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Last Updated on October 22, 2019

How Do You Measure Success? Here’re 10 Better Ways

How Do You Measure Success? Here’re 10 Better Ways

“Larry is a failure at everything except life.”

That was a memorable line from a somewhat forgettable Ted Danson movie in the 1980s. Pithy, it did encapsulate one eternal truth, namely that life is the goal. Making the most of one’s limited time in this world is the core measure of success.

So how do you measure success?

Money is meaningless until you do something good with it. Fame is fleeting and tertiary at best. But life and how you live it – in business, in family, in everyday interactions – is the true measure of accomplishment.

The Inside and Outside of Success

Life occurs within and outside of you. The two – yourself and everyone else – are interconnected. Their lives, and thus their success, are influenced by you and your success which is influenced by them.

It becomes clear that any measure of “success” cannot be one dimensional. There are many metrics, but if a person looks only at those that directly affect them, then they lack a complete measurement. It is good to succeed in business, but it is important to succeed in life. The two are not mutually exclusive, and in some ways positively reinforcing.

10 New Ways of Measuring Success

For a Successful Business

In business, it is not always the bottom line that defines success. I won’t argue against it – profitability is the first rule of business, because unprofitable companies do not survive. Just beyond that are some success measurements that are nearly as important:

1. Hitting Your Goals

If you call “8 ball in the side pocket” and scratch, then you failed to hit your goal. Knowing and achieving your business goals is important.

But goals in business have many manifestations. Aside from profitability, some business goals include growing your market share, disrupting a market, having very high customer satisfaction rates, reducing product defects, and more, and more, and more.

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However, you cannot achieve your business goals unless you know what they are, communicate those goals to your employees, and measure the results. Many people in business are vague about their goals. They are not clear in making everyone in the company embrace the goals or checking on progress.

None of these success-generating steps is difficult, but success will likely not come without them

2. Growing Your Business

“Growth” is quite personal, even to an executive.

In this, a business is a bit like a child. As the business’s parent, you get a certain satisfaction in raising it, helping past the stumbling toddler years, seeing it blossom into adulthood, and ever expanding its horizons. In the process, you grow the lives and fortunes of your employees, your shareholders, your community and your country.

3. Low Turnover

According to an article in Forbes, the turnover rate is the highest it has been in a decade. My company, Micrel, had the lowest employee turnover rate in our industry, as well as having the highest “boomerang employee rate (people who left the company and decided to come back).[1]

This form of success is a reflection of the corporate culture you created. A bad culture creates a high turnover rate, and a good culture a low one.

4. A Well-Balanced Life

All work and no play make Jack a dull boy, and often a jerk. The reason is that life is not work, only a part of it. A wealthy captain of industry that never takes long and relaxing walks holding the hand of a loving spouse is not a success.[2]

Measuring balance in your life is non-productive. But when you lack balance, it is easy to measure. The shortfall of joy, the failing health, the shattered marriages, the estranged children … these are the heavy weights placed on the wrong said of life’s scale, and they are a clear enough measure.[3]

5. Sharing Your Success with Others

Ebenezer Scrooge, and Jacob Marley before him, horded their wealth. It cost Marley everything.

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“But you were always a good man of business, Jacob,” faltered Scrooge, who now began to apply this to himself.

“Business!” cried the Ghost, wringing its hands again. “Mankind was my business. The common welfare was my business; charity, mercy, forbearance, and benevolence, were, all, my business. The dealings of my trade were but a drop of water in the comprehensive ocean of my business!”

Sharing is perhaps the true measure of all success, be it a wealth of money, time, patience, knowledge, wisdom or good will.

For a Successful Life

Which brings us to the non-business side of the business life. As your business affects your personal life, so too does your personal life affect your business. The two cannot be separated. Some elements that should be on your success scorecard include:

6. Good Health

The enjoyment of life is at best incomplete in poor health. At worst, it is hellish.

Now take poor health outside of your body. How does being sickly affect your company (when you cannot lead fully), your family (their support and their stress over you), your community (when you can no longer serve)?

Good health is a gift unto itself, but also to everyone you touch. Don’t cheat anyone out of your good health. Do what is necessary to keep your machine in good working order as the first imperative toward success.

7. Healthy Family

Family is love and support. Every person’s role is to grow their family, to stay connected, to provide love and support. In that giving to others, you improve their lives while improving yours.

It also lays the groundwork for you receiving love and support when you need it. If you are launching a business and taking the risks that go along with it, you will need that love and support.

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8. Learn to do the Tough Things First

In or out of business, we are all faced with seemingly insurmountable obstacles. But we humans have this funny knack of overcoming them.

Indeed, we do it so routinely that out sight miracles that go against nature – flight, the internet, leaving the planet on rocket ships – has become almost blasé.

None of these things were accomplished instantly. They were the result of many small successes. The ones that happened fastest were where a person or a team looked at all the problems, took on the biggest and toughest first, then conquered it. They did the Tough Things First, which made the rest of the project much simpler and more exciting for everyone.

This applies to daily life as well as business. If you are planning to relocate your spouse, several children, pets and all your worldly belongings across country, the task likely looks overwhelming. But the moment you prioritize the list of tasks, and knock the biggest and ugliest off the list, the rest seems like a cakewalk.

9. Being a Teacher

One of the highest compliments I ever received was from an industry analyst who said that I was a “teacher”.

Yet we all are, or can be, teachers. It may be providing basic life lessons to a child on your knee, instructing an employee in complex processes or technologies, or even teaching by example via living a good life.

For me, one joy has been writing a good book on management and leadership, and another about the intersections of people, society and business. It is by teaching, and in my case writing, that you directly benefit others.

Life can be complex, filled with many topics and problems. By sharing knowledge and wisdom, we lead others past difficulties and on toward their own greater success.

10. Dignity and Honor

My marketing director is a proper Southern Gent, which is easily discernible by a well-honed sense of honor. You don’t have to be a southerner to live a life of dignity and honor, but if you are male you do have to be a gentleman.

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Dignity circles around self-respect and honor involves acting with honesty, fairness, and integrity. The latter leads to the former. Indeed, you cannot have self-respect without practicing the basic virtues of honesty, fairness, and integrity.

Why is this a measure of success? Because we humans are social animals, and society exists only because of trust.

Honesty, fairness, and integrity are the cornerstones of trust, and thus the foundation of society. A person is truly successful when they add to society.

Final Thoughts

All this brings us back to the dictionary definition of “success”, which is:

“the favorable or prosperous termination of attempts or endeavors.”

You may or may not be a businessperson, but you are always a person. Your endeavors are both in and out of the office. Since each sphere affects the other, the true measure of success lies in how you managed your affairs in all facets of existence, for they cannot be viewed in isolation.

More About Success

Featured photo credit: rawpixel via unsplash.com

Reference

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Ray Zinn

Ray Zinn is an inventor, entrepreneur, investor, angel, bestselling author and the longest serving CEO of a publicly traded company in Silicon Valley.

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Last Updated on November 20, 2019

How to Measure a Goal? (With Examples of Measurable Goals)

How to Measure a Goal? (With Examples of Measurable Goals)

Everyone sets goals. Whether they are daily goals like completing a project, personal aspirations like traveling the world, or even workplace targets, setting a goal isn’t enough to get you over the line unfortunately. This is why only eight percent of people achieve their goals.[1]

So how do the high achievers do it?

By setting measurable goals, keep track of them and progress towards these goals.

To help you out, I’ve put together a simple guide on measuring goals. I’ll show you a SMART framework you can use to create measurable goals, and how you can track its progress.

To begin, let me introduce you to the SMART acronym.

What Is a Measurable SMART Goal?

SMART stands for Specific, Measureable, Achievable, Relevant, and Time-Bound. They help set clear intentions, this way, you can continue staying on course.

When you’re writing a SMART Goal, you need to work through each of the terms in the acronym to ensure it’s realistic and achievable.

It’ll help you set specific and challenging goals that eliminate and vagueness and guesswork. It’ll also have a clear deadline so you know when you need to complete it by.

Here’s what SMART stand for:

Specific

Your goals need to be specific. Without specificity, your goal will feel much harder to complete and stick to.

They should also have a specific outcome. Without the outcome, it will be hard to focus and stay on task with your goals.

I can’t stress this enough. In fact, two researchers Edwin Locke and Gary Latham, found that when people set specific yet challenging goals, it led to increased performance 90 percent of the time.[2]

Here’s an example of a specific goal:

Increase sales by 10% in 90 days. 

Measurable

You need to be able to measure these goals.

Examining a key metric and quantifying your goals will help track your progress. It will also identify the mark at which you’ve completed your task.

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Measurable can mean many different things, but generally speaking, you want to be able to objectively measure success with a goal.

Whether it’s via analytical data, performance measures, or direct revenue, ensure your goal is quantifiable.

Achievable

Why do you want to reach this goal? Is it important for you or your organization?

Once you identify the key benefit, add that into your goal, so it helps your team members understand the importance of the goal and how it contributes to the bigger picture.

Relevant

Why do you want to reach this goal? Is it important for you or your organization?

Once you identify the key benefit, add that into your goal so it helps your team members understand the importance of the goal and how it contributes to the bigger picture.

Timely

This is one of my favorite parts of SMART goals….setting the deadline.

The timeframe will create a sense of urgency. It functions as a healthy tension that will springboard you to action.

Examples of Measurable Goals

Now that we know what a SMART goal is, it’s time to help you make your own SMART goal.

Let’s start with the first step: specificity.

Specific

A specific goal should identify:

  • What’s the project or task at hand?
  • Who’s responsible for the task? If you’re breaking the task down, who is responsible for each section?
  • What steps do you need to do to reach your goal?

Here’s a bad example:I want to have a better job.

This example is poor because it’s not specific enough. Sure, it’s specific to your work, but it doesn’t explain whether you want a promotion, a raise, a career change, etc.

What about your current job do you want to improve? Do you want to change companies? Or are you striving for more work-life balance? What does “better” really mean?

Let’s transform this into a good example.

I want to find a new role at a Fortune 500 company that improves my current salary and work-life balance.

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If you’re not too sure what the specific outcome should be, you can use mindmaps to brainstorm all the possible options. Then choose a few or one from the mindmap.

With the example above, to become a better growth marketer, I have to explore different learning options like online courses, blogs, books, or in-person courses before I made a decision.

Measurable

Goals need to be measurable in a way where you can present tangible, concrete evidence. You should be able to identify what you experience when reaching that goal.

Ideally, you should go for a metric or quantity as quantifying goals makes it easier to track.

Here’s a bad example:

I will get a promotion at work for improving quality

Here’s a good example:

I am going to land a promotion to senior VP by improving my work quality. When I say work quality, I will measure this by projects completed, revenue earned, and success factors important to my superiors.

If you’re having difficulty measuring your goals, you can use a goal tracking app. They’re a great way to measure your progress, especially if it’s time-based.

In addition, I love to use the following strategy to keep myself accountable and ensure I’m hitting goals:

Reminder emails.

I schedule emails to myself asking for measurable data on my goals, and even CC others to hold me accountable.

For example, if you work with a team, CC them on your email to keep yourself honest and on-track.

Here are five methods you can use to measure your progress towards the goal:

  1. Keep a record – Have you recorded all your actions?
  2. Assess your numbers/evidence – Are you breaking your commitments?
  3. Create a checklist – Can you simplify your tasks?
  4. Stay on course – Are you moving forward with your plan smoothly?
  5. Rate your progress – Can you do better?

Achievable

When it comes to being able to achieve your goals, you should stick to Pareto’s principle. If you’re not too sure what it is, it’s the 80/20 rule.

Don’t just attack and go for everything at once! Pick things that give you the most results. Then, work on the next objective or goal once you’ve completed your first ones.

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Here’s a bad example:

To get more work-life balance, I will examine all factors of my work and how to trim down the time I spend on them.

Here’s a good example:

This week I will record my time spent on projects to analyze the amount of revenue or success they generate. Projects that fall short of production will get less time and resources than others. 

Relevant

It’s always important to examine your goal to ensure it’s relevant and realistic to what you’re doing.

This is where the bigger picture comes in.

Here’s a bad example:

I want to be promoted to CMO because I need more responsibility.

In this case, it’ll be unlikely for you to receive a promotion if the purpose and reason behind your goals are not strong.

Here’s a good example:

I want to be promoted to CMO because I enjoy digital marketing. I’m currently excelling in X, Y, and Z digital marketing practices, and I believe that via a promotion I can further grow the business via X, Y and Z.

The why will help you grind out in moments when you just want to throw in the towel, and also provide more purpose for your goals.

Timely

And…finally we’ve hit the deadline.

Having a due date helps your team set micro goals and milestones towards the goal.

That way, you can plan workload throughout your days, weeks, and months to ensure that your team won’t be racing against the clock.

Let’s start with a bad example:

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I’m going to land a new promotion this summer.

Now, let’s turn this into a great example:

Within the next month I will increase marketing revenue by XX%. Then, within three months I will expand the digital team, hire two new employees and scale it. Within five months I will leverage this success into a new role.

So that’s how you create a measurable goal.

Here’s a summary of the example above in the order of its acronyms.

Overall Goal: I want to transition into a new role with a reputable company.

  • S: I want to find a new role at a Fortune 500 company that improves my current salary and work-life balance.
  • M: I am going to land a promotion to senior VP by improving my work quality. When I say work quality, I will measure this by projects completed, revenue earned, and success factors important to my superiors.
  • A: This week I will record my time spent on projects to analyze the amount of revenue or success they generate. Projects that fall short of production will get less time and resources than others.
  • R: I want to be promoted to CMO because I enjoy digital marketing. I’m currently excelling in X, Y, and Z digital marketing practices, and I believe that via a promotion I can further grow the business via X, Y and Z.
  • T: Within the next month I will increase marketing revenue by XX%. Then, within three months I will expand the digital team, hire two new employees and scale it. Within five months I will leverage this success into a new role.

But before we finish off, I want to leave you with a note:

If you want to ensure you reach your goals, make sure you’re accountable. Ensure that you will stick by the goal and deliver the results that you want. Because sometimes, the goal might not just be for you. It could be goals for your clients, customers, and even loved ones.

For example:

Here, Housecall Pro promises customers that they grow up to 30% in one year.

By placing that statement on their landing page, they’re keeping themselves and their goals accountable to their customers.

For personal goals, tell your friends and family.

For professional goals, you can tell your peers, colleagues, and even your clients (once you’re ready).

Bottom Line

So to wrap things up, if you want to measure a goal, be SMART about it.

Start with a specific outcome in mind; make sure it’s measurable, achievable, relevant, and timely to your existing schedule.

While 92 percent of people fail to reach their goals, you can be the exception.

Reach your goals by setting targets and objectives together.

More About Goals Setting

Featured photo credit: Green Chameleon via unsplash.com

Reference

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