Measure these 5 areas of your business for long-term success
Contributed by Jeff Meade, the founder and CEO of MEADE, a management consulting firm.
Success. Every business owner wants it, especially after the economic roller coaster and reset of 2020. Yet most entrepreneurs have spent the past year in survival mode, not planning mode. Now, it’s time to look forward again. Chances are strong that you used the pandemic as an opportunity to reset your business and redefine success. The best way to do that at this point is for us entrepreneurs to switch back to a growth mindset.
How do you move from a defensive to an offensive position? One method is to focus on your company’s business success metrics by creating a unique business scorecard.
The notion of a balanced scorecard approach is not a new one: It was first introduced by Harvard Business Review nearly 30 years ago. A scorecard is essentially the “health report” for your organization. It allows you to assess how close you are to your goals. Additionally, it shows your team members at a glance how their performance ties into the overall scorecard report, keeping talented, motivated players pushing ahead.
All business scorecards should reflect a company’s finances, customer interactions, internal workflows, and growth/learning initiatives. More specifically, scorecards should include the following five success metrics to help your business grow and achieve its objectives.