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.”
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?
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KEY TAKEAWAYS
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.BEST MOMENTS
“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.”VALUABLE RESOURCES
Scale Up Your Business Podcast: Rock Thomas: Interview With The World’s #1 Whole-Life-Success Expert | Apple | Stitcher | Omny Google Analytics Traction: Get a Grip on Your Business by Gino WickmanABOUT THE HOST
Nick Bradley is a renowned entrepreneur, investor, speaker, and business growth expert.
His background is growing and scaling Venture Capital and Private Equity backed businesses globally. Over the last decade, he has completed 117 acquisitions and 25 business exits with a combined valuation of over $5bn dollars.
His mission is to help business founders build valuable businesses and create life-changing exits so they can realise freedom, wealth, and impact.
CONTACT METHOD
Nick’s Facebook page: https://scaleup.vip/FB
Nick’s LinkedIn: https://scaleup.vip/LI
Nick's Instagram: https://scaleup.vip/IG
Scale Up Your Business, coaching/consulting: https://suyb.global
