What is the value of your business, project, and efforts?
How do you define it?
Note — I am not asking how the world defines it. This isn’t their company, their life, or their blood sweat and tears being pulled from your life force. Their opinions don’t matter here.
HOW do you define the value of your work?
Is it profit — GREAT! Profit is important because without you covering your costs, you’ll starve and die. Your team will starve and die from bankruptcy. Your product / offering / mission will die with you and your team.
Morbid, hard, but sorry Nature doesn’t care. If you don’t have profit your venture dies.
How ELSE do you define value? IMPACT — on whom?
This one is interesting, as it is subjective. As the owner and team member you draw purpose, strength, and fortitude in dark times with this focus on impact. Having impact can mean a million things, such as:
- Creating buildings that are safer and cleaner — great, less disease and happier workforces
- The physical workouts you deliver reduce weight and raise immune defense — perfect, now you’ve created healthier humans who will live longer higher quality lives. They also will have a better natural defense against the Flu, chronic disease, and even COVID events
- Your business creates change in the community — fantastic, who doesn’t want to take homeless kids off the street; stop child trafficking, and helping create moments of reprieve in already hard lives of those in the worst poverty states
2020 worst financial year, but best year of impact?
I lost 30% of my base income and my businesses were 50% underwater for the lockdown + 5 months thereafter. I lost 40% of my business and suffered from very high costs when we could open. Frankly we have been walking very slowly back up.
From any financial perspective — 2020 was a terrible year. I do value this, but this is also why I work so hard in other ways and live a lean life. So I can support and react to the bad times for when they arrive.
Impact — well, in 2020 I have had a more positive impact than ever in my life. My community came together fought suicides, saved children, took families off the street, opened a hospital in Rwanda serving 1,500+ a month, and nearly a dozen total charities. We also helped families in need; planted flowers at homes for those locked in due to immune deficiency, and helped support those needing mental support.
My takeaway in 2020:
I have had a more positive impact than ever in my life, and is worth the price paid
Elon defines business success in the product and not the financials
When I heard Elon’s POV on this area, it struck me. It struck me because of how practical it is to live by. Build great products. Serve your customers. Then look at the impact — for that is the value you should measure your efforts against. Only then can you create a movement; a product that is beneficial to others, and with hard work, luck and patience a profit.
Be smart. Work hard. Have an impact that lights the passions inside. Grow profit, and have savings for when the dark times come.
About the author
- Coach, Mentor, 3x author
- 24 Year technology executive
- Helped launch clouds for EMC and Cisco
- GOOGLE, Microsoft FEDRAMP & ISO 27001 — Oversaw / Part of team deploying / Managed Cloud Compliance
James — executive to deliver products to market; author; inventor; speaker, and technologist with decades of experience across all technology and cybersecurity. (LinkedIN to connect and engage)
James is a leader that has balanced product market success with rapid regulations, cyber, customer demands, and supplier challenges at Honeywell, Google, and Microsoft in the recent past. Successful in building large teams and influence driven initiatives that have saved millions in new revenue and savings for Honeywell. Passionate about the product creation process; the value of intertwining privacy and quality together, and the opportunity present through branding and value.
James leads with the Senior Leadership across the globe and partners for critical priorities at Honeywell to identify new innovation opportunities through strategy and practical implementations within the Azure cloud, machine learning, artificial intelligence, and industrial products.
James has grown business and brands from zero to $50MM as a founder, owner, and within the Fortune 200. A track record built with wins and losses, that are always building on his network across the globe with the best technologists and great peers to bring the best talent and resources to each project.
James began transforming the Honeywell supply chain strategy that have delivered efficiencies (reduction of idea to signature) and pragmatic development of partnerships that have expanded our market offerings across Honeywell.
James’ continues to lead and advise on their cloud strategy, cloud innovation, cost consolidation, cyber security, and compliance across the various businesses within Honeywell.