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Better Business, Better Life – Issue 114
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Life is back to ‘normal’ again & I’m pleased to be back to writing regularly again.
We’re always happy to get feedback & suggestions – so feel free to contact us.
In this newsletter, we’re talking about scorecards again.
We discussed it in Issue 111 of this newsletter, covering the 3 common pitfalls as well as how to set one up.
So why are we covering it again?
A scorecard is one of the EOS foundational tools & it’s the key to keeping track of your business on a daily & weekly basis.
BUSINESS TOOLS & REAL-LIFE LESSONS
Time to get serious about data
I like to think of it as the tool for BAU (Business As Usual) or the stuff that keeps the doors open, brings the money in & keeps us all in jobs.
So, it’s pretty essential. And it can also be one of the most challenging tools to get right.
And for that reason, I want to revisit it & share some more ideas through real-life stories.
I’ve also picked 3 articles on Scorecards that I think you’ll find useful. These articles explain what a scorecard is & how they can help you.
Now, onto real-life lessons…
I was with a new client leadership team last week. One of the first exercises we went through in our EOS Focus Day was developing a draft scorecard.
We start by asking what they want to see on a weekly scorecard. Remembering that the purpose of it is to keep a finger on the pulse of the business on a weekly basis so that we can make decisions before they become issues.
So, ideally, we’re looking for 5-15 numbers, leading & lagging, that give us this ‘pulse’. There should be 2-3 for each main function in the business so that we can see absolute numbers and trends as they happen.
The challenge with new teams is that they often haven’t been reviewing data this regularly, and they get caught up in the ‘how’ (i.e., how will we get that information?) or the question of what leading indicators they should use.
The first thing I said to them was don’t worry about ‘how’ – just think strategically as a Leadership Team about what you would like to see & then we can work out how & if we can get that data.
With this team, they weren’t sure what the leading indicators were for some of their departments or functions.
We worked through a simple exercise…
Starting with the end in mind, we asked the question – “What is each function trying to achieve?” (That’s the lagging indicator).
From here, we then worked backwards.
What’s the step before that? And what could we measure there?
And the step before that? And what could we measure there?
And on & on until we got to the beginning of each process/function.
This means that we not only achieved some ‘ideal’ scorecard metrics, but we also have the beginnings of their Core Processes!
Doing it this way is called ‘Getting what you want’ & it’s one of the EOS tools in the EOS Toolbox that I’m really finding it has multiple uses in business & life.
Now, the team’s next challenge is just to start measuring. They will begin to see what they can measure easily. Most importantly, once they’ve been measuring for a while, they will need to ask, “Is the data useful?”
And then, are they making business decisions based on this data?
That’s how we do scorecards, EOS style.
If you’re self-implementing or just starting on your EOS journey, be aware that it will take some time to get the ideal scorecard. The best advice I can give is to just get started.
Once you start measuring, then every 90 days, you can review & start to adjust to give you the data you really need.
Scorecards can (and maybe should) change every 90 days, depending on the business’s focus.
I’m always happy to answer any questions & help with developing scorecards if you are stuck – just email me.
PS: You can also refer to the previous article that I wrote, click here.
LINKS TO USEFUL STUFF
This section gives you quick access to 9 links - to articles, blogs, podcasts & stuff that will help you to create a better business & lead a better life.
Better Business Articles
Effective Scorecards for Accountability
Learn how a good scorecard can drive accountability within your organisation.
Scorecards vs Dashboards
Optimise accountability with EOS scorecards and dynamic dashboard solutions.
Powerful Ways Scorecards Help
Discover how scorecards empower your organisation in three impactful ways.
Podcasts to Listen to
Business Insights: Leanne and Graeme Carling
Insights on finance, staffing, and growth strategies for your business.
EOS Part 1: Tools and Strategies for Business Growth
Discover key tools and strategies for effective business growth.
EOS Part 2: Insider Tips & Tricks
Unlock insider tips and tricks for business success in EOS.
MEET OUR TEAM
In this section, I will be introducing the team & our Trusted Partners.
Hey everyone, I’m really excited to introduce you to James Smith this week.
He’s not your typical marketing whiz – he’s got this amazing blend of experience that sets him apart. And just like me & EOS, he likes to keep things simple & pragmatic.
James is the mastermind behind Xennial, a groundbreaking venture he founded in Auckland in 2018.
James isn’t just a trusted business partner; he’s my trusted strategic marketing ally who’s always ready to roll up his sleeves & tackle challenges head-on.
How do you help people?
I help business owners and their teams improve the marketing functionality of their business, building confidence and capability in marketing within the organisation.
Why did you get into what you are doing?
After running a marketing franchise for six years providing outsourced marketing solutions, I came to the realisation that Kiwi businesses would be better off in the long term if they could affordably develop their own marketing function rather than outsource it to someone else. While everyone needs partners in marketing to help them execute, building internal confidence in your marketing abilities is the best way to ensure all the learnings and knowledge gained through marketing activities get fed back into the business.
What do you love about it?
Nothing makes me happier than witnessing the flourishing of a client’s marketing. Seeing clients move from a space of uncertainty to confidence and excitement is extremely rewarding. Taking a slightly wider perspective, in order for New Zealand to do well, our businesses need to perform well. It feels good to be aligned with that and playing my part in some small way.
What do you do in your spare time, pursuing other passions?
My newest hobby is brewing my own Kombucha. It’s been fun learning something new and ending up with the most delicious, healthy drink at the end (well, mostly, except for the batches that went wrong). It’s a bit like marketing I guess, the more you do it the better at it you get!
Tell us something that very few people know about you?
My eldest son has autism and ADHD. He was diagnosed at a young age and is now 12. Life inevitably changes when you have a child that requires so much additional support and care. It also means a lot of accommodating from his younger brother (8), whose needs don’t always get met as a result. My kids are such a big part of my purpose, and a lot of my motivation comes from trying to do my very best for these two little guys.
FIND OF THE WEEK
Here’s a natural remedy and pain relief product if you’re doing a fitness programme & get sore muscles.
Dr. V who I have spoken about before, and her partner make a fantastic NZ herbal pain relief product (like Antiflam but natural), click here.
Dr. V worked with Danny to create the new formulations, combining the best Maori/traditional NZ and Western natural pain relief botanicals.
I had some samples sent to me & I have to say they were great for after my intense personal trainer workouts!
They always get incredible customer feedback.
You can grab a 10% discount on your purchase using the affiliate code DRV.
We are here to help you live a better life by creating a better business. We are real-life business owners with years of experience & a strong desire to make a huge difference to the lives of entrepreneurs.
If anything here resonates with you or you would like our help, then please get in contact. Just reply to this newsletter & let us know who you would like to speak to…. Or visit our webpage & contact any of our team from their own pages.
If you know someone who would benefit from reading this, then please forward it onto them. 💖
NEED HELP?
If you’d like to learn more about any of these tools or would like to find out how I can help you achieve a better life through creating a better business, then book a free Discovery Call with me.
We’ll talk about what you want to get from your business & your life & come up with a plan to do that!
Debra Chantry-Taylor
Certified EOS Implementer | Accredited Family Business Advisor | Entrepreneurial Leadership & Business Coach | Speaker & Workshop Facilitator