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When running a business, knowing what to focus on is half the battle. In this episode, we will introduce the concept of a scorecard and how you can use it to run your business.
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Key Insights
- What is a scorecard in your business?
- What information should you be tracking and how should you begin?
- Expose problems quickly and attack them head on
Timestamps
- [00:13] – Welcome
- [03:18] – Working on your business not in it
- [04:20] – What is a scorecard?
- [05:08] – Exposing problems
- [06:37] – Proactive vs. Reactive
- [08:25] – What your scorecard should focus on and how to begin
- [09:40] – Goal tracking
- [11:00] – Leading vs. Lagging
- [13:25] – Marketing Metrics
- [15:11] – Operations
- [19:46] – Finance
- [22:51] – How to use your scorecard
- [30:05] – Key Actions
Resources Mentioned
- Show 33 - Work on Your Business, Not In It
- Show 47 - The Secret to Planning Success
- Show 103 - How to Set 90 Day Goals
- Show 106 - 4 Components of Your Business Engine
- Leave Us a Review on iTunes
- Lifestyle Builders Incubator - Get the training, mentorship, and community support to launch your product or service.
- Apply For Coaching - Schedule a free discovery call with Tom to see if coaching can help take your business to the next level.
Actions to Take
- Imagine you’re taking a month long vacation from your business. What information do you need to be looking for to track where your business is at?
- Comment here or on our Facebook page – What information are you currently tracking in your business?
