Last week, we wrote about how important near-term priorities (Rocks) are to keep your team focused and build a strong sense of accomplishment. This week, we’re focusing on how to track performance on a weekly basis.
The Entrepreneurial Operating System® (EOS®) that we teach many of our clients encourages leadership teams to keep a weekly scorecard. Ideally, this scorecard consists of 5 to 15 key metrics – financials, sales information, customer data, etc. – that enable you to track your company’s weekly performance. The goal is straightforward: get a weekly glance of how the business is performing and which areas need immediate attention.
The key to a successful scorecard is limited metrics. Choose the fewest number of metrics that are both relevant and activity-based. If you include 25 metrics, it will take too much time to review and might cloud the issues with excessive – and unnecessary – data. What happens then? No one uses it.
A funny thing happens when you translate performance into numbers and tangible metrics: your behavior changes! If your metrics include X number of new customers or Y number of new widgets produced, you will find yourself changing your behavior to achieve those numbers.
Weekly scorecards keep your team on track, and help you make changes quickly. The weekly scorecard provides valuable information on trends, productivity, the marketplace, and performance issues. This is data you can use to see trends in your business, address problem areas quickly, learn from experience, and take advantage of new opportunities when they arise.