surveys to measure their satisfaction. Discuss with each employee individually to find out what they expect and what could be improved. Request and provide feedback, show empathy and reward your employees for their hard work.

Internal Operating Goals

Your business operations have a direct impact on the company's overall health. Depending on your industry, consider measuring production volume, inventory levels, material usage, machine productivity, new product adoption rates and other metrics. These factors can help you determine what you're doing well and what can be improved.

Tracking material usage, for example, will give you a better understanding of the costs that go into production. If you're trying to reduce your expenses, you may consider switching to different materials or purchasing more efficient equipment. Plus, you'll have the information needed to identify areas of waste and poor productivity.

Make sure you also keep track of product defects. If you notice a pattern, determine the cause and take the steps needed to improve your work processes. This will result in higher quality products, more satisfied customers and increased revenue.