How do you know when you and your company have succeeded? How do you know that your start-up company is now a viable enterprise and moving towards being seen as a market leader? How do you know that you business has grown into the company that you dreamed of and achieved all your professional dreams.?
There are a number of traditional standards and measurement techniques and formulas to evaluate your business success like revenue and profit curves, client contract renewals, employee retention statistics, profit and loss statements. All of these metrics will tell if you have succeeded or not.
Apart from these traditional standards there are many non-traditional abstract measurements of success. One of the best ways to evaluate if your business has succeeded is to ask yourself how others view your company.
Here are a few signs that you have succeeded based on how others perceive and view your company.
Your company name is used as an every day verb – You don’t have any further than Google. How many times a day do you say you are going to Google something.
Your employees no longer invite you, the CEO, to meeting – When the day comes and you are no longer asked to attend important company meeting, this will tell that your company has taken off and succeeded. This will tell you that your employees feel empowered, confident, capable of carrying on and innovating as a team. When you are no longer micromanaging any longer, you know your company has succeeded.
You know you have succeeded when you have returning customers – You are experiencing repeat customers for the same or similar product or service you offer.
People come back to buy the same thing more than once – Once you stick your toe in the water to sell a few things, look to see whether or not people to come back to get more.
You notice that clients are finding you – You notice that your company is attracting a clients base that you do not know or ever contacted.
When you are asked to be a keynote speaker or write a book – Any market sector and industry are always looking leaders. If your company is having an impact and influence on the industry, don’t be surprised if you asked to be a keynote speaker at a major industry event.
When your company becomes the default business standard in your industry – When other company’s look at you and try to aspire to how you run your business, is a sure sign of success.
Customers are referring others to your company – There no better compliment or sign of success when your clients are referring their friends, family, and business associates to your company.
When you receive from your clients – The one better than working with great clients, is having these clients asking you if they can come and work in your company. There is nothing better and a huge compliment to you and your company when your clients express their interest to be part of your company in far more active and direct way.
You continue to earn money while on vacation – When you are able to take a vacation and continue to earn money is a sure sign of success. This is a sign that your business has reached a level where your business is able to thrive even in your absence.
When a client or competitor wants to buy you company – the one sure sign of success is when you are approached by a client of partner to buy your company. This can happen when a key player in the industry feels that purchasing your company will give them a competitive edge and strengthen their market position.
Demand for your product or services grows outside of your geographic location – When the time comes and you notice that your client base and customers are coming from all of the world demanding your product or service.
When your competitors employees look to come and work for you – Any growing successful business will need to attract top people and it is inevitable that this might encroach on your competitors.