Measuring Success: Knowing When You Have Truly Arrived
Success can mean a variety of things to a variety of people. Some believe it’s measured by the amount of money in their bank accounts while others feel validated when they receive public recognition. It’s difficult to enjoy your success unless you’ve taken the time to define exactly what it means to you; otherwise you might find yourself shooting at a moving target. You must take a moment to determine what your target is. Not only will this enable you to make choices better designed to help you achieve success, but it help you measure your progress and determine when you have truly arrived. Here are ten measures to consider as you define what success means to you:
1. Company profits
After paying the piper, how much does a business really make? For some this measure is extremely important and motivates the majority of their business decisions.
2. Company ranking
Determining such a thing among small businesses can be difficult, but regardless, many base their success upon whether or not they are industry leaders.
3. Producing quality services
Countless business owners strive to offer quality services, feeling personal pride in the work they do. Recognizing that their services benefit clients enables many small business owners to be fulfilled and satisfied with this level of success.
4. Money saved from annual earnings
While securing a healthy profit is important, many feel it is equally important to use that money wisely. Is Entrepreneur X who makes more money but uses it to buy expensive toys more successful than Entrepreneur Y, who makes less money than X but saves more? Those who feel savings indicate success would answer “no.” These individuals strongly believe that what one does with his/her earnings can determine whether or not one’s business grows and becomes more successful.
5. Increase in profit margins
For some success comes not in how one’s business measures up to others, but in how it measures up to itself. To these individuals, recognizing a growth in profit margins is a great indicator of success.
6. Debt reduction
Many startups incur significant debt in their first few years of inception. And some of those business owners feel more successful when they can pay off that debt. For these individuals debt reduction is a measure of success.
7. More family time
Many business owners become self-employed so they could enjoy a flexible work schedule that affords them more time with their families. For these individuals it may be more important to secure family time than it is to enjoy abundant wealth.
8. Improved marketing
We talk a lot about the importance of good marketing because it can mean more clients which can mean more income. Those who share this belief find a certain measure of success in improving their marketing strategies.
9. Customer satisfaction
Often this measure of success goes hand-in-hand with offering quality products and/or services. Business owners that belief success is measured by customer satisfaction feel great pride in having loyal clients who appreciate their work.
10. Employee satisfaction
Not all small business owners employ a staff, but many who do look to employee satisfaction as a measure of success. And as they do more things to retain good employees, such as offer certain benefits and employee incentives, they feel an increase in that success.
Success can be as unique as a fingerprint. What determines success for one business owner could be status quo for another. And because of this, we’re guessing that more than one of these measures inspires you. It’s important to determine which of the above defines success for you. Once you make that determination your efforts to improve your business will be more focused, aiming your business in the direction you want it to go. You’ll also find yourself ready to celebrate your successes because you’ve taken the time to determine exactly how to measure it.
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