What does being a ‘good’ business owner actually mean?
The reality is that it means different things to different people, and it’s important to have your own personal definition and work toward it every day you’re in business.
For some, it is all about financial success and maximising profitability. For others, it revolves around creating a positive social impact through a sustainable business model. The variations are endless, shaped by personal values, industry demands, and individual aspirations.
Defining Success on Your Terms
Reflecting on my past 30+ years of experiencing the good, the bad, and the ugly in business, I have come to define success with two simple rules:
- Leave yourself in a better place because you have been in business.
- Leave your clients and employees in a better place for having known you.
These principles shape my approach to leadership, decision-making, and long-term vision. But how do you measure whether you are fulfilling these goals?
Measuring Success: Personal KPIs
While some aspects of success are intangible, certain key performance indicators (KPIs) can serve as guideposts. Here are my personal KPIs for determining whether I am being the best business owner I can be:
- Financial Stability: Own more than one property.
- Lifestyle Choices: Drive the car you actually want to drive.
- Future Security: Have enough money put away to feel confident in retirement and live the life you desire.
- Employee Development: Make sure your employees are better than you at your job.
- Employee Empowerment: Understand your employees’ dreams and help them discover pathways to achieve them.
- Client Value: Ensure your clients make money or at least save money through your services.
- Proactive Service: Anticipate and understand your clients’ needs rather than just responding to them.
- Dream Building: Play a role in helping create your clients’ dreams.
The Bigger Picture
A truly successful business owner is not just one who accumulates wealth but one who fosters growth in their community, industry, and personal relationships. It is about leaving a legacy, shaping future leaders, and having a lasting impact beyond the balance sheet. All of the things I listed above are possible, I know it because we see it every day with the businesses we work with.
So, what is your definition of a good business owner? What personal KPIs are you striving to achieve in your business life? Take a moment to reflect, set your goals, and commit to becoming the best version of a business owner that you can be.
– Lou Perta
