Success Barometer

Success Barometer

I have never liked using money as a yardstick for success.  No matter what stage of your business you are at you have already hit the lottery! Consider how few people even try opening a business, consider how few people have had to make a sale or place advertising, or hire people, or delt with the government agencies it took to open your business.  You have beaten those odds already.

The guts that it takes to run a business day in and day out, the many hats you wear that few can say they’ve worn, and the odds that are stacked against you… WOW, you are a success in my mind, and you should be in yours! If you can make a living doing what you love and have passion for it, then congratulations my friend, you are living the dream (even if sometimes it feels like a nightmare).

However, the world measures your success differently, doesn’t it?  To them I say, “screw you!”.  A man or woman following their dream, even if not a financial success, will still be happier than one that doesn’t.  You are building something that makes you happy, and happy cannot be measured in dollars.  So just ignore what I am about to say because it applies to the outside world, to those who have the audacity to measure you and your business.

It is true that when it comes to valuing a business or an opportunity something more than “self-satisfaction” is a necessity and therefore the success of a business can be measured through various key performance indicators (KPIs) such as:

1. Financial Metrics: Revenue growth, profit margins, return on investment (ROI), and cash flow.
2. Customer Satisfaction: Surveys, reviews, and customer retention rates.
3. Operational Efficiency: Productivity, cost per unit, and inventory turnover.
4. Market Share: How much of the market a business captures compared to competitors.
5. Employee Engagement: Employee satisfaction, turnover rates, and productivity.
6. Innovation: Successful product launches, research and development outcomes.
7. Community Impact: Environmental and social responsibility.
8. Brand Recognition: Market awareness and positive brand perception.
9. Adaptability: Ability to adapt to market changes and trends.
10. Strategic Goals: Achievement of specific business objectives and milestones.

It’s essential to analyze a combination of these metrics to get a comprehensive understanding of a business’s overall success. My advice is to try to address these topics and many more with the goal of making your business more profitable and your life a little bit easier.  While in our mind, and hopefully in your own mind, you are already a success, but success also demands growth in all these measurements of your business and in your personal satisfaction of what you’ve accomplished.

So, the important question I ask of all of you is “what have you done for yourself lately?”.  What is your most recent accomplishment or victory that you’ve had?  If it is more than a few weeks old,  then it’s time to get back to the grindstone and churn out some more pride for yourself as well as your business.

So, let’s address the more personal aspects of success.  The feeling of success is highly subjective and can vary from person to person. It’s often characterized by a sense of accomplishment, fulfillment, and satisfaction. Here are some aspects of the feeling of success:

1. Achievement: Success often comes with the accomplishment of goals or the realization of a long-cherished vision. This can bring a deep sense of pride and satisfaction.
2. Recognition: Being acknowledged for one’s efforts and achievements, whether by oneself or others, contributes to the feeling of success. Recognition can boost confidence and motivation.
3. Fulfillment: Success is closely tied to a sense of fulfillment, where individuals feel that their work or endeavors have purpose and meaning.
4. Happiness: Many people equate success with happiness. Achieving one’s goals and overcoming challenges can lead to a positive emotional state.
5. Self-Confidence: Success often enhances self-confidence, reinforcing the belief that one has the ability to tackle challenges and achieve more in the future.
6. Sense of Progress: The feeling of success is often associated with progress and growth. It signifies moving forward and making advancements in various aspects of life.
7. Gratitude: Success can evoke feelings of gratitude, whether toward oneself, others who contributed to the success, or external factors that played a role.
8. Motivation: Experiencing success can fuel motivation and inspire individuals to set and pursue new, even more ambitious goals.

Success doesn’t always have to be grand or public; it can be found in small victories and personal milestones. Additionally, the journey toward success, with its challenges and learning experiences, contributes significantly to the overall sense of achievement.

Always temper your success with humility.  To paraphrase the song lyrics, “Oh Lord it’s hard to be humble when you’re perfect in every way”.

It is okay to, and frankly important to, pat yourself on the back for the accomplishments along the way, but it is easy to get caught up in this little world that you have made for yourself called “Your Business”.  It can become hard to see yourself and your business through the lens of the outside world.  Therefore, it becomes important to have extra curricular activities that allow you to see yourself as others do from time to time and remain humble in all your success and accomplishments.  That networking might just help your business, and your humility will get your friends cheering for your success.

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