As a business leader, having clear visibility into your company’s performance is critical. You need to know where things stand across your business so you can quickly identify what’s working and what needs attention.
This is where the Scorecard comes in handy. In EOS, the Scorecard is a powerful tool that allows you to measure and track the key measurables that define success for your business. Used consistently, it can help you solve issues in your business before they become major problems.
However, sometimes we can get lost in the numbers. Most leaders want the information a scorecard can provide, but aren’t sure how to measure it effectively.
- are only looking at the scorecard because you’re ‘supposed to’
- feel like missing your weekly goal doesn’t matter too much
- missed the goal, but you feel like it happened too long ago, it’s not worth fixing today
You likely don’t have the right measurables, and you’re not using your scorecard to your full advantage.
But don’t give up hope! It often takes time for our scorecard to evolve and for us to find the right numbers. Once you figure out the right measurables for your business the entire leadership team will have crystal clear clarity on whether or not the company is on track and everything is working.
Here are some of the best practices on how to use your scorecard insights to make a really valuable meeting, solve issues at their source, track performance, and get everything you want from your business.
Choosing the Right Metrics for Your Business
A Scorecard is a one-page document that tracks 5-15 key performance indicators (in EOS, we call them measurables) that align with your company’s vision and strategy. It provides an easy way to gauge your progress across all facets of your business on a weekly basis. The key to an effective Scorecard is choosing the right measurables to track.
Your measurables should:
- Give you visibility into all aspects of your business
- Tie to your vision, priorities, and core processes
- Serve as leading indicators
- Allow you to course correct before any issues becomes a problem
The number of measurables you need depends on your business. Its important to keep in mind that tracking too many metrics can dilute focus, while too few leaves gaps. If you’re struggling with determining your measurables, I’m always available to chat!
Implementing Your Scorecard
Once you’ve selected your key measurables, it’s time to put your Scorecard into action. This is achieved by:
- Assigning ownership – Make it clear who is responsible and accountable for each measurable.
- Setting targets – Define what “good” looks like – what score equals green for each measurable.
- Reviewing weekly – Take 15-20 min each week to update the scorecard and review as a leadership team.
- Using the issues list – If any measurables start getting off track, create an issue to dig into the root cause and solution.
- Adjusting as needed – Continuously evaluate if you have the right measurables and tweak as your business evolves.
The EOS Scorecard provides the visibility, accountability, and focus required to drive results. By reviewing it diligently each week and tying it to your issues list, you’ll gain the traction needed to achieve your vision. Consistency and discipline in using your Scorecard is key – you’ll be amazed at the clarity it provides.
Try implementing this powerful tool – you’ll quickly see the Scorecard as a game changer for tracking performance and getting ahead of issues across your whole company,
Do you love running on EOS? Know of another business in the area that you think could benefit from it? I would love to connect with them for a 15-minute intro call!