How To Achieve Success In Business
As business owner and manager of businesses, there is never one sole KPI or key performance indicator that I focus on to measure success. There are always multiple things that are important within a business. However, what would be most important for me as a definition of the success of my businesses are the following:
First, the business adds value to its clients. Measurable value. This is a non-negotiable every single time. These are always the very first questions that I ask myself when buying, joining, or starting a business: What is the value that this brings to humanity? What is the value that this brings to the clients of this business – the current, or future ones. This is how I measure success.
Then, after that, another measure of success, equally important, is how happy and excited are the people that are working within the business. How much growth is experienced by them.
Every single employee or contractor has to feel that they are adding value, that they are contributing. They have to feel that they are doing what they want to do and what they are good at and that they are growing. They have to feel that they are constantly evolving, evolving, evolving. That they are becoming better and better professionals and better and better people. Every single person in the company should be growing along with the company.
The third non-negotiable one is that we should always conduct business in a profitable manner. No matter how we cut it, money is the lifeblood of a business. You will not be able to provide services, to hire people, to pay their salaries. Also, you will not be able to create quality products or to buy quality materials.
You will not be able to do anything if you don’t have the capital to do so. And the best form of capital is the one from your clients. Every single dollar spent by a client on your services is a vote.
People vote with their money. The same way they donate for a cause. The same way they buy a product from one company instead of another. They vote. Every one of us votes when we buy something. When we buy a burger that contains meat from up to 6000 cows that have tortured their entire lives. We are voting for that torture and that industry to keep growing.
At the same time, when we use our money to buy broccoli or spinach or asparagus or anything else for that matter. Then that is what the economy will follow because that is our vote.
So, moving on from this parenthesis, every single business needs to make money in the most profitable way it can. Then it should reinvest that capital in further growth and further value that it can add. This can be done by creating new products, or by improving its current products. It can also be done by helping more people with the products that the company has. Or by paying its members better, or by attracting better staff, etcetera.
These are my three biggest metrics of success within a business: creating value to society and our clients, creating value basically for everyone working within the business, and then conducting business in a profitable manner. We can add being ethical, but I do believe it is included in these first three.
So if any of my businesses or any business in the world does these three things correctly, then I believe they are successful businesses. It does not matter whether they are making a hundred thousand dollars a year or a hundred million dollars a year, as long as they do these three things, they are successful business.
The earnings depend on the ambitions of business owners very much and that’s perfectly fine. Everyone can do whatever they want. As long as we are happy, as owners of the business, and we are running ethical businesses, we should all feel a sense of accomplishment and happiness. This feeling comes with rendering useful services and providing meaningful jobs to people.
To conclude, I would like to add that it’s not so important to measure success, as it is to live with wealth. When there is wealth in your life, you will know it and you will not need to measure it in any way. You can define wealth as success, but I do believe it is much more than that. However we all define concepts in a different manner, and you can obviously do the same.
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