How do You Measure Success?
by David Klemt
That’s a lot of pens…and possibly paintbrushes.
When you take a moment to reflect on your business, what does success mean to you, and what steps are you taking to achieve it?
One obvious measure of success, of course, is monetary. Whether you operate a bar, restaurant, cafe, lounge, nightclub, hotel or other hospitality business, this is a stressful business. Why subject yourself and your team to the hardships hospitality throws at us if there are no financial rewards?
To many, a successful business is one that operates a profit. One that provides the entire team with not just enough money to get by but to thrive and experience financial freedom.
I like to think that most—the vast majority would be nice—operators want the people who believe in their vision enough to work with them to achieve it to make more than just a living wage.
Speaking of buy-in from others, finding people eager to work for them is a measure of success to some operators.
Others find success in achieving accolades. If we were to look at these operators and those who measure success financially, there would surely be an overlap in a Venn diagram.
Operators who find awards, invitations to share their stories, and opportunities to speak and educate others find the validation of their vision to mean they’re successful.
There’s absolutely nothing wrong with measuring success by profits and awards earned. After all, a hospitality business won’t be a business for long if it operates in the red, or people are unaware it exists.
But what about considering how your business makes you feel?
For Your Condsideration
Yes, I’m going to talk about feelings. Our industry is too challenging to pretend money is the only thing that matters. And we simply can’t keep ignoring the topic of mental health and the toll the hospitality industry can take on a person.
So, let’s take a moment to consider some key questions.
Is just the thought of your business accompanied by positive or negative feelings? When it’s time to head into your restaurant, bar or hotel, are you happy and excited? Or does the thought fill you with stress, or worse yet, dread?
I’m speaking on balance, of course. Stress is inescapable. New operator? Stress. A year or two in? Stress. Veteran operator? Stress.
On the whole, however, do you feel satisfied with what you’ve built, and what you’re operating? When you consider your business and brand, are you proud?
Satisfaction, Happiness, and Pride
I was reading a profile on Hotel Management a few days ago that I’m still thinking about.
Speaking of the brand and success, Red Roof Inn president Zack Gharib says, “To me, [ultimately], the measurement is, how are we making the people feel who are invested in us most—our employees, our franchisees, our communities, our guests? If there’s a sense of satisfaction and happiness and pride to be part of [the brand], then we have achieved success.”
Again, there’s nothing wrong with measuring the success of your business in financial terms. When we’re working with a client to bring their vision to life we’re laser focused on long-term financial viability.
However, leading your business toward becoming a brand you’re proud of and happy to operate should also be a consideration.
Picture operating your business so well that your team is proud to work for you. Imagine how you’d feel if the people you serve feel pride having your business in the community.
This business is too challenging to allow it to drain you psychologically, physically, and financially. If you’ve lost control of parts of your business or lost sight of your vision, it’s time to stabilize. Should you feel that you want to build your brand into something bigger, it’s time to consider scaling it. If you’re not proud to tell people about your business, you need a shift in mindset.
Image: Microsoft Designer
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