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What does success mean to you?

  • Blog
  • 13 October 2016

Success has a different definition for everyone. You need to define clearly from the onset what the qualifiers will be for you to class your business as successful, rather than compare yourself too often to someone else.

What does success mean to you?

It's not all about the money

Of course a stable and profitable financial situation is important to your business. But what exactly do you need to be sucessful? Do you want to have enough money to cover your business and personal expenses and have enough left to live a comfortable life? Or do you want to be able to expand your business, hire staff, launch new products or srvices and grow?

It's important to set the baseline of your expectations for financial growth, and they need to be realistic and match where you are in your business journey. There is nothing wrong with optimism but you'll only set yourself up for disappointment if you want to match a business in the same industry but with an entirely different customer base and financial resources.

Community

Very often it's easy to be so focused on financial success, we lose sight of teh people invilved in helping our business grow.

Customers and staff form the community that underpins your business. Feedback from your customers, teh support of your staff, recommendations and positive reviews all add up to your business reputation.

Set an expectation for your business of what you want your customers to say about you, and exceed it. Excellent customer service goes a long way to keep people coming back to your business and passing on your name to anyone else who may be in the market for your product.

Growth

Growing your business by expanding your range of services or expanding into a new area is one way of measuring your success without it necessarily having an immediate effect on your financial situation.

Having an opportunity to offer a new service or improve your current one, or a chance to hire or train your staff can be a great milestone for a business. Don't be so focused on finances that you don't appreciate other markers of succes in your business.

Less time at work

Work life balance is important for you to continue to offer consitent good service to your customers.

When your business is stable enough to run without you needing to constantly work long hours and spend less time at home, it's a sign that you have siccessfully navigated rough water and growing pains of running your own business.

Collaboration

Being asked for your expertise or to help someone ele is a sign that you have built a reputation in your industry.

If you're able to take on additional work from a fellow business owner, without compromising the quality of your own work or needing to put in an excessive amount of extra hours,you're not only helping you're also expanding your customer base and building a positive reputation.

Expanding

Developing and launching a new product or service, moving to bigger or better premises or increasing the number of staff you can take on are all indications of a successful business.

Being able to expand your business in any way without taking on a heavier workload or financial burden mean that your business is growing. It's a sign to your customers and competitors that your business is solid and that your strategy for growth and expansion is working.

Returning customers

Excellent customer service is cruscia to the success of any business. Without your customers coming back to your business, the opportunity fro growth is severly limited.

Returning customers are alo more likely to spread the word about your business, which can increase your customer base organically. Knowing that your service exceeds expectations and keeps a steady stream of returning customers is a big feather in teh cap for your business.

Fianncial success is not the only way to measure your business success overall. Make sure you keep track of every success, no matter how small or insignificant it seems at the time. Celebrating your business success is good for morale of yourself and your staff and will kee you motivated when somethung doesn't go quite according to plan. No matter what happens in the future, you have already achieved something and been successful.

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