Beyond the Bank Balance: A Holistic Look at Business Success!

You're catching up with a friend over a coffee, and out of the blue, they ask, "So, how's the business doing?" Do you instantly start totting up the balance in your business account?

It's totally normal for new business owners to measure their success based on the £££ in their account. After all, we need that money to cover the mortgage and save up for the next crazy gas bill. We tend to believe that a big bank balance is the ultimate measure of our business's triumph.

However, focusing on the money in those early stages can make you feel that progress is super slow, or worse, non-existent. It can start to make you feel dejected and frustrated, and perhaps even question if it's all worth it.

What if we take a step back and look at the bigger picture? As a start-up, it's incredibly valuable to take a more well-rounded approach to measuring your success. By considering a bunch of other factors, like making new connections, learning new skills, finding work-life balance, aligning with your values, making a positive impact on others, and getting feedback - you can genuinely measure your holistic progress and find motivation from different sources.

Choosing your own unique elements to measure, those which will guide you towards your objectives and business growth is important. To get you started, here are some ideas:

1. Building a Network: When you're starting a business, growing your network, and making solid connections are key to attracting clients and expanding. Gauge your success by the number of new contacts you make—potential clients, mentors, collaborators, or even just people who inspire and support you. Every new contact opens doors for growth and collaboration bolstering your chances of success.

2. New Skills: Trust me, no matter what your background is, running your own show requires you to learn a whole bunch of new stuff! So, measure the skills you've gained along the way. Whether it's mastering digital marketing, nailing your negotiation game, or delivering killer presentations, each new skill adds value to your business toolkit and shows that you're growing and progressing. Give yourself a pat on the back for every skill learned and all the knowledge you've gained. It's a testament to your dedication to yourself and your business.

3. Work-Life Balance: Many of us venture into our own businesses to have a better work-life balance. Measure the ability to create and maintain a work-life that truly supports your personal life. Take a moment to appreciate the times when you can spend quality moments with your loved ones, indulge in hobbies, or simply take a leisurely walk. Keep track of whether you're achieving the balance you aimed for.

4. Feedback and Impact: Feedback is pure gold when it comes to growth and improvement. Gauge your success by the feedback you receive from clients, customers, and collaborators. Positive testimonials and reviews not only validate your work but also show the value you bring to others. Reflect on all the people you've positively influenced or helped along the way and celebrate the impact you've made.

5. Leaning into Values: A successful business isn't just about the cash; it's also about staying true to your core values and principles. Measure your success by how well your business reflects those values. By sticking to your guns, you can build a business that gives you a deep sense of purpose and fulfilment, making success even more meaningful.

Reflect on your business goals and the steps needed to realise them. Use these actions as inspiration for what you want to measure and how you'll do it. For instance, set a target for the number of new contacts you plan to make each month, decide how frequently you want to post on LinkedIn, establish your ideal working hours, and devise ways to collect positive feedback. If you're tracking something qualitative, consider using a 1-10 scale for self-reflection. Having clear measures will focus your efforts and allow you to monitor your progress.

To keep tabs on your achievements and milestones, grab a journal or some sort of digital tracker. Personally, I use my online Mural board as I like things to be visual. Create sections for each measurement area and make it a habit to regularly note your progress. A visual representation will allow you to see how you're faring and serve as a tangible record of your journey towards success.

And let's not forget to celebrate all of your successes, big and small. Remember, measuring success in the early days of your business means embracing a holistic perspective that goes beyond the bank balance. By incorporating these practical steps into your journey, you can begin to enjoy your achievements, monitor your progress, and find motivation in multiple aspects of your business growth. Embrace the diverse measures of success and let them be your guide towards a fulfilling and prosperous business.

So, the next time you're catching up with your friend and they pop the question, "How's business?" your thoughts will be about much more than just money, it'll be about the journey, the growth, and the fulfilment you've found.

If you’d like to find out more about how coaching can help your business mindset and success book a free introductory call (no sales pressure it’s just a chat) to find out!

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