Success: What is it really?
Kerryn Powell, our founder goes for a walk every morning with her husband, Leigh Powell, YTM Business Strategist and Mentor. Together they have been running YTM for over 9 years and have spoken to thousands of business owners and service providers. Often a topic of conversation is about ‘success” .
Here is Leigh’s response:
“In recent times success was often positioned as “making a million $’s”. More recently the tag “10X-ing” your business found favour (not with me though).
Such catch cries are all about Revenue. Little about Profit and way less than other success factors that are far more meaningful, I think.
Working with many businesses in recent years, I have found that revenue is often the start point of the conversation. Like, “I want to generate this amount of revenue next year, or I want to lift my revenue by 30% or 50%”… or similar.
When thinking and working through the success factors with my clients, what emerges and persists is the want to also have an improved balance and lifestyle. This might be a 4-day week, or regular time for self, sport, family and friends, being equally as valuable as a $ revenue number.
Moreover, growing revenue by a $ amount or a %, set up as a success factor, typically attracts higher fixed costs to fund growth. This can mean higher revenue delivers stretched capacity to serve existing and find new clients meaning the business owner runs the risk of working harder for longer for no more or less profit!
Think about your “Success” factors and what they mean for your business and your life. It may well be that success is no more or even less revenue than last year, if you attract, convert, price, and retain the right number of clients.”
What does real success look like for you? Be great to hear your thoughts in the comments below.
If you would like to join in conversations to expand your thinking or need some support in building your business, perhaps we can help. Why not book a virtual coffee and have a conversation about the programs we provide. BOOK HERE.
