Clarify what your company needs and where it’s going. Host Sue Hawkes speaks with Jim Mikula, vice president of Off Road Hospitality Group; Rick Nordvold, founder, partner, and CEO at Growth Operators; and Casey Brown, president at Boost Profits on how to set a company scorecard and track data.
Tracking data is one of the most clarifying things you can do in your company. Jim believes that collecting useful data takes trial and error — and there is no such thing as a one-size-fits-all set of measurables your company should track.
Rick explains that scorecards are a way businesses keep track of key performance indicators, which let you know if your business is winning or losing the game. Scorecards clarify the resources you have so that you can make adjustments that ensure profitability, regardless of whether your business speeds up or slows down.
Rick adds that he has seen that having a scorecard has given employees clarity on what they need and motivation because they see the long-term goal.
Casey seconds Rick’s point, adding that long-term business goals are the product of performance goals, which are the product of collecting data.
“Why data is so important is that we know that what gets measured gets done.” — Casey [13:54]
Casey urges business owners to dig into their metrics to uncover what’s driving them — that enables business to then set themselves up well for the future.
When you start to know your numbers, you start to know where to change your behaviors.