I was given this question in the headline recently and the quick answer is:
“When it is delivering the income and lifestyle that you imagined.”
However, that benchmark is perhaps misleading. It is potentially an incomplete answer as simply obtaining the lifestyle and income that you want from your business today does not necessarily mean that it will be sustainable….and continuing to achieve the outcomes you want is perhaps even more important than simply achieving them this year.
To continue having a great practice
(or rather, a practice that continues to deliver great results) you need 4 things in alignment:
- The customers perception of value exceeds what you charge them
- The culture within the business is consistent with your personal values
- The practice has a purpose beyond profitability
- Every Stakeholder feels they are valued
A great business is more than just a money-making-machine. As well as making good money the business must be doing something you feel worthwhile which supports your own values and aspirations, as well asdelivering something which customers feel to be great value, as well as having a culture internally that creates engagement, pride and a sense of purpose.
You can create a good business that makes money without one, or perhaps 2, of these elements. But when all 4 come together, you create a great practice which is highly likely to continue delivering great results.
Signs of Slowing Economy Continue to Mount
11 Most Read IRIS Articles of the Week!
3 Strategies to Feel More in Control of Your Investments in 2019
3 Life Insights From the Jeff and Mackenzie Bezos Divorce
Weekend Warriors: Ortho Regenerative Technologies Begins Final Animal Studies in Rotator Cuff Repair
Advisors: A New Way to Build Trust With Your Audience on Social Media
4 Tips to Get Over Your Fears of Being on Camera
Top 7 Questions To Identify Core Leadership Skills
How Technology Is Helping Clients Take a Bigger Role Than Ever
What Happens When Labour Gets Commoditized
Markets1 day ago
Long-Term Investors: The S&P 500 Is Not Your Friend. Here’s Why.
Development1 day ago
Again, and Again, and Again: The Way to Build a Great Advisory
Advisor Marketing1 day ago
How to Integrate a Robo-Advisor Offering on Your Website
Equities2 days ago
MIT Says 2019 the Year That Blockchain Goes Mainstream
Sales Strategy2 days ago
The “Polite” Prospect Can Be the Most Difficult Prospect
Human Performance2 days ago
6 Techniques to Close Deals Faster
Markets3 days ago
Is the Market Rising Due to the Lack of Bad News Screaming at Us?
Markets3 days ago
The Early Bird Sells too Soon