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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 September 17, 2019

How to Delegate Work Effectively (Step-By-Step Guide)

How to Delegate Work Effectively (Step-By-Step Guide)

All managers and leaders must master the art of delegation. Understanding how and when to allocate responsibility to others is essential in maintaining a high level of productivity, both on a personal and organizational level. Knowing how to delegate is also essential for an effective leadership.

To learn how to delegate is to build a cohesive and effective team who can meet deadlines. Moreover, knowing when and how to delegate work will reduce your workload, thus improving your wellbeing at work and boosting your job satisfaction. Unfortunately, many leaders are unsure how to delegate properly or are hesitant to do so.

In this guide, you will discover what delegation really entails, how it benefits your team, and how to delegate work effectively.

The Importance of Delegation

An effective leader knows how to delegate. When you delegate some of your work, you free up your time and achieve more on a daily basis. Effective delegation also promotes productivity within a team by drawing on the existing skill set of its members and allowing them to develop new knowledge and competencies along the way. The result is a more flexible team that can share roles when the need arises.[1]

When you are willing to delegate, you are promoting an atmosphere of confidence and trust. Your actions send a clear signal: as a leader, you trust your subordinates to achieve desired outcomes. As a result, they will come to think of you as a likeable and efficient leader who respects their skills and needs.

Delegation isn’t about barking orders and hoping that your staff falls in line. A manager’s job is to get the very best from those under their supervision and in doing so, maximizing productivity and profit.[2]

Here’s an example of bad delegation:

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    Careful delegation helps to identify and capitalize on the unique strengths and weaknesses of the team members. Delegation also boosts employees’ engagement as it proves that the managers are interested in drawing on their talents.[3]

    The Fear of Delegating Tasks

    Delegation boosts productivity, but not all managers are willing or able to delegate.[4] Why? Here’re some common reasons:[5]

    • They may resent the idea that someone else may get the credit for a project.
    • They may be willing to delegate in principle but are afraid their team won’t be able to handle an increased degree of responsibility.
    • They may suspect that their staff is already overworked, and feel reluctant to increase their burden.
    • They may suspect that it’s simpler and quicker just to do a task themselves.
    • They dislike the idea of letting go of tasks they enjoy doing.
    • They fear that if they delegate responsibility, their own manager will conclude that they can’t handle their workload.

    Delegation vs Allocation

    Most people think that delegation and allocation are synonymous, but there is an important distinction to be made between the two.[6]

    When you allocate a task, you are merely instructing a subordinate to carry out a specific action. You tell them what to do, and they do it–it’s that simple. On the other hand, delegation involves transferring some of your own work to another person. They do not just receive a set of instructions. Rather, they are placed in a role that requires that they make decisions and are held accountable for outcomes.[7]

    How to Delegate Work Effectively (A Step-By-Step Guide)

    So what’s the best way to delegate work so you can fight the fear of delegation, build an efficient team and work faster? Here’s a step-by-step guide:

    1. Know When to Delegate

    By understanding how much control you need to maintain over a situation, you can determine the best strategy for empowering workers. There are 7 levels of delegation that offer workers different degrees of responsibility.

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    This brief video explains these levels and offers examples of when it’s appropriate to use each one:

    Delegation occurs along a spectrum. The lowest level of delegation happens when you tell other people what to do. It offers little opportunity for employees to try new approaches. The most empowering form of delegation occurs when you are able to give up most of your control over the project to the employee.

    Knowing how to delegate work helps you understand how to connect people with tasks that make the best use of their talents. When done properly, it ensures that you will get the best end-result.[8]

    When you’re deciding how to delegate work, ask the following questions:

    • Do you have to be in charge of this task, or can someone else pull it off?
    • Does this require your attention to be successful?
    • Will this work help an employee develop their skills?
    • Do you have time to teach someone how to do this job?
    • Do you expect tasks of this nature to recur in the future?

    2. Identify the Best Person for the Job

    You have to pass the torch to the right team member for delegation to work. Your goal is to create a situation in which you, your company, and the employee have a positive experience.

    Think about team members’ skills, willingness to learn, and their working styles and interests. They’ll be able to carry out the work more effectively if they’re capable, coachable, and interested. When possible, give an employee a chance to play to their strengths.

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    Inexperienced workers may need more guidance than seasoned veterans. If you don’t have the time to set the newer employee up for success, it’s not fair to delegate to them.

    You also have to consider how busy your employees are. The last thing you want to do is overwhelm someone by giving them too many responsibilities.

    3. Tell and Sell to Get the Member Buy-In

    After you’ve found the perfect person for the job, you still have to get them to take on the new responsibility. Let them know why you chose them for the job. [9] When you show others that you support their growth, it builds a culture of trust. Employees who see delegated tasks as opportunities are more likely to be invested in the outcome.

    When you’re working with newer employees, express your willingness to provide ongoing support and feedback. For seasoned employees, take their thoughts and experiences into account.

    4. Be Clear and Specific About the Work

    It’s critical to explain to employees why the project is necessary, what you expect of them, and when it’s due.[10] If they know what you expect, they’ll be more likely to deliver.

    By setting clear expectations, you help them plan how to carry out the task. Set up project milestones so that you can check progress without micromanaging. If your employee has trouble meeting a milestone, they still have time to course correct before the final product is due.

    This type of accountability is commonly used in universities. If students only know the due date and basic requirements for completing major research papers, they might put off the work until the eleventh hour. Many programs require students to meet with advisers weekly to get guidance, address structure, and work out kinks in their methods in advance of deadlines. These measures set students up to succeed while giving them the space to produce great work.

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    5. Support Your Employees

    To see the best possible outcomes of delegating, your subordinates need resources and support from you. Connect them with training and materials to develop skillsets they don’t already have.[11] It may take more time up front to make resources available, but you’ll save time by having the work done correctly. For recurring tasks, this training pays off repeatedly.

    Sometimes employees need a help to see what they’re doing well and how they can improve. Giving and receiving feedback is an essential part of delegation. This is also a good way to monitor the delegated tasks as a leader. While you can keep track of the progress of the tasks, you are not micro-managing the employees.

    Throughout the project, periodically ask your employees if they need support or clarification. Make it clear that you trust them to do the work, and you want to create a space for them to ask questions and offer feedback. This feedback will help you refine the way you delegate work.

    6. Show Your Appreciation

    During periodic check-ins, recognize any wins that you’ve seen on the project so far. Acknowledge that your employees are making progress toward the objective. The Progress Principle lays out how important it is to celebrate small wins to keep employees motivated.[12] Workers will be more effective and dedicated if they know that you notice their efforts.

    Recognizing employees when they do well helps them understand the quality of work you expect. It makes them more likely to want to work with you again on future projects.

    Bottom Line

    Now that you know exactly what delegation means and the techniques to delegate work efficiently, you are in a great position to streamline your tasks and drive productivity in your team.

    To delegate is to grant autonomy and authority to someone else, thus lightening your own workload and building a well-rounded, well-utilized team.

    Delegation might seem complicated or scary, but it gets much easier with time. Start small by delegating a couple of decisions to members of your team over the next week or two.

    More About Delegation

    Featured photo credit: Freepik via freepik.com

    Reference

    [1] BOS Staffing: 5 Benefits Of Delegation – Empower Your Team
    [2] Brian Tracy International: How to Delegate The Right Tasks To The Right People: Effective Management Skills For Leadership Success
    [3] MindTools: Successful Delegation: Using The Power Of Other People’s Help
    [4] Fast Company: The Three Most Common Fears About Delegation: Debunked
    [5] Leadership Skills Training: Delegation
    [6] Abhinav Jain: Delegation of work vs Allocation of work
    [7] Anthony Donovan: Management Training: Delegating Effectively
    [8] Management 3.0: Practice: Delegation Board
    [9] Focus: The Creativity and Productivity Blog: A Guide to Delegating Tasks Effectively
    [10] Inc.: 6 Ways to Delegate More Effectively
    [11] The Muse: The 10 Rules of Successful Delegation
    [12] Teresa Amabile and Steven Kramer: The Progress Principle

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