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In this episode, Mike discusses the importance of creating a company scoreboard or scorecard to increase accountability, improve data quality, and drive results.
He emphasises the need for a clear artifact that defines what winning looks like and what needs to be done to achieve it. Mike explains the difference between leading indicators and lagging indicators and focuses on the former for the scorecard. He provides examples of leading indicators such as revenue, profit, LinkedIn posts, podcast episodes recorded, in-person meetings with leads, new referrals, cash runway, and employee and client satisfaction scores. Mike outlines the process of creating and using the scorecard, including assigning accountability, setting targets, and conducting weekly scorecard reviews.
Takeaways
Creating a company scoreboard or scorecard helps increase accountability and drive results.
The scorecard should focus on leading indicators, which are metrics that can be influenced and impact future results.
Examples of leading indicators include revenue, profit, LinkedIn posts, podcast episodes, in-person meetings, new referrals, cash runway, and employee and client satisfaction scores.
The scorecard should have a small set of metrics, ideally between 5 to 15, that are critical to the business.
The scorecard should be reviewed weekly in a leadership team meeting, with a focus on accountability and action plans to address any metrics that are off track.
Chapters
00:00 Creating a Company Scoreboard
06:23 Focusing on Leading Indicators
09:47 Examples of Leading Indicators
12:10 Keeping the Scorecard Simple
15:32 Reviewing the Scorecard Weekly
Find out more about working with me or about applying to join the ILN. mike@smbmastery.com.au
https://www.linkedin.com/in/mikeadamscott/
https://theintentionalleaders.com/
