Play the long game
How to set goals and measure success.
Success means different things to different people. Here are some parameters to help measure success:
Your target audience is interested: This can be displayed through the number of enquiries, engagement with your social media posts or traffic to your website
Awareness of your brand: People know who you are and instantly know what you are about. They know your brand values and personality
You’re making a profit: Your turnover is rising beyond your running costs, and your marketing is converting people into buyers
It’s unlikely you’ll see all these signs at once. If you’re seeing only one of these indicators of success, you should be proud. If you’re not seeing these results yet, don’t be hard on yourself – it all takes time.
Play the long game, set attainable goals and remember that taking no risk will end up being your biggest risk.
Here are a few facts about some of the most powerful global tech giants:
Google: In 1996, Larry Page and Sergey Brin began developing Google. After failing to sell the company for a mere $1m in 1999, Google went on to become the dominant search engine
Microsoft: After Bill Gates established Microsoft, it took six years for the company to gain its first big contract with IBM
Apple: Steve Jobs founded the company in 1976, but he didn’t release the Macintosh until 1984. Apple only became a serious competitor in the tech world in 1998 with the iMac
There is no magic formula to attaining your definition of success, but there is a magic word, which is consistency. Consistency will allow you to establish awareness, build trust and deliver your service efficiently over time.
Every business needs consistency for any chance of longevity in the marketplace. In fact, most business experts will tell you it takes five or more years to attain true success.
Remember, slow success doesn’t mean no success.
In fact, because of the unique challenges faced by EMB leaders (such as a lack of funding or access to contacts) this could be even longer.
If you quit before that time just because you’re not growing as fast as you would like, you could be doing yourself and your business a disservice.
According to freshbooks.com, small businesses have a predictable pattern of growth in their early years, facing similar challenges and successes in the first five years.
Expect lots of mistakes and tiny steps forward, or as Forbes puts it, “fail forward".
Here's a rough idea of what most small businesses will go through in the first five years.
Remember every business is different, so don't worry if your own journey doesn't match up perfectly.
Year one: This period is full of financial struggle as you try to get your new startup off the ground. However, it can also be full of small successes and rewarding experiences as your business starts to make progress.
Year two: This is when the initial successes of year one start to pale in the face of cash concerns. Your savings are probably tapped, your credit card might be maxed out, and as an owner you may have to borrow more.
Year three: Success may mean breaking even or making a profit. A fully profitable and sustainable business is probably another two to three years in the future. At this point, success may be knowing you have a great business idea and that you’re willing to push on for the next few years to see it thrive.
Or, success might mean knowing either your business isn’t sustainable or that you’re not willing to continue working at such a gruelling pace.
Year four: Usually a successful company is just being discovered after year four.
Year five: Owners can celebrate all the hallmarks of starting a new business, like making profits or getting some media attention.
The most common reasons for small businesses failing are:
Goals are an important part of running a successful business. They can give you a clear focus, motivate employees and provide you with a set of criteria to see if your business is succeeding.
Having clear, well-defined goals can help you take control of your business’ direction.
The best way to manage your goals is by using the SMART framework. This is where you set small targets that are specific, measurable, achievable, relevant and time bound.
Specific: What do you want to accomplish? Be specific: Do you need a graphic designer or an accountant? What tasks do you want them to handle?
Measurable: Quantify your goal. How many people do you want to employ? How much will that cost you? Can you afford it? How many hours per week do you hope to win back by employing team members or outsourcing tasks?
Achievable: This is the time to give yourself a reality check. How much work can your new team members realistically get done in a day? You may not be able to hire four people at once, but given the funds at your disposal, two additional people will be realistic for now.
Relevant: Why are you setting your goal? How relevant is this specific goal to your overall bigger picture? For example, if you’re trying to expand your business into a new market, do your new staff have any knowledge about that market?
Time bound: Never set your goal for “sometime in the future”. Set a deadline. By what month or quarter do you want to have a full team in place? When do you expect this expansion to make a positive impact on your profit margins?
You may want overnight success, but growing steadily and consistently will allow you to expand without it being too taxing on your mental health and resources.
