Many business owners will answer that question based on how profitable things are… how their order books look, how cash flow is flowing.
Yes, that’s one measurement
However, even if profits and cash flow look great, it only shows a small part of the picture. Many business owners are making money, but they are losing something else. Something more important. Something bigger than their business.
Business owners often find their work life balance is pretty unbalanced. They are often stressed, working too many hours and working on uninspiring projects for clients who don’t appreciate them. Somewhere along the way, the need to make money was replaced by the need to make money… even at the expense of their happiness, health, family life. Maybe all three.
Decide what matters then go for it
If any important area of your life is suffering because of your business — stop! Even if you are making tons of money, you’re always going to be broke.
Because history is littered with stories of business owners, who were SO BROKE… all they had left was their money.
OK Connolly, what next?
Decide how many hours you want to work, in order to have that essential family and friends time. Determine how much you want to earn, the kind of clients you want to work with and the type of projects you want to work on.
Then, reimagine your business, products and services. Rebuild them from the ground up if needed. Develop them, so they’re of direct interest to high quality clients (or customers). These are the people who will pay you what you’re worth — so you don’t have to work crazy hours to supplement low fees.
Next, direct your marketing exclusively to this targeted group. Speak to them specifically with your marketing messages.
You’ll quickly discover one of the best kept secrets in business: The clients who value your time and pay you well, are the easiest and most rewarding to work with on every level.
Get it right and you’ll also discover how to run a business that rewards you where it matters most… and financially too.
PS - Here are 3 articles, which show you how to attract the best clients and the highest fees:
How to attract the best clients and the highest fees – Part 1.
How to attract the best clients and the highest fees – Part 2.
How to attract the best clients and the highest fees – Part 3.