What is your definition of success?

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When it comes to your business, what is your definition of success?  Before you answer, there are a few ways I’d like you to think of it:

  • Overall business success — which can be defined as “not failing”, a certain revenue or profit goal, funding your retirement or your children’s education, being there when your child gets off the bus or any other definition which suits you.
  • Program, product or service success — when you create and offer something new, ensure going in that you know what your desired “success” or “return on investment” is for that particular program, product or service.  For example, you may wish to offer a program at a reduced investment as a preliminary to a larger investment (Walmart and other stores do this regularly — they offer a ridiculously low price for one item banking on the fact that you’ll pick up several other items while in the store. . .this is known as a “loss leader”).  So for each item you offer, “success” could be a revenue/profit goal, “filling” the program, having X members convert to another program, completing it live so you can turn it into a passive product afterwards, a credibility factor (to be able to say you’ve done it) or any other factor which suits you.
  • Team success — is your team (whether it’s one person or a “hat” you wear certain days/times of the week) getting their job done?  Do your customers feel cared for?  Do you know your team has your back?  Are they proactive or robotic in nature (and which do you prefer?)?

There are several ways to define success.  The key is to know what your definition is for any particular set of circumstances.

Once you know what your definition is, you’ll want to regularly (monthly, quarterly, annually) check in and see if everything is going according to plan.  If not, it’s time to tweak your marketing, your approach, your work habits. . .something.