What Really Determines Success in Business?

True business success comes from defining it on your terms.

By Chris Kernaghan 4 min read
What Really Determines Success in Business?
Source: Pexels

When you first start out in business, you may be quite green about what you're getting into.

However, you still need to make sure that what you're doing works for you. But when you're not really sure what counts as success, it can be hard to figure out whether you've made it or not.

It doesn't matter if you have a product-based business or you're selling a service; when it comes to finding success, it all comes down to what you see it as. Let's take a look. 

1. Deciding What You Want to Achieve

First of all, the best place to start here is always by deciding what you actually want to achieve in your business. It's really easy to look outside of yourself and the business and see how other people define success. Most of the time, these can be very superficial metrics.

Of course, profitability is always going to be a major factor that comes into play here. But also, you get to decide what your definition of success really looks like. So start by thinking about what you actually want to achieve with your business.

2. Setting Personal Milestones

Then we have the idea of your own personal milestones. Now, there are always going to be those important milestones that we have in life.

But this goes beyond that. There may be things that you, as the CEO, want to achieve within your business or in your role in leadership.

It's okay to be selfish and have both of those goals in play. Remember, success is personal, and you get to define what that looks like.

3. Focusing on Impact

As much as it can be tempting to focus on the facts and figures alone, it's also key for you to think about impact. Having an impact in your business is vital.

If you want to change the world or make a difference in people's lives, considering just how your actions, products, and services are going to impact others is a great way to make sure that you are successful in this area.

4. Tracking the Right Metrics

Now, going back to the idea of numbers, it's also important for you to make sure that you're tracking the right metrics. Again, the word right is very subjective here. It doesn't necessarily mean that you have to do what everybody else in the industry or even the world of entrepreneurship does.

The metrics that matter to you may be very different from the metrics that matter to others. Of course, if you want the business to keep going, you have to make sure that it's financially viable, so a lot of this will come into play too. But again, your chosen metrics are very much down to you.

5. Prioritizing Sustainability and the Environment

We also have the idea of considering the outer world around us. We no longer live in an age where we can get away with not focusing on how we impact the planet.

Consumers are tired of corporations that don't care how their operations are destroying the world we live in. If you can, make a commitment to prioritising sustainability and the environment in your business, you will add a whole new level of success to what you're doing.

This is so much easier than you think, particularly if you keep it in mind from the beginning. Here you can find eco-friendly sweatshirts for custom branding, commit to working with sustainable suppliers throughout your business, and ensure that you're focusing on lowering your consumption and working with ethical companies in every area.

6. Make a Difference

With that in mind and the idea of having a positive impact, if you always focus on making a difference, you will always win. Being successful isn't always about having the highest profit margins or record-breaking results at the end of the year. Sometimes, making a difference and doing good in the world is the purest definition of being successful.

7. Creating Loyal Customers

It's safe to say that one of the best ways you can look at this is by making sure that you have customers who love you, love what you do, and continue to come back. Building customer loyalty is very much an industry standard across the world of business. Make this your goal, and you'll always be successful.

8. Seeing Consistent Growth

Again, in a more traditional sense, you'll find that if you're seeing consistent growth that you're definitely successful. As sad as it sounds, many new businesses don't make it past their first year, or even their second.

So if you can start to see consistent growth in your company, then you'll find that you'll inevitably get the success you're looking for.

9. Staying in Your Own Lane

Ultimately, you will find that staying in your own lane will always serve you well. It's easy to look outside of yourself and the business and see what other people are doing, and of course, you need to be aware of what's going on in the market.

However, you also need to focus on your zone of genius and what makes you and the business different. You aren't another company, and trying to keep up with them isn't going to work. Instead, you need to double down on what makes you unique because this is how you are going to stand up.

10. Caring About What Matters to You

When it comes to finding the success that you're looking for, the number one thing you need to do is make sure that you care about what matters to you. There will always be new trends, things you can try, things to keep up with, and different ways of running and promoting the business.

However, there will be things that feel right. If ever anything doesn't align with your goals or what you're trying to achieve, it doesn't mean that you have to do it. Instead, when you care about what matters to you in the business, and you're focusing on that and that alone, you should find that it gets you to where you want to be.