How to Define Success in Your Business
Success is not in what you have, but who you are. – Bo Bennett
we know that every small business owner defines success differently. For some, it's financial freedom. For others, it's flexibility, personal satisfaction, or simply being able to spend more time with family. But how clear are you on your own definition of success?
In the fast-paced world of small business accounting, we often get caught up in numbers, deadlines, and daily demands. That’s why taking the time to define success - and measure it- is not just beneficial, it’s essential.
In this blog, we’ll help you identify what success really means to you and how to track your progress along the way.
1. Identify What Matters Most to You
Before you even look at the numbers, reflect on what’s most important in your life. Just like in airplane safety briefings, you need to "put your own oxygen mask on first." Your wellbeing is the foundation for long-term business success.
Ask yourself:
How are my relationships?
Am I getting enough rest and exercise?
Do I love what I do in my business?
What hobbies or activities do I miss doing?
Creating a business that supports your personal values is key to sustainable success.
2. Determine Your Minimum Income Needs
One common mistake we see in small business accounting is setting financial targets that are unrealistic or arbitrary. While growth goals are important, they must be grounded in reality.
Calculate the minimum income you need to live comfortably. Once you know your baseline, you may find you need less than you thought—allowing you to reduce work hours or reinvest in your wellbeing.
This clarity helps you:
Avoid burnout
Set achievable milestones
Create room for flexibility and freedom
3. Define Your Ideal Work Hours
How many hours do you want to work each week? Not how many you currently work—but how many you want to work.
Many small business owners are working 50-60 hour weeks out of habit, not necessity. It's time to review your workload. Ask:
Which tasks can I delegate to staff or outsource to a Nelson accountant?
What work is actually driving results?
What could be automated or eliminated?
You’re in control. Use that power to design a week that works for you.
4. Plan Your Holidays in Advance
Business owners often neglect time off. But holidays aren't just luxury—they're necessary. They reset your mind and boost productivity.
Get specific:
When will you take your holidays?
Where will you go?
Who will go with you?
Putting these details into your business plan creates a powerful motivator. You’re more likely to implement the systems and staff support you need to actually take that time off.
5. Set Personal Goals Outside of Work
A well-rounded life supports a well-run business.
Set measurable targets for:
Exercise – e.g., three workouts per week
Reading – one book per month
Tech-free time – two hours per evening, no screens
These non-work goals are just as important as financial targets. They give you balance, clarity, and satisfaction beyond your business achievements.
6. Track Your Progress with a Measurement System
Once you’ve defined your version of success, track it. You can’t manage what you don’t measure.
Set up a simple system to review weekly:
Did I work my desired number of hours?
Did I hit my minimum income target?
Did I follow through on personal goals?
Are my stress levels decreasing?
Whether it’s a spreadsheet, journal, or accountability meeting with your Nelson accountant, the key is consistency.
Bring It All Together with a Clear Business Plan
The best way to stay focused on success is to update your business plan with your personal definition of success. Be sure to include a section titled “What I Want to Have”—where you clearly lay out your income goals, work hours, holidays, and lifestyle preferences.
If you’re unsure where to start, we’re here to help.
Success isn’t about doing more - it’s about doing what matters.