measurement of success

Term of the Week: Measurement of Success

There are many ways that you can measure your success each year:

  • Your annual sales, gross or net
  • The number of embroidery heads and equipment in your business
  • The number of employees you have
  • The number of orders you produced
  • The number of customers you served

What is the measurement of success you want to use while owning your embroidery or apparel decoration business?

Looking at the list above of ways you can measure your business, it may become apparent that these are not the measurements of success that mean the most to you. They may not reflect the things that truly matter for you at all. Maybe these concepts are the foundation for a different way to think about how you measure your success. These concepts include:

  • Being your own boss
  • Working around your family’s schedule and life
  • Not having to work with or be around people that you do not like
  • Being able to create something with your own hands
  • Serving your community

Ponder the question, “Why do you do what you do?” Once you are clear on the 'why,' determine how you want to measure your success in accomplishing it.

I'm not saying the numbers on the balance sheet don't matter, they certainly do. It feels great to look at your total sales and profits at the end of the year and see the amounts are larger than they were the previous year. Money is what makes the world go round, and having more of it to stick in your pocket is a worthy goal and measurement of your success. But, it is only one dimension of measuring your last year, or your next one.

What would make you feel like 2019 was a success? Only with that clarity and purpose is it possible for you to accomplish it, no matter what your vision of success includes. Do you want to open a retail location? Do you want to add staff? Do you want to add equipment? Do you want to learn how to digitize better? Do you want to master appliqué? The list goes on and on. 

If you want to increase your total sales, it makes sense to review your prices and see if it has been a while since you raised them. If you're going to add equipment, go after the kinds of business that will make paying for that equipment a no-brainer. If you want to move the company to a new location, what are your criteria for an ideal spot? If you're going to hire, what processes would the new employee be responsible for, and how much training do you need to develop to make them successful?

Think big, think bold! You have nothing to lose and so much to gain by defining what your success will look like. It is a lot more challenging to get where you want to go if you have not even decided where that is yet, right?

Source: Jennifer Cox