Measuring success in your business

measuring success

One of the most crucial questions you can ask yourself in business is

“What does success look like for me?”

It may surprise you when the answer is not as easy as you first thought. We all have some idea of what we want to earn but if money alone was the only thing that mattered then what stops you working 80 hour weeks to achieve that?

Truth is, success is actually a ‘sweet spot’. It’s not a singular number or goal. It’s a combination of things all being achieved in conjunction with one another.

So what does that mean for your business?

Well, for most it starts with actually measuring these key elements that make up success in your business. It always surprises me how many people can’t tell me how much of a certain product they’ve sold this month or how much they spent on advertising. It may not be the most enjoyable thing in your business, but believe me, knowing these numbers is crucial!

Let’s take a simple example.

Susan wants to earn 10k in profit this month whilst only working 10 hours per week. She doesn’t want to work weekends or after 3pm when her kids get home from school. She also has a little one at home so can’t do more than 1 or 2 1:1 coaching calls per week.

Now, without properly measuring all of these factors, Susan could have:

  • Made 11k and declared success not realising she spent 3k on marketing.
  • Twice during the month had to ‘pop on a quick call’ after dinner to follow up with a client – something forgotten by the end of the month or brushed off as a ‘one off’ thing.
  • In the first week made 3 1:1 calls, and had to hire a babysitter to cover the extra time needed in her business. She thought it would be balanced as she only normally gets 1 in the last week of the month. Which was not actually the case.
  • She sold in 3 new coaching clients – success! And has now realised she is overbooked next month in terms of hours she is obligated to do work 1:1

You can’t be lazy or brush it under the rug when it comes to measuring those key pillars of success in your business.

So what can you do about it?

  1. List out what success is in your business and all the factors involved.
  2. Then decide how you will measure if it is achieved or indeed measure how much is left (for example time you will work next week or $ you will spend on marketing)
  3. Finally how you will record and keep track of it.

Only then will you begin to truly see success, whatever that looks like, in your business.

Success starts with action!

Louise

_________________________________________________________________

As always if you are feeling overwhelmed or stuck and not sure how to move forward in your business. Having a hard time seeing that bigger picture or how it all comes together you can book in your free 30 minute discovery session with me and we can explore how together we can get you past those blocks, moving forward and getting it done! Book in your free session by clicking here 

Leave a Comment: