Get back to basics with fundamentals and measurables.
The company scorecard.
It’s one of the most important–and most challenging–concepts that entrepreneurs need to understand to run a successful business.
A great company scorecard is core to any successful business operating system. When used well, a strong scorecard can give you instant visibility into the health of your company.
But most company scorecards have problems. They’re miscalibrated to the wrong measurables or the wrong metrics (yes, those are different!). They’re inadvertently punitive to employees and therefore almost impossible to implement. Or, most often, they’re used inconsistently, another business tool that was developed and then quickly forgotten.
I recently ran a workshop for the Entrepreneurs’ Organization Boston chapter on How to Build a Better Scorecard.
If you’ve been struggling with finding the right measurables, getting consistent reporting, or even motivating your team to hit their numbers week after week, I encourage you to check out this quick video:
Here’s what you’ll learn:
–Key principles behind a scorecard
–How often to review your scorecard
–How to assign accountability for scorecard items
–Examples of common measurables tracked on a company scorecard
You should expect some trial and error with your scorecard.
You’ll define a number, track it for a while, and realize that it doesn’t help you “put your finger on the pulse” of your company.
You’ll struggle to track your operations department (such a common issue!) or to define the right expectations for your sales team.
You’ll probably start, stop, and start again. Staying consistent is difficult.
But if you fundamentally understand the purpose of a scorecard and commit to iterating until you get it right, this single tool can bring clarity and alignment to your entire company.
Do you need help creating or refining your company scorecard? Contact us to connect with one of our consultants. A few minutes on the phone may help you create the next best version of your scorecard. It’s about progress, not perfection.
Founder & President
Crews Consulting Group
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Skimmed it? Here’s the recap:
–A scorecard is one of the most important–and most challenging–concepts that entrepreneurs need to understand to run a successful business.
–When used well, a strong scorecard can give you instant visibility into the health of your company
–There needs to be only one person accountable for each measurable, and each of these measurables needs to be leading indicators that can be controlled and achieved by the employee
–To have a strong scorecard, you need to have the right measurable, the right metrics, and the consistency to track both
—Connect with us to talk to an expert to help you create or refine your company scorecard