Scale Up Your Business Podcast
Using Data And Metrics In Your Business To Drive GROWTH!
“This is probably the most practical episode of Scale Up Your Business Podcast done to date.”
In today’s episode, Nick highlights the important of tracking metrics inside the business to maximise results and performance. If you’re not doing it, then how sure are you you’re achieving whatever your goals are in your business?
The shift from owner-operator and owner-investor or scaling up can be quick and easy if we establish business performance measures. Discover also some tips to help you create your own ‘scorecard’. Your business metrics will surely differ from another’s, so you have to put be dedicated to find the right one for you. Let Nick help you when you listen in.
Tracking your metrics lets you see the improvements and results in your business.
Ensuring that your cash flow is healthy
Maintaining a top-level performance
Achieving overall business goals
Boosting productivity and efficiency
Bringing out issues, challenges, and concerns early on
Implement your own scorecard. It’s different for every business depending on your goals and how you achieve them. Your scorecard should not just show how you are performing as of now, but also how you have performed in the past and where you’re heading in the future.
Use web analytics services. When looking at Google Analytics (or any platform of your chosen tool), Nick tracks a certain data point, which is of no correlation to the success of the business, for a number of months.
Here are some tips to help you create your own:
Be very clear in your vision.
Identify at most 15 but not less than 5 categories that you’re going to measure. Using key questions based on what’s important to you will make this easy.
Include metrics that are related to your core processes (e.g. HR, operation, marketing, etc.)
Assign each goal to each team member.
It’s a weekly process. Bring out the scorecard every week to review it. Most likely, after 4-6 months, you’ll have a scorecard that you can use in the long-term.
“If you can really make a few pointers from today – the different things, the different approaches I’m going to provide you – you can really start making a huge difference.”
“What gets measured gets done.”
“Understand the metrics – all the indicators. Not just because it will get you where you need to, but it will keep your alive.”
“Your business is your business; your scorecard will be unique.”
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ABOUT THE HOST
My name is Nick Bradley. I’m an entrepreneur, author, speaker and investor.
My background is in growing and scaling VC and private equity backed businesses.
Having successfully built, bought and sold a number of companies, and removed myself from day-to-day operations, my focus now is on helping entrepreneurs get to where they want to be, in business and in life. As well as investing in growth businesses and backing turnarounds - with the ultimate aim of creating value from significant capital events.
I’m passionate about personal and professional development showing up and being the best version of myself ... every day.
My bigger vision is to help bring entrepreneurial skills, experience and mindset to people in developing nations - so they can follow their dreams, live life more on their terms - utilising entrepreneurship as a global force for good.