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How to quantify success?

how to quantify success

“Larry is a failure at everything except life.”

This is 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 quantify success?

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

In business, it is not always the bottom line that defines success. 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. Profitability

 

While it’s clear that when business is making money, it may amount as a kind of success. However, the true measure of success will be creating sustainable profitability that continues long into the future.

This may require tweaks in strategy and ongoing assessment of processes.

 

  1. Number of Customers
 

Every company needs customers. The measure of success should show a growing customer base with a steady stream of leads in the pipeline.

 

  1. Employee Satisfaction

 

Happy, motivated employees explain a lot about real success. After all, their productivity is the engine that fuels the business. If each employee is working beyond their role, then the business flourishes. Happy employees mean a happy (successful) business.

 

  1. Level of Learning and Knowledge

 

While it may seem like a strange way to quantify success, it’s not. G It is because it’s this learning and knowledge that provide business with the market, customer, competitor, and economic intelligence in shaping the strategy.

 

“We’re trying to mathematically describe and predict what it means to have success and how to achieve it,” said network scientist Albert-​​László Barabási, Distinguished Professor of Physics and director of the Center for Complex Network Research at Northeastern University. Most of these true measures of success are more qualitative than relative to financial reports and the bottom line. Each one of these measures also requires continued attention and influences the results of the other suggestions on the list.

The real measure of success then is to deliver these actions to employees and company long into the future.

 

Gurbani Gandhi