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Published on November 6, 2018

How Do You Measure Success? 10 New Ways You Need to Know

How Do You Measure Success? 10 New Ways You Need to Know

“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

A Successful Business Means…

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. Grow 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.

A Successful Life Means…

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. Good 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. Learning 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.

Featured photo credit: rawpixel via unsplash.com

Reference

More by this author

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 14, 2018

Have You Fallen Into the ‘Busy’ Trap? Here’s Your Way Out

Have You Fallen Into the ‘Busy’ Trap? Here’s Your Way Out

Do you find yourself constantly feeling busy? Or, maybe you feel like you have too much on your plate? Perhaps you have a to-do list with no end in sight, or many responsibilities to juggle on a daily basis at work. When you get home, you have household responsibilities to take care of, too, and it just seems like you never have much time for a breather.

Being busy is good, it’s better than not having anything to do and letting time slip away. But, what many people don’t realize is, being busy doesn’t always mean you’re being productive. The more time you take to complete something does not equal to more success. Many people end up falling into this trap as they pack their day with tasks and errands that may sometimes produce little outcome or output for the effort that they’ve put in.

For example, let’s say that your washing machine at home broke down and you need to fix it. Instead of calling the handyman to come, your husband decides he’s going to fix the machine. He ends up spending half a day figuring out the machine, and does eventually fix it. He did however have to make a trip to the tool shop to buy some extra tools and parts for the machine. Now, if you had called the handy man, it would probably have taken the handyman much less time, and he would have all the necessary tools and parts already, because that is his job. So in this instance, was your husband’s time and effort worth it? Oh, and because he took half the day fixing the machine, you now had to take over his duties of dropping the kids off at soccer and swim practice.

We Need Not Be That Busy

I hope you would agree, that it would have been ideal to delegate this task to the handyman. That would have saved you time and effort, so that you and your husband could focus on doing other things that were more important to you, like being there for your kids or spending time with each other. This is just one example of how we often impose busyness on ourselves without us even realizing it.

But, I’m going to show you just how you can gain quality time from external sources. Whatever big goals or ambitions that you may have, it’s normal for them to involve a lot more of your time than you first expect. I’m talking about things like starting a new business, changing careers, perhaps even moving to a new city. New challenges often involve things that are outside of our experience and expertise, so covering all the bases ourselves is sometimes not feasible as it takes too much time to learn and do everything.

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You Are Just One Person

At the end of the day, you are just one person, and you have a limited amount of time. So, you have to do things that are meaningful to you. While an overall goal may be meaningful, not all of the milestones needed to get there may be meaningful. Because we all have our strengths and weaknesses, likes and dislikes, not every task will be enjoyable or all fun & games. Some simply require pure willpower and discipline to grind through. And that is where delegation comes in.

What is Delegation?

You may hear this term a lot in the business or corporate world; it’s an effective way for managers to distribute (or sometimes avoid!) work. But, that’s not what I’m referring to. Instead, delegation means leveraging time from an outside source to give you opportunities to increase your quality time. By outside source, we simply mean that it’s not your own time that you’re spending.

What Should You Delegate?

To delegate effectively, it has to be done with deliberate intention. So the aim of delegation is to create more quality time for yourself. There are 3 types of tasks that you should generally delegate, called the Delegation Triangle.

The first are tasks you don’t enjoy doing. These are things that you know how to do, but don’t enjoy. Second, are tasks you shouldn’t do. These are things you know how to do and may even enjoy, but may not be the best use of your time. Third, are tasks you can’t do. These are things that need doing, but you don’t have the skills or expertise to follow through with them at this moment.

Have a look through your daily tasks and responsibilities, and see if you can fit them under these 3 categories.

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Pitfalls of Delegation

Using the Delegation Triangle, you can decide which tasks are worth delegating. In theory, it might look easy to sort actions at first glance; but often, it’s actually harder than you think! 

One such example, is diverting time on tasks you shouldn’t do. Let’s go back to the washing machine example. Your husband decides to fix it on his own instead of simply getting an expert to fix it. Why? Because it’s probably a challenge he enjoys, and it’s an accomplishment that would bring him satisfaction. However, if the value of the task is too low, you really ought to delegate it to others.

Sometimes, when you have a larger goal in mind, you might have to sacrifice some actions in return for making progress. Always think about the bigger picture! One thing that can help you avoid this pitfall is to keep your deadlines in mind whenever you set milestones for a project or task.

Deadlines are a commitment to yourself, and every bit of time is precious. So if an activity you’re focusing on is taking time away from progress towards your goal, it may be time to let go of it for now. You can always decide to pick it up again later.

Then there’s the other extreme of delegation. And that’s when you start delegating everything you dislike doing to external sources.Sometimes it’s tempting to abuse delegation and get carried away outsourcing everything on your “don’t like doing” list.

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Some people are too picky on what they’re going to do. But sometimes, if you don’t like doing so but you’re the only one who can do it, you still need to finish the job. At the end of the day, it does take your own hard work and effort to achieve the success you want.

So if you find that you’re constantly running into this problem of over delegating, then it may be time to re-evaluate your motivation, or reason for doing whatever it is that you’re doing.

Ask yourself, “Is this task contributing towards a meaningful objective that I want to achieve?” and “what kind of progress do I make each time I carry out the task myself?” If the task is both meaningful and creates progress, then the next step is to ask yourself questions that can help you create actions.

What obstacles are causing you to avoid this task? Is it because of low confidence in your ability? Do you think someone else can do a better job? Is it your level of focus? Or is there an alternative action you can take that can produce the same results?

Take Action Now

Take a look at your current tasks or to-do’s that you have planned this week. Which tasks are possible candidates that fall under the Delegation Triangle? Are there any that fall under the pitfalls mentioned above? Which tasks can you immediately identify that should be delegated out right now?

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I hope this exercise helps declutter your tasks and responsibilities a little and allows you to see how much more time you can be saving for more important things. But, this is not the end of delegation. After you’ve sorted out the tasks that can be delegated, the next step is to determine who it should be delegated to. Besides people like your co workers, or spouse/family members, did you know that there is a whole delegating industry out there?

If you’re keen to learn more about this delegating industry, and find out how you can decide who’s the best fit to do your delegated tasks, subscribe to our newsletter today. We will help you discover many more skills that will boost your productivity by leaps and bounds!

Featured photo credit: rawpixel via unsplash.com

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