Common measures of Business success include the growth of your company, the amount of money it provides you, or your ability to keep control of the business for yourself or your children.  There is no single standard because entrepreneurs do not enter business for the same reason.  Choosing your definition of a successful business is the best path to satisfaction.

    Successful businesses and shareholders

    For a publicly traded company, success is usually defined as maximizing shareholder value, says the Harvard Business Review.  People and organizations usually buy stock with the hope of making money from investing in your company.  For many corporations, focusing on shareholder value is a perfectly satisfactory measure of whether you are a successful business.

   Entrepreneurs and startups are in different situations.  There can be no one other than you, your partners, and a few investors.  Your vision of a successful business undoubtedly includes everyone making money, but most entrepreneurs want more than just a nice bottom line.

The problem for many entrepreneurs is that they can't define exactly what that "something" is or how to get there.  Let's say "success" for you is producing the best quality products in the industry or having a healthy, diverse corporate culture.  If you never express this to your management team, they may compromise or adopt HR policies that advance the company but detract from your definition of success.

                       Definition of success

    One of the first things to clear up in your mind is whether your most important value is liquidity, growth, or control.  Prioritizing the growth of your business may be a matter of desire, or it adds to the benefits you believe you can bring to society.  Liquidity allows you to withdraw money from the company to finance your lifestyle, or to donate to charity.  If control is your top priority, you should avoid actions that benefit the company at the expense of your control of the business.

    Once you know what you want, think about the metrics you'll use to measure it.  There are many financial criteria you can use to assess whether you are a successful business, so narrow it down to a few relevant criteria.  For example, you can measure successful liquidity by how much money you want from the company to finance other parts of your life.  If control is your priority, comparing debt to earnings can show whether you're at risk of losing control over your creditors.

    There are other personal aspects of entrepreneurship that you should think about.  Does success include passing your business down to your children?  To what extent do you want to align the company's actions with your values?  Are there lines of business that you have moral objections to entering, even if they are profitable?  The better you understand your definition of a successful business, the better you can tailor your policy to fit.

    Modes-tads suggest you also think about what kind of successful work life would make you happy.  One of the hallmarks of a winner in business is that they wake up excited that they are doing something they love.  Even if the day's tasks are difficult, the thought of tackling them should be encouraging, not stressful.

                               Make a plan

    No matter what your definition of success is, classic business tips on how to make your company a winner apply, says Business News Daily.  Success requires hard work, dedication, and planning.  Once you know what's important to you, start making a plan.

    Set one-, five-, and ten-year goals.  Based on your definition of success, where do you want your business to be?  How close will you be to achieving your vision?

    Research your industry.  How realistic are your goals in the context of your competitive environment?  If you're a small-town baker, becoming a leader in your local industry can be realistic.  There's little to knock Disney or Microsoft off their perch.

                     Are your goals smart

Specific, Measurable, Achievable, Relevant, and Timely?  If not, work to make them so.  If your goals aren't specific and measurable, for example, it will be hard to tell if you're achieving them.

    Once you have a definition of success and a list of associated goals, think about the steps to achieve them.  Delegate some of this work to your team.  There may be parts of your plan that you can't do yourself — tech work, say, or marketing — so share your vision with people who have the skills.  Break down and assign goals in the way that makes the most sense for you and your company.  Everyone in your business must be on board with your vision.

             Motion and measurement

    Setting goals and setting your direction is not enough.  To be a successful business owner, you need to regularly check back and see how you're meeting whatever metrics you've set for your company.  Any review process is good, as long as you implement it regularly.  See if you meet your goals and if you meet them on time.  If you fell short, you need to know how short you fell, and where you went wrong.  Once you know, perfect.

    One of the standard business tips is that you should review your long-range plans every year.  Don't just look at how well you're doing on your goals, ask yourself if you still believe in them.  Maybe when you started your company, growth was your top priority, but now you want more liquidity so you can enjoy more of your free time.  Perhaps more experience shows you that some of your ambitions are simply not achievable.

    There's nothing wrong with changing your goals if they don't work for you.  Sit down, review your goal planning progress, and come up with a new agenda full of SMART goals that work for where you are right now.  No one can define your success but you, and you can change the definition if you choose.

    If you're still committed to your goals and your assessment shows you're achieving them, take time to celebrate.  Praise and reward yourself, and do the same for your staff.  Winning is something to be proud of, and acknowledging success helps motivate everyone as you move on to the next standard.