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A Better Way to Measure Success in Business — and in Life

in Business and in Life

It’s difficult not to measure business success with every transaction. But once when I lost a prospect to another firm, I found a better way to measure success.

At first, I felt defeated when I told the prospect to go with the other firm because they could offer a very similar product at a better price. It was in the prospect’s best interest and I felt morally obligated to do so. The prospect transacted that sale with the other firm and, to my surprise, referred other business to me a few months down the road.

He was impressed with my honesty for suggesting he go with my competitor. He even referred me to the rest of his family. I wish I could say that if you always do what is right, your business will financially prosper. In many situations that will be true, but there will be plenty of times where that is not the case.

Business for many people is just that: business. Once, one of my partners stole commissions from me. This person was already highly successful financially but was willing to lie to get slightly more than what was he was rightfully due.

It reminded me that even though I am in business and want to make money, I will never be satisfied if that is the only way I measure my success.

Instead, here are a few ways that I measure it:

  • If I can provide a comfortable living for my family and still have plenty of time to spend with them, I am successful.
  • If I can do what is right even if it is hard, I am successful.
  • If I can stay focused on making a difference instead of making a dollar, I am successful.

Measure what matters and strive to reach a new levels of success. Money is not the ultimate measuring stick.

 

By Steven Woodruff