The first Monday of each month, I dust off a favorite post from the Bennis Inc Blog archives and give you another chance to enjoy the wit and wisdom that’s been shared. Enjoy this month’s treasure – and if it inspires you – be sure to share it with family and friends!
Having worked with many, many different clients over the years, I’ve had the benefit of learning how they each run their business and how they quantify success.
As you might expect, this is as unique as a fingerprint. However, one thing I did find to be common among the happiest and healthiest businesses was that they did not focus their measure of success on any of the following nine metrics I will soon discuss. To say the least, these metrics are false and misleading. They also create an imbalanced company culture which can snow ball into bigger problems down the road.
Take a look at the nine metrics for success that we all need to stop using right now!
How long you spend completing a task
Imagine how long it would take most of us to change the oil in our car. Just because we devoted hours of (frustrating) labor to this task, doesn’t mean we were any more successful than a skilled mechanic who can complete this same job in a fraction of the time. How long someone spends completing a task is not an indicator of success.
How early or late you’re accessible by phone or email
Our culture tells us that the longer we work, the more important we must be. Checking emails and answering phone calls from sunrise to sunset makes us feel like we are more successful than our peers who cut out at (gasp!) 6pm and let emails wait until normal office hours resume the next day. How early or late we allow ourselves to be accessible for work tasks is not correlated to success, but it is most certainly correlated to a work-life imbalance.
The size of your office
One of the biggest mistakes I see small businesses make is investing in a large office space they simply don’t need. There’s no denying my support of a virtual work environment for its efficiency and cost-savings. Yet, so often new entrepreneurs feel that their success must be validated with a commercial office space that is one more thing to manage and one more bill to pay. The size of your office is not an indicator of success. Many high-profile business owners and CEOs throughout history have worked from their home, out of a basement or garage or voluntarily took the smallest office space in their building.
The size of your staff
Similar to the size of your office, the size of your staff doesn’t indicate success any more than the size of an SUV indicates the stature of the person driving it. All of these items can be obtained by people who are barely able to pay the bills each month – all for the perception of looking “bigger” than what they are. Work to keep your overhead as low as possible and instead focus on the size of your profit margins.
One of my biggest pet peeves is working with a client who claims to have a shoestring marketing budget, but who then pays an invoice with a slew of unnecessary collateral materials that were certainly not cheap. Custom-printed checks, stationary, envelopes and embossed business cards will not be what (solely) seals the deal with your client – a good communications strategy will. Don’t mistakenly use this as a metric for success and instead smartly invest your marketing dollars elsewhere.
The number of business cards you hand out
Speaking of business cards, loading up on thousands of these paper rectangles and then tossing them out like confetti at a networking function will not build meaningful relationships with fellow professionals and may actually make a bad first impression. Handing out hundreds of business cards a day (without any strategy or follow-up) is not a useful metric for success. Anyone can do that – including small children and robots.
The clutter in your inbox
Busyness does not equate to productivity and a cluttered inbox does not equate to success. Hundreds of unread emails may look impressive at first glance, but when the majority of these messages are spam, promotions and auto-responses, you are merely trying to convince yourself you’re important. I tend to treat my inbox like my to-do list. The few messages I leave there require my attention and usually receive it within a day. All other messages are read, discarded or filed into their appropriate sub folder. To someone else looking at my inbox, I may look like I’ve had a pretty easy day. But I’m okay with that because I know that this is not an indicator of success.
The number of meetings you attend
During my time spent working in government, I experienced just how much time can be wasted in meetings. People loved to schedule meetings and conference calls to basically fill their entire work day. This would then give them the need to stay late to actually accomplish anything, perpetuating this false measurement of success. The number of meetings you attend does not equate to a successful day or your level of importance within a company. In fact, the people who often have important work to do find any excuse to get out of these meetings and get back to their computers.
Social media likes, followers and interactions
Finally, and this one may shock you, the number of interactions you receive on social media is not an indicator of success. You may say, “Well then why are we told to spend so much time and money on establishing a social media presence to build our business?” I’m not discounting the effectiveness of a strategic social media plan as part of a larger marketing effort, but I am offering a friendly reminder that you and your business are worth far more than the number of likes you have on your fan page.
Likes can be easily bought and interactions can be skewed to the point where it’s hard to tell what, if any part of your sales are a direct result of someone following you on social media. Stop making this the focus of every sales and marketing meeting!
What should be our metrics for success?
…Quality and productivity!
There is one philosophy all businesses would benefit from embracing, and that’s simply to “Get it done…right!” Quality and productivity are the two metrics that we should use to measure the success of our day and the overall success of our business. Did we deliver quality work in a productive manner? The businesses that embody this philosophy and promote this culture to its employees are the ones that are thriving.
Did you knock everything off your to-do list by 3pm? Great, see you tomorrow! Do you need to spend a few extra hours perfecting a project you know your client will love? Maybe you work a little late tonight, but you know it will pay off in the end. Stop comparing hours, square-footage, email count and boxes of business cards. Instead, “Work hard in silence and let success make the noise.”
Which of these metrics do you most commonly see misused to measure success? Share the outcomes by commenting below!