Are You Keeping the Score?

Do you know about the secret weapon for small business growth?

I love creating content and training tools that help people grow their businesses.

This week I’ve been working on the June training session, for the Impact Retail Success Club.

The club is a small group of like-minded food entrepreneurs and independent retailers, all eager to grow their businesses.

This month’s training session is all about Scorecards.

They are powerful.

Really powerful.

If you want to grow your business, scorecards are the vehicle you need.

By tracking the right key numbers in your business, and comparing them to the targets you’ve set, will lead to unbelievable breakthrough’s.

Scorecards will highlight where and what you need to be focusing your time on.

A good scorecard should be simple.

Less is more.

There are 10 basic rules to follow to properly implement scorecards:

1.        Simplicity: Keep it simple and straightforward.

2.        Clear Goals: A successful scorecard needs to clearly define your goals.

3.        Set Targets: You need to have specific targets.

4.        Limit Numbers: Track a maximum of 10 numbers, and ensure they are trackable weekly.

5.        Rolling Period: Cover a 12-week rolling period, with each number having a target.

6.        Inputs and Outputs: Include both input and output metrics.

7.        Colour Coding: Every number should be coloured red or green for quick assessment – a child should be able to understand it.

8.        Focus: Remember, your scorecard is about focus, and is NOT trying to manage your entire business.

9.        Physical Copy: Print a physical copy every week.

10.  Ownership: Assign an owner to each number, preferably not you.

That’s the rules, simple really.

Yet despite their simplicity, many business owners haven't implemented scorecards.

Why?

Because simple things often feel the hardest to do.

But imagine the potential if you had a scorecard in place, tracking your key numbers, and focusing your actions on the stuff that will drive your business forward.

Have you implemented a scorecard yet?

Is it guiding your business to where you want it to be?

I promise, if you take the time to implement scorecards properly, the results will be profound.

Take this as your challenge for the week.

Start today and see the difference it makes.

Have a productive week.

Mark