How to measure success in your business
Define your metric of success
Listen on
If I asked you about your dream business, what would you tell me? Would you give me a revenue number or maybe even a profit goal? What If I told you there is another way to measure the success of your small business.
Financial Metrics
You have to have income to have a legit business–where the disconnect comes is when we are just talking about revenue. You should focus on your full financial picture. Profit should be the most valuable financial metric to you for your small business. Profit takes into account the expenses that were incurred to actually make your income.
Instead of focusing on chasing a revenue goal we should be asking ourselves: Can my business support me financially?
Time metrics
Learn to appreciate things other than dollars in your business.
Instead of thinking about how much I can make, I have felt a shift to focus on how I can better spend my time. I started my business for a reason a lot of moms do; I wanted flexibility to be with my family when they needed me most–be it doctor appointments or field trips, I wanted the flexibility to work around my families schedule.
Leverage tech and contractors to protect your time. Listen to the episode to hear my wake up call (SPOILER: It was not pretty)!
I challenge you to brainstorm ways to measure success other than money.
Impact on Others Metrics
Instead of focusing on all revenue generating efforts, I have started setting aside time to pour into others. As a small business owner, I thrive on helping entrepreneurs determine their own version of success.
We all have a desire to leave a legacy and create something that we are proud of. How are you leaving an impact on others?
Ask yourself how you can measure your impact on others?
THANK YOU TO BEYOND THE BOOKS: SMALL BUSINESS SUCCESS SPONSORS
Hey, I'm Lexi!
Small town mom, wife, and biz enthusiast! When I’m not nerding out over small business financials or recording my podcast, you can find me in the passenger seat of our Jeep or talking entrepreneurship over a cup of coffee.
My mission? To help service based business owners grow + scale with strategic planning and financial data so they can do what they love every dang day!
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