Defining success for your business is essential to determine what steps you need to take to achieve it. Without a clear goal, it's easy to get sidetracked or lost along the way. Think about why you started your business in the first place. What was your motivation? What problem are you solving? Keep this reason at the forefront of your mind as you work towards success.

Success in business could mean one of the following:

A beautiful exit

It's important to have an end-game strategy when you're building a business. What is your beautiful exit? Are you planning to retire and sell the business, or hand it down to your family? Or do you want to continue working in the business because you love what you are doing? Knowing your eventual goal will help you make decisions along the way - it will be your North Star. If you're not sure what you want your beautiful exit to look like, that's ok. Take some time to think about it, and get creative. There are endless possibilities for what your beautiful exit could be.

A high valuation

Clear and concise documentation of your business processes shows potential investors that your business is organised and efficient. A risk management document is evidence you can show that your risk is taken into account. Investing in systems and documenting business assets are all part of this success. By taking these factors into account, you are increasing the chances that your business will have a high valuation.

Taking over the world because you created a unicorn

Some people want to build a legacy business - ones like Google or Apple. Their goal is to change the landscape with their innovative ideas and create something that has never been done before; this type of company is often referred to as a "unicorn business."

But how do you get to success?

Having Good Business Assets (Book from Daniel Priestley, author of 24 Assets)

According to Daniel Priestley, author of 24 Assets, in order to achieve success in business, you need to focus on investing in the right kinds of assets. These assets can be anything from apps and systems to help with efficiency and productivity, to products and services that will help generate revenue growth. By delegating and investing in these assets, you free up your time to focus on what really matters - making your business thrive! With the right assets in place, success is within reach.

Here are some of the highlights we where able to get from the book 24 Assets

Brand Assets

• Philosophy (Microsoft wanted to put a computer in every home, what is your brand philosophy)
• Identity (this flows from philosophy)
• Ambassadors (who is going to help you promote your brand, someone independent, for example, we use Xero to do bookkeeping accounting and tax for our clients, our business is then a brand ambassador for Xero and promotes businesses switching to Xero for a collective benefit)

Marketing assets

• position (what makes you different from your competition, you the cheapest or you have a different solution, then document this and advertise)
• Channels
• data

Product Assets

A product asset is a way you can reach a customer, whether they are ready to buy or just want to try it out for a cheaper price, but with less benefit. You can have a different scale of solutions depending on how much your customer is invested and ready for.

Gifts, prototype: to hook a potential customer

Product for prospects: - build trust, this one they buy, but it demonstrates trust

Core product: Delight customer, deliver your core customer

Product for customers - create stickiness (additional services)

How do you measure Success?

• Through revenue growth
• Revenue per person
• Absolute terms or overtime
• Profitability
• Measure by cashflow
  

Conclusion

So, how do you know if you’re successful? The answer is different for everyone. But by looking at some key performance indicators (KPIs), you can start to get a sense of whether your business is on the right track or not. And remember, having good business assets and the right philosophy as a business owner are essential ingredients for success. If you want help measuring your success or need assistance reaching your goals, contact DoughGetters today – our team is more than happy to help. Thanks for following our guide!