Many business owners spend their first few years hustling and bustling, trying to ensure that their business stays above water. It is not uncommon, however, for people to get a few years in and never really take stock of what is going on with their company. For example, how much money is the business turning over and is the business actually successful? It is important to know this because we can often get caught up in a long to-do list, but those to-dos aren’t actually making us any profit. Because of this, it is worthwhile to put aside time every six months or so and to really evaluate what is going on in a company, what the turn-over is, and to see if it is worth making any changes. For example, a store may be selling a lot of a certain product which makes it seem like that company is doing really well. The truth is, however, that with postage costs and PayPal fees, barely any profit is made on that item and it isn’t really worth the time, money, and effort. Good companies will constantly track their performance and make adjustments accordingly. For instance, they could lump two smaller products together to sell as a package, that way, they can save on postage costs and transaction fees. Tactics like these are often what will make a business successful.
What is your definition of success?
When sitting back and asking yourself if your business is successful for not, it is important to first define what success means to you. For some, it is only worth running their own business if they turn over a certain amount each year. For others, they are happy as long as they have a little bit of profit. Many people define success as feeling good about themselves, and others will feel successful when they have tons of happy customers. One person may feel that having the ability to travel for work means success whereas another will feel like they have achieved this when they have stability. Whatever success means to you, it can be a wise move to not only work towards that goal of success but to constantly check in on your business and ensure that your products or services are helping you get to your destination. If something isn’t working, then it may simply be time to let go.