Up until about 3 months ago, I didn’t use a scorecard for my business, but now that I have one, I have a grasp on the key metrics of my business and operationally, everything is 2x smoother.
First, what is a scorecard? A scorecard, for me, is a Google Sheet that compares metrics from this year and last year with a goal in place to easily see if you as a company are on track or not. (see image below).
When a scorecard is in place and updated every week, you and your team can see from a high level what the positive and negative trends are in your business. Sure, you can dig into your P&L, but this is a quick snapshot that helps you understand if you are healthy or starting to get sick. As an example, you can see from my scorecard that “Customers added to member list” is red the majority of the time. Without this I may have noticed that we had fewer customers signing up for the mailing list, but it wouldn’t have struck me like seeing the bold red squares week after week in our scorecard. So, this was a conversation I had with our General Manager to see why this was the case and what are the steps we can do to get into the green. It is a lot easier to visually see and aim towards just getting in the green then saying, we need to get 15% more signups every week, which is hard to imagine and doesn’t resonate.
In your business, how can you incorporate a scorecard into your meetings and catch negative trends before they hit you in the face!
Who is this guy?
Hi! I am Dan Canfield, a born marketer that thrives on pushing the boundaries in my industries. I am currently a business owner, consultant, and employee, so I have a diverse perspective in the business world. This site is an outlet for me to share what I have learned and give you a piece of my mind.