I’m a firm believer in being able to measure your success, not only in business, but in your life as well. Goal setting is a vital part of this. Even though your life and your career are always in flux, setting both short term and long term goals should be right up there with breathing. How in the hell can you know where you’ve been and where you’re heading if you don’t have some kind of map? I’m not saying that these goals have to be set in stone… Shit happens, after all, and sometimes you have to change your game plan to adapt… But you must have at least an idea of where you’d like to be a year from now, as well as some kind of dream about your long-term future. Entrepreneurs are dreamers at heart, so I know it’s in there. You just have to identify these milestones in your life and set a path to your dream.
So, how do you measure your success? First off, it’s best to realize that you will be so much happier and productive if you balance your work with your life. Sure, if you are just starting out in business, there are certain things that must take center stage, but your goal is to work less and make more. Everyone’s ‘balance’ will be different, but you can get a good idea by just tracking a few critical numbers.
There are four main areas that you’ll want to monitor in order to have a clear understanding of where you are beginning and the progress that you are making as you reach your goals. The first part of the equation is to figure out the average number of hours that you work over the course of a year. Take into consideration the late hours, when you’ve skipped lunch, and the times you’ve taken off. You know there will be weeks when it seems you hardly get any rest at all, and there will be weeks where hardly work at all. The reason you’ll want to figure out this number is to be able to track when you are working less but making more.
The second figure you’ll want to track is your average weekly income. For example, if you made $30,000.00 in the first six months of this year, then divide that figure by the number of weeks in that period of time in order to average it out. If you choose, you can look at a three month period, or average it all over a year. The important part is to get a measurable figure.
The third measurement is what I like to call your Passion Index. This figure will be completely related to your job or profession. You’ll want to measure your passion for what you are doing on a scale of 1 – 10. The goal here is to make sure this number goes up. You cannot possibly be as successful as you have the potential to be if you are not passionate about what you do. If this number is low, then you should do everything in your power to improve this number. In order to be successful, this number needs to be high—definitely above 5 and even above 7.
Finally, you’ll want to rate, again on a scale of 1 – 10, how happy you are overall. This Happiness Factor will include both your personal and business life. Again, if this is a low number, your chances for success will decrease exponentially. On the other hand, if you can do what needs to be done to bring this number up, then your chances for success in both areas of your life are greatly enhanced.
The formula for success is all about creating balance in your life. So, make a spreadsheet or use a steno pad or notebook, but try your best to get in the habit of writing these numbers down. It is a reality check, but also the simplest way that I know to measure your success by just weaning it down to the basics. The basic formula for success.