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. Here are eight 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. 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.
8. 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.
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.
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