There are many notions of business success. Whenever, I travel and meet business people they always ask me questions for making more money or growing the business.
Many studies have been done over how to measure/achieve success in business. These studies primarily relate to large businesses . In western market oriented economies and countries, business success is measured through market capitalization . It is assumed that market will assess all the importance.
But MSME businesses including retail businesses also need to assess their success in different manner.
Based on various studies and ancient India wisdom, I have concluded four factors that indicate the success of the business. Business owners must assess their performance using these factors and then decide the extent of their success.
These factors are
1.Physical health of the business(Business PH)
2.Intellectual health of the business (Business IH)
3.Emotional health of the business(Business EH)
4.Spritual health of the business (Business SH)
Let’s understand the factors in a better manner:-
This factor relates to physical well being and adequate protection of business from business risks. Depending on nature of business the PH indices might vary but this will primarily relate to
- Growth in above financial parameters
- Employment generation
- Legal and ethicalcompliance, etc
This aspect of business relates to the learning capability of business. Each businessman must continue to learn and assimilate all aspects of business and business environment so that business has sustainability.
3.Emotional Health (EH)
I also call this as a love quotient of business . It is primarily based on how strong the relationship of business with the people/stakeholders I.e customers, employees ,suppliers etc. Please note this is not about business relationship but about human relationship. It is about personal relationship of people who interact with people in the business under assessment. Do they “love” each other. Love is a mixture of art and science. We will talk about establishing and nurturing “love” in my next blog.
This is most under rated index for success but it the most important part of business. Businesses have now realised that we need a higher purpose to generate that extra energy and passion to run the business. Running the business can become very tiring and monotonous if this higher purpose is not embedded in our thinking . In Wep, we believe that we exist and work for making our end customer achieve bigger ,better business goals. All our other business goals are subservient to this higher purpose. Thus all business need to think ,establish and follow the higher purpose of their respective businesses.
A further elaboration is required in above health indices.Let us take this some other day.
Have the most successful days ahead.
Digital Marketing Manager