"It's all about revenue..."

This came out of a recent “Think Tank, Brain Trust, Support Group” meeting, or TTBTSG for short — it’s a trusted group where many things get discussed, and sage insights are given (well, at least on the part of the other members).

Somewhere in our discussions I happened to say “It’s all about revenue.” This is interesting for a couple of reasons that I will get to in a moment but first I want to get to the obvious response from the finance people in the group. There was a little light hearted mockery in the response as it was pointed out that in fact it’s always about revenue. I went on to defend myself by pointing out that lately there are a large number of high valuations out there for companies that don’t generate much (if any) revenue. The conversation died quickly as it was off topic and neither of us had the energy to debate it out. As an aside, what I really wanted to say but couldn’t find the words quick enough, was there seems to be much more interest lately in raising money and debt management than good ol’ revenue generation — it’s actually a good thing I didn’t go there because I am ill prepared to have this kind of discussion, particularly with people who have spent a lifetime in the world of high finance.

What really makes what I said interesting is it’s a reflection of what is at my core in terms of how I define business — for me, it is all about the generation of revenue as a result of marketing and sales activity (and I suppose a nice validation that I have good alignment of my skill sets). It was also a reminder that sometimes I can be loose with my language because what I meant to say was “It’s all about the measurement of revenue…”. I was trying to convey that revenue is important and it needs to be measured — like anything that is important to your broader goals and objectives. In the end, it was really more of a comment scratching at the importance of “measurement” :

Measurement identifies what is needed for success and is a proxy for what you should be (and not be) doing

Measurement requires objective data to determine if you are meeting your goals, exceeding them, or falling short

Measurement establishes benchmarks for improvement

Measurement of leading and lagging indicators is key for understanding progress.

I will always think of profitable revenue first because frankly it’s baked into my DNA but I will also say I’m acutely aware of the other functions that make up a healthy business, and the importance of good synergy. And if I can offer up one last thing for my respected members of the TTBTSG, who I know must shake their heads at the the antics of this “sales and marketing guy”… I’d like to simply say, "Find the galoshes”*.

iamgpe

*a classic sales and finance joke… I will tell it to you sometime.

Questions to Help You Mind Your Business... Question #9

Question #9: How will I know if I am successful?

This is the ninth in a series of thoughts and opinions by Graham Edwards and Renée Cormier — click here to read the backstory and inspiration (if only for the entertainment). It should be noted that neither of us have seen or discussed our answers before they are posted, which in our mind makes this all the more interesting.

In this blog series we will attempt to answer ten different questions business owners may need answered, using our individual and unique perspectives and approaches. It is our hope that this series will inspire both action and interaction. Please feel free to comment and ask more questions.

Graham —

 I don’t know — you will have to tell me.

Since success needs to be measured against the goals and objectives you set for yourself, it goes without saying only you will know if you’re successful. Sure, there are societal norms and conventions that you can use to benchmark yourself against, but in the end you define your own success.

Oh everyone has an opinion on this; just ask anyone and they will have quite the perspective on it — although I’ve found if you keep pressing you may find they actually struggle to articulate what success really is. I’ve even checked the Internet and found a site called Lifehack — sure enough Missy Yost offered up 20 definitions of success you should never ignore (bless her heart).

1. Success is always doing your best
2. Success is properly setting concrete goals
3. Success is having a place to call home
4. Success is understanding the difference between need and want
5. Success is believing you can
6. Success is remembering to balance work with passion
7. Success is taking care of your needs
8. Success is learning that you sometimes have to say no
9. Success is knowing your life is filled with abundance
10. Success is understanding you cannot keep what you don’t give away
11. Success is overcoming fear
12. Success is seeing your child graduate
13. Success is learning something new each day
14. Success is learning that losing a few battles can help you win a war
15. Success is loving and being loved back
16. Success is standing your ground when you believe in something
17. Success is not giving up
18. Success is celebrating small victories
19. Success is never letting a disability hold you back
20. Success is understanding you control your destiny

So there you go.

You may be saying to yourself, “But gpe, we are talking about how will I know I’m successful with my business.” Again, I will say, “I don’t know — you will have to tell me”. You have goals and objectives for your business don’t you?

iamgpe

PS: The only perspective I can really offer is when you set your Goals & Objectives, set them HIGH.

---

Renée —

I think this may be a bit of a lame question, but as I recall, I was the one who came up with it, so I’m going to provide you with my best answer. People define success in many ways, and it is different for everybody. For some, you are successful if you have a lot of money. For others success is the result of having completed any goal. Are you successful if you don’t have a spouse and 2.4 children? Are you successful if you never own a house or a car? Ask the Dalai Lama.

Years ago, I was listening to a Brian Tracey tape (yes, it was a while ago) about success. He gave a definition that always stuck with me, which was something along the line of achieving any goal with integrity. He went on to say that money is not a measure of success per se. Drug dealers have enormous amounts of money, but you can’t really call a criminal a successful person. They lie, cheat, steal, kill and corrupt to reach their goals. A runner who shoves a competitor out of the way in order to win, is not a successful runner, even if he is first over the finish line. The journey to success is as important as the end result.

So how will you know if you are successful? Look around you. What are you grateful for? Have you set goals in your life? Have you achieved any of them? Have you achieved your goals with integrity? Have you ever failed?

I think truly successful people, never really arrive. Not that they cannot be satisfied, but rather, they find it difficult to stop challenging themselves. Success breeds success. I also think that failure breeds success. You cannot know what you want until you experience what you don’t want. Most successful business people have had their share of failures too. Being able to recognize what is not working and why is a good thing. Have you made mistakes? Did you learn from them? Are you still moving toward your next goal? Do you feel good about the things you have done? Are you a happy person?  I daresay, if you can answer yes to these questions, you are likely quite successful.

The definition of success to me is not necessarily a price tag, not fame, but having a good life, and being able to say I did the right thing at the end of the day. - Jeremy Luke

Thanks to the social media platform beBee, Renée Cormier & Graham Edwards developed a business relationship and friendship that typically involves regular meetings, goal setting sessions, etc. Our meetings often provide the fuel for plans around business strategy, blog ideas and more.

In your search for business success, or any success for that matter...

There Will Be Blood, mostly in the figurative sense, although sometimes, in the literal sense too.

If you've ever seen the movie There Will Be Blood, you are familiar with the opening twenty minutes and the journey of the main character as he builds and defines his success; cumulating in the movie's dramatic finale. My intent is not to critique the movie but look at the movie's opening as an analogy, reminder, and motivator for success in anything you do. 

For those who have never seen the opening scene of There Will Be Blood, I have attached it for your viewing pleasure.

Anyone who is trying to achieve something can't help but identify with the imagery and struggles of the man in the mine... both literally of figuratively. It is a stark reminder of the trials and tribulations on the road to success.

• Building on an idea, and the search for success, can be a very lonely venture.
• Hard work is the only way; day after day, after day...
• Things will go wrong and no one will be there to help you fix it. It is yours to figure out.
• There will be times when willpower and conviction are the only two friends you have to keep you going.
• The road to success is hard, painful and difficult.
• Over time, and little by little, the momentum of success builds and the trials and tribulations continue.
• You decide the type of person you will be as your success builds.
• There is no success unless you try.

And finally, I don't remember anyone saying it would be easy.

iamgpe