Guest Post by: Tumi Frazier, founder of Tumi Frazier International
How do you really know if you are on the right track in your business? Is it about how much profits your business generates, the number of employees you have, the size of your entity, your personal or financial worth or market value of your business? Is it about your profile on Forbes’ list of the wealthiest people in the world?
While high revenues and financial worth are useful to measure business success, they cannot be used in isolation as they do not portray a full picture of your business. Therefore, they are by no means adequate measure of entrepreneurial success.
Sometimes entrepreneurs may make profits by default; or cut corners thereby compromising customer satisfaction, relationships with employees, the environment and communities they operate in. Essentially the business can be profitable in the short-term but not survive in the long run. It is important to focus on what really matters and profits will automatically follow.
The true measure of success is about the quality of your offerings, the positive impact your business makes on people’s lives, better understanding of your market and customers’ patterns - understanding why some choose to use your products and services while others don’t , and knowing what you can improve on.
You can also measure your business success by how much you are learning about yourself as an entrepreneur; how realistic is your assessment of your own abilities, strengths, weaknesses and the gaps you need to fill. It is about your skills, expertise, reputation, test of your character and your networks; all of which make up your wealth and net worth.
So, why are these regarded as your wealth? Because you can use them to bounce back should you lose all your money;
Remember, you shape your character from daily successes and failures; you create your character every time you make choices – to accept the bribe in order to get the contract, to inflate the price on the client’s invoice with the hope they will not notice; or instead do the right things, which may take you longer but will be worth it in the end.
Note, it is difficult to recover from a bad reputation.
The more you know about yourself, business and industry, the better you’ll be able to adapt to changes around you and build a sustainable business.
Tumi Frazier is a South African entrepreneur, professional speaker, author, TV personality, consultant, and founder of Tumi Frazier International, Tumi Leadership Academy, and Tumi Foundation. Tumi is an internationally acclaimed Leadership and Change Management expert who has worked with high profile clients and organizations across Africa, United States and Europe. Tumi has authored 4 books: Courageous Stories of Inspiration; In the Midst of the Storm; Stepping Stones to Success; and Your Moment. Follow Tumi Twitter | LinkedIn
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