Productivity – what should I consider ‘end result’?

What should we consider ‘end result’ when we measure productivity? Is the end result the final bigger goal, e.g. ‘have 5 clients by the end of the month’? Or can we consider end results also all the tasks that go towards producing that bigger goal? If part of ‘have 5 clients by the end of the month’ also includes writing emails to certain people, and writing a blog post, can we consider those end results as well? e.g. “I was productive because I produced writing one email in 10 minutes (as opposed to lingering it to 30 mins)” or is writing the email just part of the ‘effort’ that has me producing 5 clients?