Redefining Success

Redefining Success

Success is a very subjective term, and its meaning differs for different people.

Annette will share with us what success means and how you can achieve it in your own business. First, you have to define what success really means to you in order to create a path leading to your goals. Second is setting SMART goals: specific, measurable, attainable, relevant, and time-bound. Next, start creating your plan and sticking to it. Lastly, celebrate your accomplishments and even your small wins.

Highlights of this episode:

  • What does success really mean to you?
  • How sticking to your plan makes greater success
  • The importance of celebrating your accomplishments
  • What are SMART goals?

Resources:

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Introduction

Welcome to the Financial and Lifestyle Freedom Podcast. Are you tired of the traditional definition of success? In this episode, I'm going to redefine what it means to be successful in a small business. My name is Annette Ferguson and I am CEO of Annette and Co, a UK based accounting firm. I am a chartered accountant and certified Profit First professional. And, like you, I am a small business owner.  I know that there is more to success than just making money and in this episode, I'm going to share with you what success means and how you can achieve it in your own business. So stay tuned. 

Steps in Redefining Success

First - Define what success really means to you

One, you need to define what success means to you. Success is a very subjective term, and it means different things to different people. For some people success might mean achieving financial stability or becoming wealthy. Others might define success in terms of their personal relationships, or the impact that they have on their community. Still, others might see success as a measure of their own happiness or fulfillment. The key is to take some time to think about what success really means to you, and then set your goals accordingly. For most people, true success really isn't just an amount in the bank account. Only you can decide what constitutes a successful life. So don't let anyone else tell you what you should be striving for. That includes your coach, your partner, your parents, anyone. When you define success on your own terms, you'll be much more likely to achieve it. 

Second - Set realistic goals

And then you need to set realistic goals for your business. Achieving success in any business requires setting and working towards achievable goals. However, for small businesses, it is especially important to set realistic goals. This is because small businesses often have limited resources and we can't afford to waste time and money chasing unattainable objectives. Instead, small businesses need to focus on setting goals that are specific, measurable, achievable, relevant and time bound. By adhering to this smart, S M A R T goal setting framework, small businesses can increase their chances of achieving success. Furthermore, by regularly reviewing and modifying your goals, you can ensure that they are always relevant and aligned with both your company's overarching mission, but also your personal version of success. 

Third - Make a plan and stick to it

And three, make a plan and more importantly, stick to it. That means being disciplined about following through on tasks, even when it's tempting to put them off, and being willing to adjust the plan as needed. Of course, making and following a detailed plan is not always easy. I'm not saying that it is, but it is often necessary in order to achieve success. For small businesses, being able to stick to a plan really does mean the difference between growth and stagnation, between achieving the version of your success that you have and not.

Fourth -  Persevere

Four, persevere through the tough times. Every business faces tough times at some point. Whether it's a drop in sales, unexpected expenses or growing pains, there will be some challenges to overcome. The key to success is to persevere through these difficult moments. It's important to remember that tough times don't last forever. If you can stick it out, you'll be in a better position to achieve long term success. Of course, this isn't always easy. In the heat of the moment, it can be tempting to give up or take shortcuts. But if you want your business to survive and thrive, you need to be prepared to weather the storms. By maintaining your resolve and keeping your eye on the prize, you will increase your chances of coming out on top. 

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Fifth - Celebrate your accomplishments

And five, celebrate your accomplishments. As a business owner you are probably used to putting in some long hours and making sacrifices for your business. Typically, we literally put blood, sweat and tears into our business. But it is important to remember to celebrate your accomplishments along the way, however, small they may seem. Doing so will not only boost your morale, but it can also help you achieve success. When you take time to reflect on your achievements, you can identify what is working well, and what needs improvement. This allows you to make the necessary changes and continue moving forward towards your success. In addition, celebrating your successes helps you motivate and inspire your team, too.  They will see the hard work that pays off and be more likely to put in that little bit of extra effort required to help your business succeed, and to lead you to your version of success. So don't forget to take a moment to revel in your accomplishments, it just might be the key to achieving the success that you've been working so hard for. 

Sixth - Learn as much as you can about the business

And six, learn as much as you can about running a business. This one has been absolutely key for me over the 13 years that I have been running my business.  I have delved deep into all areas of how to run a successful business and I have a massive thirst for learning which I continue every single day. Because starting and running a successful small business takes a lot of knowledge and hard work. There are so many different aspects to running a business from marketing and advertising, to of course, accounting, and human resources. As a small business owner, it's really important to learn as much as you can about all these different areas. Typically, we start in business because we are good at the thing that we're good at, that thing that we're going to deliver to our clients. But then we learned that there are so many other things that we need to be good at as well. By learning as much as you can about the different areas, you'll be better prepared to make decisions that will help your business grow and succeed. Of course, you don't have to know everything about running the business yourself. You can also hire employees or consultants who can help you with specific areas that you're not familiar with. However, it is really still important to have a good understanding  yourself of the basics of running a business and not abdicate that to other people that you bring in. That way you will be able to make informed decisions and provide direction for your team. By learning as much as you can about running a business, you'll give yourself the best chance of success and give yourself the best chance of reaching your version of success. 

Because success in small business doesn't necessarily mean making a lot of money. It can mean having a positive impact on your community, employees and customers. It can mean having financial and lifestyle freedom for yourself and your family. That is what it means to me. And it's time to redefine what success looks like for your business, too.  Thank you so much for tuning in today to the Financial and Lifestyle Freedom podcast with me, Annette Ferguson. If you enjoyed this episode, I would love if you want to come and subscribe to the podcast in whichever player you happen to be listening in. And whilst you're there, please do leave our podcast a review. It means a huge amount to us and it means that our podcast gets found in podcast players more, so that other incredible business owners can listen in and get help and support from it as well. So please, please do SUBSCRIBE and leave us a review. And we'll speak soon. 

Thank you so much for tuning in today. I hope you got lots of value from this episode. Now if you're struggling with any accounting things for your business, I'd love to help. Make sure you reach out to me at podcast at annette and co dot co dot uk, that's podcast@annetteandco.co.uk and let me know how I can help. Of course, remember to subscribe to this podcast as well. Thanks again. 

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About the Author

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.

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