Defining your success is probably one of the most important things you need to do as a small business owner. Creating measurables allows you to evaluate how your business is doing on your own terms. You can pave a successful path for your business one goal at a time!
First things first – Decide what type of business you want⠀
Are you looking for a lifestyle business that provides flexibility and freedom? Or do you want a company that increases the size and generates enough value to you eventually exit the business? Something in between?⠀
Now – Decide the metrics that make your business successful.⠀
❓❓ Is it a number of clients? Profit? Owner Salary? A number of employees, products, or locations? ⠀
👉 We can’t answer this one for you – you need to know the ins and outs of your business to decide what measures success!⠀
More to consider:
🤷 how much do you make per product? ⠀
🤷 what are your revenue and profit goals?⠀
🤷 how much do you WANT to make, and how can you get there?
A good rule of thumb is to start with SMART Goals – check out our blog on Why Goals Suck to learn our method.