Business and commerce in today’s society takes on all shapes, sizes and processes. When we think of a business in the traditional form, we often think of a storefront with items for sale and customers browsing the shelves for necessities and luxuries. But in our current climate business is conducted at the speed of light and on a level that the fathers of the industrial revolution could only dream about. Companies that are publicly traded have to maintain the latest technology and key staff to maintain the competitive edge in the marketplace, as well as being held to a profitable standard by shareholders. With so many people in the United States having the success of these companies tied to retirement and 401(k) plans, it’s hard to determine who has the best interest of the average citizen at heart.

While these pressures are placed on the typical Fortune 1000 companies, what is a successful measure for the ‘average’ small business? The first indication would be profitability. If a business is able to meet its obligations and pay the owners a comfortable salary, then the business must be a success. But at what cost? Is the owner working 80 hours a week and never able to take a vacation? Does the staff resent management for a ‘sled dog’ mentality? Does the work environment pose a safety hazard to employees and clients alike? Is the company practicing unethical and/or illegal behavior? If any of the elements exist, then is the business truly successful?

In order for a business to be truly successful, it has to exist and operate in an environment that produces a number of ‘profit streams’ for the owners and employees. These streams can be identified in the following manner:

• Achieving the goals and desires of the owner. Each and every small business owner has a dream of achieving success in the area of his or her choosing. While a fair amount of that can center on economic promise, most are looking to have the ability to control their own destinies. Other desires may include creating jobs in the community, building a better product, or leaving a legacy. The goals will vary from owner to owner, but the execution of the goals are what determines success.
• Creating a forward thinking work environment. Happy employees make for productive employees. If there is a work atmosphere that harbors backbiting and dissention, you will only achieve a marginal amount of productivity and success. Each and every one of your staff is a representative to the world on how you run your company. And while you can’t please everyone all the time, it’s important to keep staff informed of the changes in the company and in the industry.
• Taking care of customers. Product driven businesses do not exist in the old form any more. All of business is ‘service’ driven; consumers don’t buy products as much as they seek to solve problems (or perceived problems) in their everyday lives. Companies that can anticipate the customer need and beat competitors to the punch are the most successful.

When considering what truly makes a business successful, use these three as a starting point of forming your own position as your business begins its baby steps. Remember, a failure to plan is a plan for failure; use all your resources to make your business as successful as it can be.

Jeffrey A. Hayes is a Managing Partner at The Simmons Group, a business consulting firm located in Richmond, VA.