Do you review the success of your business? How do you review the success of your business? What are your key parameters? 

In a world where monetary value is significantly weighted as the key indicator of success, it can sometimes become difficult to remind ourselves that progress comes before value. It is important for us as cattle producers, businesspeople, as well as parents and friends to learn how to measure key indicators of progress.

Let’s divert from business here for a moment to talk about running. 

To improve, runners consistently review their performance as a whole and then analyse all categories that amount to their success and track them on an individual basis. What may not have been their fastest time, may just be their best run. Their heart rate might have been down, recovery better, and splits more even. From this data, they avoid becoming complacent, they stress test their body – they build their capabilities at speed, distance, elevation and in different climates.

Going into race day, they are aware of the limitations of their own body – they know how to pre-empt and manage each situation as it unfolds, allowing for a completed race at a competitive time. Whilst tracking of performance is mostly used to pinpoint weak points – it can help as a gentle reminder of where you started and the journey you have taken to get to where you are. 

Just like marathon runners, we need to learn to analyse parts of our business outside of the overdraft and know to think proactively rather than reactively. The progress of our businesses and of ourselves are the key indicators of success and is not something you can achieve without progressive forethought.

In business, we are thrown curve balls - droughts, fires, market crashes – these moments impact us financially and can often make it feel like we have fallen down the ladder back to square one. Before you feel too defeated, ask yourself this: 

• Are my goals and vision having steps taken to be somewhat accomplished? 
• Have we gained access to new, better-quality markets due to our cattle or grain development? 
• Is our average employee retention rate higher?
• Has the infrastructure on my property improved in the last 12 months? 
• How is the welfare of the animals on my property? 
• Are my employees, family, and myself happy? 
• If I don’t have an answer to the unexpected challenges my business may face in the next 12-24 months, do I have an immediate action plan in place? 

What does success look like to you? It takes money to achieve these goals, however as the market rides the waves that the market eventually does, this is your opportunity to ask yourself; 

• Am I most accurately measuring the progress of my business? 
• What are my key parameters of success?
• Am I going to leave my property or business in a place that I can be proud for the next generation to move forward with. 

The value of your business does not necessarily indicate your progress – and there is nothing better than being able to finish a marathon or end the financial year knowing, given every challenge I was thrown, I handled that in a way I can be proud.