How to Determine If Your Business is Successful: It Depends On You

As I was being led to a transition from career services to business services, it was imperative to reach out to my career services clients who were considering starting businesses and ask them what questions they had about starting and running their own businesses. One of my clients got back to me with several questions. One of the questions she asked was, "How do you know if a business is successful?" This question lingered in my mind for a while, and I realized that business success differs depending on where you are in business. While it's easy to look at Fortune 500 companies and label them as successful, your startup journey can be different from their several years in business. In this article, we'll explore the various factors that contribute to determining the success of your business.

What Does Success Mean to You?

The first step in assessing your business's success is to define what success means to you personally. Success is a subjective concept that varies depending on your current circumstances, aspirations, and the stage of your business. For instance, success for you might entail generating an additional $500 in monthly income from your digital products or another income stream. 

If you consistently achieve this goal, you can consider yourself successful in that specific endeavor.

However, it's crucial to recognize that success isn't one-size-fits-all. As an entrepreneur, your definition of success may evolve over time. You might aim for financial milestones, while others experiencing business growth prioritize factors like customer satisfaction, yearly revenue growth, turnover rates, or operational efficiency. 

What matters most is aligning your vision of success with God's plan, your unique business goals, and your circumstances.

Write Out Your Business Goals

Before delving deeper into assessing your business's success, take the time to reflect on your personal definition of success. As a follower of Jesus Christ, your perspective may differ from worldly views. Connect with God and seek guidance to discern what success means in your life and business.

Once you've clarified your definition of success, setting specific and measurable goals for your business is essential. Whether you're running a consulting firm, selling physical products, engaging in affiliate marketing, or providing services, the Internet offers diverse avenues to reach your target audience. 

As you draft your business goals, consider the purpose behind your venture. 

Purpose-driven branding and marketing can make a significant difference in how authentically you connect with your audience. A successful goal-setting session relies on your vision and mission statements that resonate with your purpose. These statements will serve as building blocks throughout your business journey. If you need assistance drafting a vision and mission statement, check out the Indeed Article titled, How To Write Vision and Mission Statements.

Break Your Goals Down

Breaking down your goals into manageable steps is crucial for achieving long-term success. For example, suppose you have set a revenue goal of $100,000 for 2024. To make this goal more achievable, you can break it down into smaller monthly targets, amounting to approximately $8,333.33 monthly. This approach allows you to understand the incremental progress needed to reach your annual goal.

Consider the pricing of your products or services when setting these targets. It might be time to reevaluate if your pricing structure isn't conducive to achieving your revenue goal. Reflect on the types of services you offer,  pricing, and feasibility in meeting your financial targets. 

My personal experience in a resume writing Facebook group taught me the importance of pricing in achieving my income goals. A price point of $149.99 per resume, which took several days to complete, made it impossible for me to reach my income goal.

Additionally, assess your capacity to take on new clients, especially if you work a full-time job. Determine how many clients you can realistically handle and explore alternative income streams like digital products, affiliate marketing, or expanding your online presence through platforms such as YouTube. Choose strategies that align with your business model and make sense for your unique situation.

Write Your Plan of Execution (Implementation)

A well-crafted strategic plan is essential, but its execution is equally vital. Before diving into execution, ensure you have all the necessary resources. 

Do you have the digital products, lead magnets, or other elements needed to support your goals? 

Count the cost of your journey from where you are now to where you want to be. 

Many people might plan well but need to learn how to execute. Many large companies might hire executive leaders knowledgeable in strategic execution; however, when you're an entrepreneur starting out with limited resources, you are in charge of implementation. So, understanding your goals and plan will help you think through the proper course to execute them. 

Conclusion

In kingdom-focused entrepreneurship, the definition of success of success might vary from person to person. Your personal definition of success should align with your faith, purpose, and business goals. 

By setting clear and measurable objectives, breaking them down into manageable steps, and ensuring you have the resources required for execution, you can chart a course toward your version of success. Remember that your journey is unique, and adjusting your approach as you gain insights and align with the path that God has set before you is okay. 

Ultimately, your business's success depends on how well you define your goals and work towards achieving them in harmony with your purpose and faith.

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By: TaNiya Clayton | Personal Branding Consultant